Buying a home is a major life decision, and owning a home a dream for many families. Owning a home brings many benefits along with some new responsibilities. The following list mentions just some of each that are commonly mentioned by participants in our homebuyer training.

Benefits —

No rent. When you pay rent, you never see the money again. Paying on your mortgage is different. You are building equity in your home. Part of the money you pay each month pays the principal and interest on the loan, but part is going toward your ownership of the house. So at the end of your loan term, you'll have money invested in the home that someone would pay directly to you if you decided to sell the house to him or her.

Freedom from noisy neighbors. In many cases, your own home provides you with more privacy than rental living. For some people this translates into a more quiet living environment, for others it's the ability to have a garden or a garage for the car.

The ability change your home as you like. Always wanted a yellow kitchen or a back porch? In your own home, you make whatever changes or improvements you like. This benefit gives you more control over your living environment, allowing you to make adjustments as your family changes or just as your personal taste dictates.

Some of the new responsibilities you'll see as a homeowner include being responsible for maintenance and repairs on the house as well as being involved in your neighborhood and carrying homeowners insurance.