If you itemize your deductions, you are not alone! Most homeowners do in fact itemize their deductions. This allows them to deduct home mortgage interest, state income taxes, property real estate taxes, gifts to charity, as well as medical and dental expenses, personal property taxes and even moving expenses!

To decide if you should continue to rent or to take the plunge and buy, you should compare your monthly rent to the computed figured generated by calculating the purchase price and down payment of your home, your annual income, existing debt, property taxes, home insurance, and length of the loan. Often a specialist in home buying or accounting will be in a position to help.

These are not the only costs to home ownership, only the most obvious. Along with your monthly payment, and large initial expenditure of the down payment, property taxes, homeowners insurance premiums, and closing costs which generally hover around $1000 - even your credit check will cost money. Be careful of 'points', which is one percent of the total loan amount paid up-front for lower rates. These are not always with paying and should be considered carefully. Insurance fees, survey charges, home inspections, attorney and escrow fees as well as loan originations can drive the total costs higher than you may expect, so be sure to either consult with a knowledgeable real estate agent,, or do your homework!

Beyond the seeming mountain of expenses there are benefits to owning that should not be ignored. These long term benefits include having a house that will appreciate, that is, be worth more than what you purchased it for when sold. Of course this amount depends on the state of your mortgage and the housing market when you decide to sell your asset, a few factors to consider when computing this price is appreciation and inflation. Both of these will drive the price of your home up. A professional can help you set the proper price of your home and give you some idea of how much your home will be worth in the future.

Being mobile and having the lifestyle you want is another major reason for owning your own home. Mobility is the freedom to take the job in another city or state or move because of a relationship. Mobility is far easier when renting. Lifestyle can often be enhanced by living near parks and recreation that suits your individual taste. Renters can often find locations that allow them to live a more ideal lifestyle for a lower cost.

Renting, although with it's advantages does not include the joys of owning either. While an advantage to renting is having the responsibility of maintenance, general upkeep and safety shifted to the Landlord, homeownership affords you the position of driver's seat You will shoulder the expenses, but reap the rewards of improving your living space the way you see fit.

Renting and Homeownership both have their advantages, each with its highs and lows. As a homeowner, I can say unequivocally, that homeownership is definitely the way to go!