Taking the plunge into home ownership can be a rewarding step for many first-time home buyers. Before you take the plunge, look before you leap. Homeownership is not for everyone.

304 Take into consideration the pluses for renting versus owning: -Monthly costs: renting can be more cost-efficient than owning if utilities are included. The monthly cost of owning is usually more than renting after you total the cost of mortgage, maintenance, taxes, and utilities.

-Features: some rental apartments offer amenities that are not found in smaller condo/co-op buildings or single-family houses such as 24-hour door attendant, dry cleaners, or a grocery store. Unless you purchase in a full-amenity building you will most likely have to go off-site for some services you are accustomed to having only an elevator ride away.

-Maintenance and Repairs: Renting allows you the luxury of repairing or maintaining nothing; if the air-conditioner breaks you call the mananger. With owning you either repair the air-conditioner or locate, meet, and pay a repair-person.

-Mobility: Renting offers you the convenience of leaving your home when your lease expires. When owning you are tied to other persons' timeline of moving when a buyer or tenant agrees to a date, which might not fit your timeline.

305 Take into consideration the pluses for owning versus renting: -Equity: Renting has no equity benefits. Owning provides a forced savings because typically each monthly payment is part principal, which builds your equity. Potential property appreciation can also increase your equity. Note: If property values decrease in your market you could owe money when you sell.

-Control over your environment: A lease may not allow you to have pets, paint your walls red, or have a roommate. With owning you can choose a building or home that allows you to have pets, decorate to your taste, have roommates, or add a washer and dryer.

-Stability: Your landlord can increase your rent, sell the property, or convert your rental to condos and force you to move on short notice. With a fixed-rate mortgage, you can control your monthly housing expense and have peace of mind that you can stay as long as you want.

-Tax benefits: Renting offers none. Owning allows you to deduct mortgage interest and home equity interest from your taxable income. Consult a tax professional for more information.

306 Recognize that renting might be a better option for you in the following situations: -If you are in a life transition. such as recently widowed or divorced, it will offer you flexibilty.

-You do not wish to have repairs or maintenance responsibility.

-You have alternative investments for your down payment funds.

-If you frequently travel for business or pleasure, renting gives you the freedom to lock up and go away, worry and responsibility free.

-Your company is considering relocating you in the next 20 months.

-Your company is considering downsizing its employees, merging with another company, or selling to new ownership.

-The real estate market you want to buy in is a seller's market, major employers are leaving town, or uncertainty about proposed development could effect housing prices in a negative way.