Biggest Home Buying Myths You Shouldn’t Believe

If you’re on the fence about buying a home because you’re uncertain if it’s a good decision, you certainly are not alone. Be it new construction or a resale, you want to make the right decision. It’s an anxious position since you do like the thought of locking in your housing costs but you just aren’t entirely sure. That’s okay, you probably have heard and believe certain home buying myths. So, let’s take a look at what it actually means.

Top Reasons to Buy a Home

Sure, you’ll lock in your housing cost but aside from that, what else does homeownership offer? Well, let’s begin with one big benefit and that’s the tax advantages. You enjoy several deductions through homeownership. Plus, you’re adding to your overall net worth. After all, appreciation is a great thing.

“You? Buy a home? If that prospect sounds as unlikely as your becoming the next U.S. president—well, this campaign season has shown us that anything can happen. Sure, amassing the funds and slogging through the necessary paperwork for your own piece of the real estate pie can be daunting, especially if you’re a less-than-stellar loan candidate. Still, if you just assume there’s no way you could buy a home, without doing any research, you could be missing out.” —

Not to mention the fact that you’ll be free to customize it. Then, there’s the matter of pure pride. It’s just wonderful to know that it’s yours and you don’t have to move every couple to few years to chase after lower rent. Of course, there’s also the matter of having future leverage for home improvements or to buy another property.

Biggest Home Buying Myths

Now, let’s get into the most common home buying myths. You’ve no doubt heard at least one or two of these. And, some are easy to believe. But, they’re either misleading or outright false. Here are the top home buying myths you should know about:

  • It’s not really that affordable. Okay, this typically spans from the belief that renting is more affordable simply because you escape various expenses. For instance, needing new appliances. However, when you actually run the numbers, the math just doesn’t work out. That’s because over the long-term these expenses are worthwhile and become more affordable when you own.
  • You won’t find anything you like. One common objection is there’s nothing really out there that’s to your liking. Sure, there might well be more than a few properties that don’t fit your fancy. But, there are certainly some which will. A great strategy is to find a home that offers the basics of what you like and incrementally customize it over time.
  • Buying a home is a money-pit trap. Many of us have seen the movie starring Tom Hanks. It’s a tall tale about a supposed widow selling a grand property on the super cheap. But, it’s actually misrepresented and it’s a total mess. That’s Hollywood. In reality, there are inspections. Bottom line is, you’ll know if there are issues present and be alerted to potential future issues.
  • It’s just way too easy to overspend. Some would-be home buyers worry they’ll bust the budget. Well, you’ll be pre-approved for a certain amount. So, you can’t go over that figure. And, if you shop a price range under your max, you’ll have a lower monthly mortgage payment. Which means being able to make changes as desired.

If you are considering buying or selling a home in Orlando, contact us for the latest market information. We’ll also provide you with the right advice about the local real estate market so you make the best decisions.