You have a good job and you've been renting for almost two years.You're friends, family and co-workers all seem to be saying the same thing, "You need to buy a home and stop wasting money on rent." You have been thinking about buying a home but not sure if it's the right thing for you.Having doubts is normal. The more you know about buying a home the less fear and greater the excitement. What are the best reasons to invest in a home of your own?

1.Pride of ownership. It means you can paint the walls any color, change the light fixtures, and do landscaping.Home ownership gives you and your family stability and emotional security.You are making an investment in your future.

2.The real cost of renting is higher than the monthly payment. You will be buying real property and not lining the pockets of the landlord.

3.Each month part of your mortgage payment is applied to your principle which reduces your obligation. Each month slightly more is applied to your principle through a process called amortization.

4.Although real estate moves up and down cycles, over the years real estate appreciates consistently.Most people feel this is a hedge against inflation.

5.Mortgage interest is tax deductable which is a great tax shelter in favor of the homeowner. The first years most of the mortgage payment is interest on your loan.

6.The IRS allows property taxes to be a deduction on the primary residence and one vacation home.

7.As long as you own your home for more than one year, you will receive tax exclusion when you sell your home.Capitol assets receive preferential tax treatment.

8.If you have lived in your home for at least two of the last five years, you can exclude at least $250,000 for an individual and $500,000 for a couple.You do not have to replace your home and there is no age limit.

9.As your home increases in value and your mortgage payment reduce your principle, the difference between the current market value of your home and the amount owed on the loan is called "equity".Homeowners can borrow against this equity for a variety of reasons like home improvement, college, medical expenses, or starting a new business.Some state laws restrict home equity loans.

10.You will be able to put down roots, become a part of the community and get to know your neighbors.You can even plant a garden.

Where To Start?

1.[How much can you afford?]The first place to start is to talk with a mortgage lender. They can talk with you about the different options available and walk you through the loan process. It is important to feel comfortable working your lender; after all, this is one of the largest investments any one will make in their lifetime.

.[Find a local buyer's agent]Don't be afraid to ask them questions.Again, it's important to feel comfortable working with your agent.What is a Buyer Agreement? This protects buyers and agents alike.This creates a fiduciary relationship between the buyer agent and the buyer.If the agent does not perform to the buyer's expectations, the agent can be fired. Most states have a form called the Termination of Buyer Agency which is signed by both the buyer and agent.

3.[Make a list of what you want in a home.] Work with your agent and determine what are the most important things you want in your new home like the location, single family or townhome, the number bedrooms and bathrooms, is a garage important, large or small lot, neighborhood amenities', and price range.

4.[Go house hunting.] If you are not familiar with the area, then make sure your agent has local knowledge. Since 80% of home buyers start their search on the internet, emailing potential homes that meet your needs and wants can be a great place to start.Schedule time to preview the homes that fit most of your criteria.Bring your camera and be sure to take notes because after looking at several homes specific details start running together.

5.[Make an offer.] When you find a home, have your agent run a comparative market analysis report of similar homes in the neighborhood in the last six months.This will help determine how much to offer.

6.[Get a home inspection.] When both seller and buyer agree on the sales contract, it is time to schedule a home inspection.Based on inspection, the buyer will submit a repair list to the seller.

7.[Shop for homeowners insurance.] Lenders require homeowners insurance.Shop around for the best price and coverage.

8.[Sign all the papers.] As the closing attorney goes over each page, don't be afraid to ask questions if there is anything unclear or you don't understand.
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