Owning a home is always better than renting. You probably have heard people said that time and again, so that you have no doubts in your mind that buying a house as soon as possible is a must. But wait! You can be wrong all along and buying a house might bring your finances more harm than good. Take a look at these misconceptions about owning a house before making up your mind.
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“Renting Is Wasting Money”
On the contrary, renting a place may in fact protect your finances. Are you planning to live in the house you want to own for many, many years to come? If moving out from that place and buying another house in another place is not a remote possibility, then you might be better off renting for the moment?
What are the downsides? First, you are going to subject your family to another grueling process of searching for another place. Just the thought of it can give you a lot of stress. Second, you are not sure of market movements? If it will go down, you’ll be selling off at a lower value and it may be significantly lower compared to its value when you purchased it.
Now what are the upsides for renting in this regard? First, renting does not require you a lot of money to produce for a down payment. Next, renting does not make people worry about changes in the market. Whether it goes up or down, you can safely move from one place to another without thinking about how much money you are losing or gaining. Third and final, with renting, you are not responsible for the maintenance which is always a costly part of owning a home.
“The First Step To Buying A Home Is The Search For It”
No, this is not the first step. The preparation, which takes place over a long period of time before it, is the first step. You have to have a plan. It is smart if you can start educating yourself on factors that you can control such as down payment, needs and wants and credit score the at the earliest time possible.
There are factors that you cannot control such as prices, rates and qualifications set for mortgages. You are better off managing things that you can change than getting anxious about things out of your control. As soon as you have identified your needs, are ready with your down payment and have gained a good credit score, the time may be ripe for owning a house.
“Maturity Equates To Owning A House”
This is preposterous at best that even a mortgage broker, whose earnings depend mostly on the number of deals he can close, would scoff at the idea. Renting does not make a person less independent or immature compared to another person who happens to own a home. You can gain a lot of success and enjoy the best times of your life while renting.
Owning a home can come much later in life, if postponing it can protect your finances and means allowing you to move freely whenever you need to. Mobility is limited if you own a house and are already “tied” to it.
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