There are several factors that can be taken into consideration when making the decision on whether or not buying a home or renting a home is the best choice for you.

So, what would make a person want to buy a home instead of rent a home?

• Although the down payment may be a little higher than first, last and security when you choose to buy a home, the monthly mortgage payments go towards an investment for yourself instead of putting money in someone else's pocket.
• You can benefit from homeowner tax breaks and credits when you own your home.
• If you enjoy the area that you are living in and would like to stay there for the rest of your life. Many people do not enjoy the idea of moving again and again.
• Maybe you like doing home improvement projects and maintenance work. Go ahead and paint your walls purple with white spots, they are your walls. Having a baby? Need more space? Go ahead and add another bedroom to the house. It's yours!

So, what would make a person want to rent a home instead of buy a home?

• The flexibility of being able to move frequently or suddenly. If you have a job that requires you to move often or maybe you just have gypsy feet and you like to move often, renting may be the right choice for you.
• You do not have the time or any desire to work on home improvement projects. Owning a home will require maintenance work from time to time and as a renter, typically this will not be your responsibility, it will be the responsibility of your landlord.
• Having a credit score that is not "up to par" is another reason someone may choose to rent. Paying your rent on time may help your build your credit for the future.
• Maybe your just scared of commitment!

While buying a home can cost a bit of money up front it is typically a good investment, and renting a home is a bit lost costly and provides you with a bit more freedom but, let's face it... you have to live somewhere. Whichever option you choose, it will be home.