Are you thinking about buying a home in the next 6 months?  If so, you’re among an elite group of people who managed to resist the lure of first time home buyer’s tax credits the Obama administration briefly launched during its first crashed wave of economic stimulus spending — which means that a) you probably didn’t get trapped in a house with a mortgage you couldn’t really afford, and b) you now have a buyer’s market and many great deals and mortgage terms to enjoy because of your prudence.  Even so, buying a home is no small undertaking.  There are all kinds of things to consider when purchasing a new home:  is there potential for an increase in value in the real estate of your home’s area, and what kinds of home security needs will you have based on crime rates and other factors?  These, along with many others, are costs you will want to think seriously about before diving in and buying your own house.

At other times, renting might be the best option.  Renters do usually save money in the short term, while avoiding a host of responsibilities that home owners face — like major repairs and updating, taxes and other fees, and routine maintenance.  Once you buy a home, you are pretty much stuck there, unable to enjoy the freedom of moving to a new and exciting place that you might have if you rent instead of buy.

This infographic can help put things into perspective: