5 Home Buying Myths

Misconceptions in Home Buying

Many people dream of home ownership. Unfortunately, a number of myths seem to persist year after year. Recognizing at least these five myths may help you finally become a homeowner.

Myth #1 – Buying Is Always Better than Renting

Over the long run, owning a home does make a lot of financial sense. However, if you see yourself only occupying a home for a couple of years, then you may be better off paying rent. That’s because real estate market values can change significantly in a short amount of time. You may actually see your home’s value go down for a period of a year or two, and that is bad news if you’re hoping to turn a profit. On average, you’d have to spend between five and seven years in a home just to break even when you sell. If you’re not going to be in that home for that long or even longer, then renting could be a safer alternative.