Buying a home is a big commitment, but it can also offer big rewards. Since you have to pay to live somewhere, why not turn this expense into a savings account through home ownership? And with little or no money down options, you could start today.

As you can see from the Buy vs Rent scenario above, renting a home produces $0 net gain. On the other hand, buying a home can turn your living expenses into tens or hundreds of thousands in net gain over time. The key is time. It’s best to have a long-term plan (at least 5 years) to stay in the home or rent it once you move out.

If you are considering your first home purchase, click here for a list of the 5 things you need to do to get ready to buy your first home.

5 Things You Need to Know to Buy Your First Home