The thought might have crossed your mind that it is time to 'grow up' and buy your first home, or you might have been a lifelong renter and you now have come into some money and see homeownership in your future. Making that important decision; if you are ready to buy your own home, is not that simple.

The best way is listing the pros and cons and looking at this from a homeowner standpoint and a renter standpoint. But remember, there is no right or wrong answer. A few things to consider, the cost of keeping a house can be more expensive than renting and alternatively your monthly house payment is not going to those 'rich' landlords but rather paying down your mortgage. Also, do you have a downpayment? A minimum of 5% of the purchase price is required.

Do you foresee yourself in the same home for a period of time? Are you relying on market appreciation to increase the value of your house? Or are you planning on buying a 'handyman special' in hopes of getting a good price and worry about the renovations needed later?

These are a few things to consider. Please consult the professionals when deciding this, a realtor and a financial planner are two to start with. They will give you a cost perspective of running a home and if it is within your budget.