What are the biggest pros/cons of home ownership?

I’ve recently been changing my views on owning a home. I always thought it would be great to have a place of your own, to be rooted, etc.
I’m starting to feel like I don’t want to be “owned” by my possessions, and a home seems like the biggest item that might do that. So of course now that my mind is made up, an opportunity has arisen for me to buy my house, plus land, for super cheap. It’s in my hometown, and close to my parents.

So, my responsible Jellies, what are the biggest pros and cons to owning your own home?