If you are currently renting a home or apartment, you may be asking yourself whether or not you should purchase your own home. Is this the right thing to do right now?

Purchasing a home is a huge milestone in anyone’s life, so be sure to weigh all of your options and do as much research as you can ahead of time. Even if you think you are just looking – you are bound to find that perfect place!

The purchase of a home is an investment. When you rent, your monthly check is basically gone forever into the hands of your landlord. There are several tax advantages to homeowners, however, that can benefit you even in your first year of ownership.

According to the US Department of Housing and Urban Development, you can deduct the cost of your mortgage interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year because interest makes up most of your monthly payment for a majority of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner.

Even though the value of real estate can fluctuate up or down from year to year, over time, real estate consistently appreciates. This can prove to be very valuable when it comes time to sell your house.

Finally, you’ll enjoy having something that’s all yours! When you rent you are often limited in the changes that you can make to the property. When you own your own home, you can paint the walls, plant trees in the yard and generally put your own touch on the place. It gives your family a sense of stability and the knowledge that there is “no place like home!”

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