You may have doubts in the home buying process if you have rented a property for several years. We will explore the pros and cons of both buying and renting a home in this article to help you finally decide which path to take.

Long time home renters might feel uneasy about the idea of buying their own home. This is because buying a home is much more complicated than the renting process. Homebuyers are obliged to apply for home insurance, pay for monthly home maintenance costs, and settle real estate taxes and fees. It might seem daunting at first, but anyone can be more comfortable with the home buying process by knowing more about it.

Ask your realtor for information regarding all payments involving homes you are interested in. Ask about maintenance costs, average fess and taxes and organize all information in a spreadsheet. Organizing these data will give you a bird's eye view of the total and monthly costs you have to pay for. It is highly recommended that you use a digital spreadsheet so that you can easily compare different homes side by side.

Ilyce Glink, author of the book '100 Questions Every First-Time Home Buyer Should Ask' clarifies that buying a home also means you're investing in your local community because you have to pay local community taxes, and other services that you won't have to pay for if you are renting in the same locale.

You would also need to research about the tax benefits that come along with owning a home. There are more tax advantages in owning a home than with renting - but the exact benefits depend on one's income and total real estate property tax due per year.

You can estimate your real estate tax benefit by taking into account all your other tax benefits, deductions and current income level. As always, it is better to consult with a financial advisor or an accountant to help you in doing this.

Owning a home is seen as a long-term action. Going through the whole home buying process is just not worth the time, effort and money if you only intend to settle in a particular location for a few months or a couple of years. If you're not yet decided on where to settle in for the long-term, it might be better for you to rent a home on a monthly or yearly basis.

Owning a home is suited for people who can commit to settle in a city or neighborhood over the long-term. If you are serious about buying your own home, it would be best to decide on where you want to live or re-locate first in the long run.

Alexandria P. Anderson is a Minnesota Real Estate Investing specialist. If you are a MN First Time Homebuyer she can help you to find real estate that's perfect for your needs. Get a free copy of "The Investors' Rental Guide" at GreatInvestmentProperty dot com.