Final answer:
The advantage of homeownership for a client is the ability to build equity, potential tax benefits, and improve credit scores. Homeownership is seen as a long-term investment with both financial and non-financial benefits. However, it also entails responsibilities like property maintenance and is subject to market conditions.
Step-by-step explanation:
An advantage of homeownership for a client is the ability to build equity. Equity is the portion of the property that the owner actually owns, which increases as the mortgage is paid down and/or the property value appreciates. Homeowners can also benefit from potential tax deductions on mortgage interest, which can contribute to overall financial well-being. Additionally, owning a home can help in building a strong credit score through consistent mortgage payments. In contrast to renting, homeownership is seen as a long-term investment, offering both financial and nonfinancial returns including stability, and the consumption of 'housing services', which refers to the benefits of having a place to live.
It's important to note, however, that while homeownership can build equity, it also comes with responsibilities such as property maintenance. Also, there are other factors like market conditions, which, as evidenced by the effects of the global financial crisis on home ownership, can significantly impact the value of the investment in a house.