The decision to rent or to buy a home is not as simple as it first appears. As you may already know, buying a home definitely has it’s advantages. However, the answer has more to do with your individual circumstances. For the first time home buyer who may be nervous and unsure whether to take the leap into home ownership you must analyze where you are financially and what your needs are.

For example if you:

*change jobs frequently.

*enjoy changing your scenery every couple of years.

*need your costs to be more fixed.

*break out in a cold sweat at the mere mention of a leaking roof or mowing the lawn.

*would rather spend more time shopping instead of saving for a down payment.

Then the “American Dream” of home ownership may just look like a nightmare to you. Quite obviously renting would probably be your best choice for now. However, with that wonderful sense of freedom of mobility and somewhat care free life style will come with it a few catches also. You will get nothing in return for the rent you pay, it is gone forever, never to return. You must live under the rules of your landlord such as; no playing music after 10:00 PM, or no painting your bedroom chocolate brown. And you will receive absolutely no tax deductions for the mortgage interest and property taxes that you pay on your landlord’s behalf.

On the other hand for those individuals looking for more stability and financial security. You just may be a good candidate for buying a home. In owning your own home you will began to reap the benefits of:

*building equity that can turn into cash in your pocket in the form of refinancing or selling your property.

*Increasing your net worth as the value of your home increases.

*reducing your tax obligations with your mortgage interest and property tax deductions.

Oh and did I mention the rules that you live by will be your own, so there will be absolutely no one standing between you and that chocolate brown bedroom you've always wanted.

Today the first time home buyer is in a very good position. The government is offering an $8000 tax credit to first time home buyers who complete the purchase of a home by June 30, 2010 and there are also down payment and closing cost assistance programs available. The current market also creates an excellent opportunity to buy with the low cost of homes and low interest rate loans.

The catch here is that you will have more responsibility in owning your own home such as the maintenance issues that will inevitably arise. The roof, furnace, plumbing and lawn will all belong to you. However, for me personally, the advantages of home ownership clearly out way its disadvantages. The decision to rent or buy as I see it comes down to the stability of your personal finances and your individual needs and desires. For more on first time home buyer options visit us at

Author's Bio: 

Christopher Shaw is a seasoned Real Estate Investor, with over 12 years of experience and has a passion for working with First Time Home Buyers, Mr Shaw has an ambitious goal of helping 1000 new First Time Buyers become home owners of the next 36 months. In addition to the 1000 new home owners he expects to create over the next 36 months wants to leverage each transaction to adopt up to 1000 families through Volunteers of America's Adopt a family Program.