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There are different schools of thought when it comes to homeownership. Some people think a home is a pure expense, and one that comes with risks. But others insist a home is a solid investment. Warren Buffett falls into the latter camp.

As one of the most successful investors of all time, Buffett insists that if you plan to stay in the same area for a long time, it pays to own a home. Not only can a home offer stability, but its value can increase over time.

Buffett has also called the 30-year mortgage “the best instrument in the world.” That’s because a 30-year mortgage gives you options. You can pay off your home over time and carry a mortgage to avoid tying up too much cash in your home. And if mortgage rates fall after you lock in your loan, you can always refinance.