Myth #2: “Owning a Home is Always Better Than Renting”
Owning a home is an integral part of the American Dream, but it is not always the right choice. For instance, if you are struggling with debts, your credit score is likely to be unimpressive, which means you will be paying a higher interest rate on your home loan. So it might be a judicious idea for you to rent until you pay off your debts — such as your school loans. If you are young and just landed a job, it is not prudent to get tied down to a location, which could happen if you buy. If you find a higher-paying position you might have to move to a different city or state. Then you could be forced to sell the home for a price that is nothing to write home about. You might rent the home out, but you may not have time to deal with that while starting a new job. Some folks should wait until they have a job that you enjoy and have paid off debts before buying a house.
