{"id":45259,"date":"2024-05-15T06:41:03","date_gmt":"2024-05-15T10:41:03","guid":{"rendered":"https:\/\/www.plymouthrock.com\/?post_type=resources&p=45259"},"modified":"2024-07-19T16:31:51","modified_gmt":"2024-07-19T20:31:51","slug":"buying-vs-renting-4-common-myths","status":"publish","type":"resources","link":"https:\/\/www.plymouthrock.com\/resources\/buying-or-renting","title":{"rendered":"Buying vs. renting: 4 common myths"},"content":{"rendered":"\n

Should you buy a home or rent?<\/strong> It\u2019s a question many people wrestle with at some point in their lives. As you weigh the pros and cons of each, don\u2019t be fooled by these four buying vs. renting myths.<\/p>\n\n\n\n

Myth 1:<\/h2>\n\n\n\n

If it\u2019s a buyer\u2019s market, you should buy now.<\/strong><\/h3>\n\n\n\n

You should never purchase a home based solely on the market. Instead, let your own financial standing be your guide. That means figuring out how much you can afford to spend each month on housing and sticking to that number.
Remember, the cost to buy a home is just the beginning of your expenses as a homeowner. You\u2019ll also need to pay for home insurance as well as general upkeep. These extra expenses add up quickly, so the last thing you want is to overextend on the price of your home. Read more<\/a> about the importance of your financial health.<\/p>\n\n\n\n

Myth 2:<\/h2>\n\n\n\n

The tax advantages from owning a home are so great that you should always buy.<\/strong><\/h3>\n\n\n\n

Due to recent changes in tax laws, the tax advantages of owning a home aren\u2019t as helpful as they once were. For example, there\u2019s a limit on the amount of state and local taxes you can deduct on your federal return. Please remember that tax laws differ by state, as well as the tax bracket you\u2019re in, so check with your tax professional to help decide what makes sense for you.<\/p>\n\n\n\n

Myth 3:<\/h2>\n\n\n\n

You’re throwing money away by renting.<\/strong><\/h3>\n\n\n\n

Not true. At the end of the day, renters are satisfying their need for a comfortable, safe roof over their heads just like homeowners. So how can that be throwing money away? Plus, renters benefit from several key advantages:<\/p>\n\n\n\n