Trudy, welcome to home ownership! It can work well for many, but it's not always what it's cracked up to be. One of the biggest items is the extra costs - repairs, utilities, furniture to fill those extra bedrooms. In reality, the rate of return on buying house to live in is often negative or just barely above zero, which is why it doesn't actually make a great financial investment (lots of other great reasons to own). Owning investment property, on the other hand, is a fantastic way to build wealth. Others pay your bills for you, and you get to keep the appreciation. I use a property manager for my houses, and it makes running them very simple.