Why should I buy, instead of rent? In the end, buying is usually the right answer because it gives you more control over your own home than renting. Once you buy a home, it is yours and you can do whatever you want with. You will not have to answer to landlords and you can make alternations to the house without having to ask first. Also, every penny that you spend on the house is an investment. When you rent a home, you are putting money into someone else's investment, but when you buy, it is an investment of your own. Buying a home is like securing your future because no matter what, the home is yours.

Think of buying a home as like putting money into a retirement fund because once you are ready to retire, you can simply sell the home and live off of the money. The value of real estate is constantly increasing, so buying a home in an investment that will make you money in the long run, while still having a use in the present. While you do have to pay a significant down payment in order to buy a home and the monthly instalments will be nearly the same as with a rental, the long term investment benefits and knowing that your money is actually going into something makes owning your own home priceless.

Buy vs. Rent Comparison As a comparison, if a renter is paying $800 a month to live in a home and he or she sees the rent increase 5 percent per year, within six years this renter will be paying more than someone who bought a house and is paying $1000 per month. With a fixed rate mortgage, you will definitely save yourself money in the long run because inflation will not cause your payments to rise. Also, you can write off a percentage of the interest that you pay on your taxes each year, making owning a home a much better deal than renting.

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Monthly Expenses: Buying
 Something that you must keep in mind when deciding whether you want to rent or buy a home is the other expenses that will appear when you own. Each month, your landlord takes some of the money that you spend on rent and uses it to cover certain expenses. If you own your house, you are responsible for paying these expenses. These expenses can include things like property damage, the replacement of appliances, and property taxes, so be sure to factor all of these things in before making a decision.

Before You Start Looking... Before you begin looking for a new place, be sure to have a plan that you will follow. You must have a budget in mind, so that you know what you can afford and you must also learn your rights and responsibilities. Keep in mind that it is illegal for someone to discriminate against you because of your ethnicity, so if you have been trying to find a place and feel as though your rights have been violated, contact the proper authorities. This is important because it keeps people honest and prevents problems from arising later on because of this discrimination. It is important for anyone who chooses to rent a home to know his or her rights because many landlords or property management companies will attempt to take advantage of tenants for financial reasons. Do not become a victim in this trend and speak up against this sort of practice.