In acquiring a house, the first decision you need to make is whether to buy a house or rent one. Many people think that buying a house is the most advantageous -the “American Dream”. Take stock of the situation and see the pros and cons:

Buying
Pros - Over time, equity builds up while mortgage balance decrease, even if the value of the home does not increase. You have all the ability to redecorate and remodel your home. Tax advantages are attached to home ownership.

Cons - Costs are variable, and equity may either go up, down, or stay stagnant. You have to sell your house if you want to move, and all repairs are at your own cost. Most often, a large investment is needed for down payment.