Although I always say right now is the best time for buying a house, I realize there may be obstacles. But when the time is right buying a house creates many financial advantages that you cannot afford to overlook. I know. It has been my pleasure and privilege to help hundreds and hundreds of renters become home owners.

Renters, I guess could consider depending on the landlord to fix the water heater a slight advantage. But if you have been a renter, you know that relying on your landlord when the plumbing leaks or the heating and air conditioning goes out is never a pleasant experience.

The first and most obvious disadvantage to renting is that you lose the opportunity to create equity. When you pay rent what do you get in return? Well, of course, you get a roof over your head and a place to sleep but where does the money go? It moves straight into the savings account of the landlord. Your money is used by the landlord to reduce his home loan and benefit from the gradual build up of equity.

Instead of benefiting the landlord why not take advantage of building your own equity by buying a house instead of renting. Over time, the house increases in value and instead of paying the landlord who gets the benefit of creating equity, you enjoy that benefit.

Even though some renters would love to be home owners and leave the world of renting behind, they are not sure they can afford a mortgage payment. But Congress is helping out with this.

Although the mortgage payment is often higher than renting the US Government wants you to own a home. So it allows you to write off a percentage of your mortgage interest payments when you file your yearly tax return. This results in a major reduction of the true cost to home owners.

In addition you also have the opportunity to take your property taxes as a deduction against your income reducing your tax burden. Other deductions may also be available. I suggest you consult an accountant if you want more details.

Another disadvantage to renting is that rents continue to rise and they always will. You can count on that.

Owning a home is the best way to protect against rent increases. Then as your income grows you can plan for your future knowing that your house payment will remain steady. This benefit may seem small but eliminating the fear of rising home costs over a long period of time helps give many families the security to plan well for the future.

Another disadvantage to renting is the inability to freely decorate and landscape your home. Even if the landlord allows you to decorate, you are unlikely to create a style that truly reflects you. Anyway, who wants to spend their hard-earned money to improve the landlord's investment.

Home ownership turns houses into homes. You can paint inside and out with colors that you want. You can dress up the house according to your taste. You can plant the palm tree you always wanted. You can feel comfortable knowing your house is a reflection of your personality and style. We often call this pride of ownership and it's what America is all about at its core.

That is because buying a home, building equity, establishing financial security for our families, and expressing that in our communities makes us all better citizens.

Ultimately, having a place that we call our own is part of the American Dream. It makes us happy and isn't that what our forefathers meant when they wrote in the constitution that we have the right to life, liberty, and the pursuit of happiness.