A mortgage payment can be a very rewarding thing for first timers. Although it can seem rough for the first year, your first tax return after buying a home will be a welcomed surprise and make all the scrimping and saving worthwhile. But are there reasons why it may be beneficial to rent and not have a mortgage payment? Yes, in fact, renting can be a great way to offset the cost of running a home based business as more of the monthly payment would be tax deductible as payment for a workspace. Carefully weigh the options, but in the end, you will most likely feel the pull towards owning a home and having a mortgage payment.

Renting can be beneficial for the short term or while you are building up your credit. It's a great way to start out in a new city. Renting allows you to get your bearings before choosing a home and taking on a mortgage payment. On the other hand, renting is like throwing away money every month, never to be seen again. With every check you write to your landlord, it's hundreds of dollars that you are loosing out on if you were writing a check for your mortgage payment.

A mortgage payment may be a burden if you are only planning on living in an area for a short period of time. With a mortgage payment, you also get responsibilities such as repairs and buying and selling your home. You may not have time to wait around to sell your home before moving on, in which case, a mortgage payment not be the best option. On the flipside, owning a home can be very important to your financial future. Every mortgage payment you make is like money in the bank for you. A portion of every payment goes to pay the principal which is indirectly returned to you in equity when you refinance or sell your home.