Advantages of home ownership in New London, Connecticut may include:

1. Building equity: Over time, owning a home can help you build equity, which can be a valuable asset.

2. Stable housing costs: Unlike renters, homeowners may be better able to budget and plan for long-term housing costs since their mortgage payments (principal and interest) are typically fixed.

3. Tax benefits: Homeowners may be eligible for tax deductions on mortgage interest and property taxes.

4. Pride of ownership: Owning a home can bring a sense of pride and accomplishment, as well as the ability to customize and improve the property according to your own design and preferences.

5. Potential for appreciation: While not guaranteed, the value of your home may appreciate over time, which could lead to financial benefits if you decide to sell later.

Disadvantages of home ownership in New London, Connecticut may include:

1. Maintenance costs: Homeowners are responsible for maintaining their property, and costs can add up quickly depending on the age, condition, and size of the home.

2. Property taxes: Property taxes can be high in Connecticut, which can add a significant financial burden to homeowners.

3. Market risks: The value of real estate can fluctuate over time and may be affected by factors outside of your control, such as changes in the local economy or housing market.

4. Limited flexibility: Home ownership can limit your mobility, particularly if you need to sell your home quickly or move to a different area for work or personal reasons.

5. High upfront costs: Buying a home requires a significant upfront investment, including a down payment, closing costs, and other fees.