Myth: Everyone Should Buy a Home
There are many reasons people should buy a home, and many reasons they shouldn’t. It’s very common to give in to peer pressure when making this decision, and society has also taught us that this is a step we must absolutely take eventually in our lifetime, like a rite of passage.
But actually buying a home isn’t for everyone. For example, if you’re just doing it because your peers are, it means you’re simply giving in to peer pressure.
If you’re doing it in order to get a tax deduction, you should know that homeowners are allowed to deduct the interest they pay on their mortgage, not the mortgage payments themselves- so this isn’t a good reason to buy a home either. Lastly, if you often relocate for a job, then buying a home won’t do you any good either.
There’s also nothing wrong with renting, do if this works best for you, there’s no reason to change anything!
Myth: You Can Rely on Zillow Data
Using Zillow? Nothing wrong with that, of course, as long as you’re aware that their data isn’t always 100% accurate, something that the real estate marketplace admits to as well.
In some communities, Zillow may have insufficient data, and homes with unusual aspects may have inaccurate information on the website too. So it’s best to not rely on just Zillow when making a decision about buying a home.
