Myth: Buying is always a better Financial Deal than Renting

Myth: Buying is always a better Financial Deal than Renting

Today's myth is "Buying is always a better financial deal than Renting".

Is that true? Welcome to Myth vs the Truth.

Buying is always advisable for the simple purpose that it's your own home. You're building equity.

If you want to knock the wall down, build a wall, it's yours. But it all depends on your situation. There could be different situations, you can have a new job or you can just move out to another state or another city. Or maybe there is any other kind of factor that maybe your significant other is changing jobs. So, you are not decided where is the area you want to be in. Is it advisable to buy in this situation?

You always have to decide depending on your situation. For example, if someone gets a job from New York to South Florida and they just moved in. Now you lived in New York, you know the neighborhood, you know all the different things about the areas, but you may not know the exact everything about South Florida. And even your job, you may be thinking, hey, this is my initial job, and I may need to get another job. So whenever you have a situation like this, your situation is not under your control or stable, it is not advisable to buy a home right away. It is better to rent something temporary, know the area and then prepare for buying a property.

Also, you need to save for down payment, closing cost. And if you're not financially prepared for it, then it's best that you take some time to get all your financials in order. So like that when you do purchase your property or when you are ready to pull the trigger,

you can do it freely and stress free. So yes, you have to prepare yourself and don't put yourself in a situation or in a financial hardship that just for the pleasure of buying. Or just for the motive that said, always buying is better than renting. It's better maybe that you rent something for the time being and then prepare for that financial decision to buy a home.