Do you know how much you are really paying to rent?
1st Time Homebuyer benefits

     For most people, the motivation for homeownership is a combination of financial benefits, investment, personal satisfaction, and stability for the individual and family.  Here are the 5 major reasons to consider owning rather than renting your home...

1. Scheduled Savings & Equity Growth.  When you buy a house, your monthly mortgage payments serve as a scheduled savings plan.  Over time you gradually accumulate what is called equity.  Equity in your home is your ownership interest in the property that you can either let accumulate, borrow against it, or convert into cash by selling the house.  In contrast, when renting, renters must continually pay rent to a landlord for as long as they rent.  At the end of the rental period the renter has no equity built up or any ownership interest to show for all those payments!
   
2. Stable Housing Costs.  While rents typically increase year after year, the principal and interest portions of "fixed-rate" mortgage payments remain unchanged throughout the entire repayment period, which is 30 years for a 30-year fixed rate mortgage.  In fact, because of the effect of inflation, this means that over the years you pay the same amount but with ever "cheaper" dollars.
   
3. Increased Value.  In the U.S., houses historically appreciate (increase in value) over time.  In different parts of the country, it's not unusual to find a house that sold for $50,000 fifteen years ago with a value many times over the original amount today.  This increased worth is as good as money in the bank to the homeowner.
   
4. Tax Benefits.  Homeowners also get significant tax breaks that are not available to renters.  Most important, interest paid on a home mortgage is most often tax deductible.  This alone can save you a substantial amount each year in federal income taxes.
   
5. A House is a Place You Can Call Your Own.  Maybe you need more space in which to raise a family.  Maybe you want a pet that is not allowed in a rental unit.  Maybe you want a yard to have social gatherings.  Maybe you want to paint your walls without asking a landlords permission.  Maybe you want your own convenient washer, dryer, and laundry room.  Maybe you don't want to hear neighbors through paper thin walls.  Maybe you want a driveway that pulls right up to your doorstep instead of that desolate parking lot.  Maybe you want more living space to have holiday get-togethers.  Maybe  you just want more leeway in general to change and adapt to your living space to suit your individual/families tastes and needs.  If this is true then maybe you are ready for a place to call your own!