Buy or Rent
I'm moving to the US soon. I have friends over there who said it's better to buy a home (borrow money from the bank) than to rent. I have never had a loan before.
As a new resident, would it be better for me to buy or rent? TIA
It depends on your financial situation. Buying a house is a big commitment, especially if you haven’t bought one before. When you first get here in the US, chances are, it would be hard for you to get a loan to buy a house. Banks usually require 2 years of tax returns and a good credit score. You would need to build your credit score first. Getting a loan to buy a house is not the same as getting a loan to buy a car, it’s more than that, and banks are stricter when it comes to home loans. There are advantages to buying a house, than renting. However, when you are just starting here, renting would be good to get accustomed with how things work, how to take care of a property, etc. There are a lot of things to learn first, worry later about buying a home.