1. The chance to build equity.
Aside from having a roof over your head, the ability to build equity is one of the most valuable aspects of home ownership. Each monthly mortgage payment you make helps you to build equity and brings you closer to owning your home outright. Home improvements that increase the value of your property may also add to your equity. And, if property values in your area rise, your equity will, too.

2. Possible appreciation.
Most large purchases, like cars, boats or electronics, go down in value as they age. Conversely, a home usually increases in value over the years, especially if it's been well maintained. And if your home's value has increased substantially by the time you're ready to move, you may be able to profit from its higher resale price.

3. Preferential credit options.
Once you build up equity in your home, you can benefit from a new avenue of borrowing through home equity loans and lines of credit, and cash-out refinancing. Home equity loans -- loans that are leveraged against the value of your house -- are usually offered at a lower interest rate than conventional loans because, with the house as collateral, they represent a lower risk to the lender.

If you manage these credit sources wisely, they can become a valuable source of income for major purchases such as a new car, vacation property, home renovations or emergency funds to use in the event of such things as a job loss or unforeseen medical expenses.

However, because a home equity loan is secured with your house, it's important to never borrow more than you can comfortably afford to pay back. Otherwise, if you miss your payments, the lender could end up taking possession of your home.

4. Beneficial tax breaks
Home ownership does require you to pay some extra fees, such as property taxes and interest on your mortgage balance. But fortunately, both of these expenses are usually tax deductible.

Borrowing against your home's equity may provide a tax break, too. Home equity loans of up to $100,000 are usually tax deductible. In addition, if you've used your house as a primary residence for two or more years, you can exclude up to $250,000 (or $500,000 if you and your spouse file jointly) in capital gains when you sell the property. (Check with your financial advisor for advice on your personal tax situation.)

5. Personal control
As a homeowner you can often exercise greater control over your housing costs than renters. For example, you may choose to lower your monthly utility bills by reducing your energy consumption. This may not be possible as a renter if utility charges are bound up in your rental payment. Also, when you own your own home, you have more freedom to renovate as you choose without worrying about restrictions set out in a tenancy agreement. Plus, any upgrades you make may eventually pay off by increasing the resale value of your home.

6. Pride of Ownership
Finally, home ownership has plenty of non-financial benefits, too. When you own a home, it's yours; you can do what you want with it in terms of decorating, gardening or renovating.

Remember, you not only own the house, but the land it sits on. There are few things as empowering as knowing that there's a piece of the world out there that belongs to you; a place you can truly call home.

Ready to take the plunge into home ownership? RealEstate.com offers a variety of tools and services to help you get started:

• Find a REALTOR®: Complete a simple form and get matched with several REALTORS® in your area.
• Search Listings: Get information on nearly 2 million homes nationwide.
• HouseWatch: Sign up and receive automated email alerts when new homes hit the market.

1.  Doing it alone. Buying a house is a complex transaction. Even if you don't use an agent, you'll need a complete, dependable team: lender, lawyer, inspector, insurer, as well as referrals and advice from friends and family. Enlist the help of these individuals early in the buying process.

2.  Buying at first sight. You may be in love with the place, but does it fit your family's needs and budget? Make a list of your needs and wants and make sure the house fits your requirements. Check out the neighborhood and the community before you buy by visiting at different times of the day and week to learn about noise and traffic patterns. Even if you don't have kids, check out the local schools to make sure your resale value will be good.

3.  Not getting pre-qualified and pre-approved. Being pre-qualified gives you a general idea of how much you can afford to borrow. Being pre-approved means a lender has verified your information and credit rating and agreed to provide you with a specific amount of money. You are in a better position to go house hunting knowing exactly how much you can afford and that you have financing.

4.  Overbuying. You may qualify to borrow more, but can you afford to? Analyze your monthly costs: debt, food, transportation, entertainment, and savings. As a general rule, your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Be sure to budget enough to cover closing costs (often two to five percent of the home's purchase price), plus moving, redecorating and maintenance. Allow for increases in ongoing expenses such as utilities and taxes.

5.  Misplacing your trust. No matter how much you like the agent, sellers, inspector, or the guy down the block who vouches for them, remember this is a business transaction. Your decision is binding. Do your own research and know your support team's roles and responsibilities.

6.  Relying on oral agreements. Get it right and get it in writing. Written agreements almost always trump oral ones when it comes to contracts. If the offer says the lawnmower is negotiable, but the agent says it's included, get it in writing.

7.  Skipping the fine print. You need to understand what you're signing before you pick up a pen. Ask for documents in advance, make time to read them and ask questions. Get copies of your mortgage papers a few days ahead of closing.

8.  Forgetting or betting on resale. Avoid buying a home that costs 50 percent more than neighboring homes and think before buying the most expensive home on the block. Your neighbors' lower home values will weaken yours. Remember, markets change. If you buy intending to flip your investment and the market falls and you have to sell, your selling price may not be enough to even cover your mortgage.

9.  Making an unconditional offer. Protect yourself with at least two of these contingencies in your offer:

• Mortgage financing -- You're pre-approved, but is the house? Before a bank will lend you money, it will want a formal appraisal of the property to confirm that there is sufficient equity in it to warrant the loan. If the house appraises lower than the sales price, the loan may be declined.
• Inspection -- never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.
• Insurance -- confirm you can get adequate coverage. In some areas, it's difficult to get hazard insurance.

10.  Having buyer's remorse. No place is perfect. There will always be surprises. Don't let a few initial blips spoil the whole ride. And don't miss a great house waiting for the perfect one!

A good first step to finding property for sale is to make a wish list. What constitutes your dream property? Make the list as long as you like. Divide it into two categories: necessities and negotiables. Use this list to help in your search. For example, if you are looking for mountain property for a summer home, a necessity would be a buildable lot but perhaps a stream running through the property would be a negotiable.

How will you use the property?
When searching for property for sale, you must first determine how you'll use it. Maybe you've always had the dream of owning land. It can be a great investment. Or, maybe you're looking for property so you can build your dream home. Your intentions for the property determine what you need to look for in the land you buy.

Finding property for sale
You can search for land by checking Internet sites that list property for sale. But don't forget the tool of yesteryear - the newspaper. It's still useful and you may find land that's listed for sale by owner that's not online. It's also a good idea to get in your car for a drive around the area where you want your property to be. You may stumble across for sale signs. Or, if you see a plot of land that is perfect for you, locate the owners and see if they'd be willing to sell. Don't forget that your search for property doesn't have to be solo -a real estate agent can be a great asset in tracking down the right piece of land for you.

Evaluating the property
Once you find a plot of land that you think you like, the next step is to make sure that it actually works for you. Many people today are purchasing land now for retirement that is decades away. Even if you won't build on the property for several years, plan ahead to be sure it works.

• How is the land permitted to be used?
• Are utilities available?
• Are there any easements on the property?
• Can you add a septic system? An outhouse could lose its charm very quickly!
• Are there any environmental issues? You may love the idea of wetlands being part of the property, but not when you find out that it restricts what you are allowed to do with your own land.
• Has your builder previewed the property to see if the house you want can be built there?

Take your time and don't rush any decisions when finding property for sale. When you find that perfect plot of land, it will be worth the hard work and wait.