First Time Buyers

• Owning can be cheaper than renting. Rents increase yearly while a mortgage payment can be fixed for 3 to 50 years.
• When you own, you are building equity. When you rent, you are giving monthly payments to someone else who is building equity with your hard-earned money.
• You can use equity in your home to clear credit card debts or make new investments. Every monthly mortgage payment you make increases the equity you have in your home and makes your home asset more valuable. If you're renting, those reliable returns are going into your landlords pocket, not yours.
• Homeowners get tax breaks - renters don't. When you add in the federal tax deductions for mortgage interest and real estate taxes, homeownership becomes an even more attractive idea.
• Homeowners can deduct the interest charges on their mortgages from their taxable income.
• The longer you own your home, the more equity you build, the more you save, and the richer you get.

(Information provided by The Automatic Millionaire Homeowner by David Bach)