7 Home Buying Myths You Shouldn't Believe ...

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Home buying myths are rampant.

If you listen to these, you might feel it's impossible to purchase a home, or that you "should" buy a home.

But in the end, you have to make a decision that's right for you.

Whether you decide to buy or continue renting, it's important that you distinguish home buying facts from myths.

Here are seven home buying myths you shouldn't necessarily believe.

1. It's a Great Investment

Home buying myths we constantly hear -- it's a great investment.2

And yes, it can be.

But this isn't always the case.

This myth compels many to jump into home ownership because they feel buying a home can provide long-term financial security.

But the truth is, homes can depreciate in value, and sometimes, you end up selling a house for less than you paid.

It all depends on the real estate market in your local area.2

2. It's Better than Renting

Whether buying is better than renting really depends on each person's needs.

Some people want stability and prefer staying in the same place for 10, 15 or more years.

But if you need flexibility, renting might be a better option.

It takes time to sell a house;

and if you bounce around because of work or personal preference, getting into a long-term commitment such as a mortgage may not be the wisest choice.

3. It's Cheaper than Renting

Again, it all depends on where you live.

In some parts of the country, buying is cheaper.

But in other parts, it's much cheaper to rent a house.

If you're concerned with keeping your house payments as low as possible, research and compare prices for rentals and home sales in your area.2

When determining whether a house purchase is cheaper, don't forget to calculate for insurances, taxes and private mortgage insurance.

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