Home buying myths are all-too common. But, people believe them because they just seem right. On the surface, there’s plenty trepidation to the home buying process. And, this is understandable given how big a move it is in life. Even if you’ve done it before, you still might buy into one or more of these home buying myths. After all, they do seem legitimate. But, that’s simply not the case. When you take an objective look, you’ll conclude that buying a house is usually a better option than renting.
Best Reasons to Buy a Home
There are several reasons to buy a home. Chief among them is you’re locking in your cost of housing for the next several years to decades. With a conventional mortgage, you won’t have to worry about the cost of housing going up year after year. Then, there’s the tax benefits. When you own a house, you are entitled to certain tax breaks and other advantages you simply don’t receive otherwise.
“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.” —Realtor.com
Of course, when you own residential real estate as your primary residence, you can enjoy a solid rate of appreciation. As the mortgage is amortized, the equity grows. That’s a key building component of net worth. All of this, not to mention the fact that you’ll save money over time. Sure, there are some big costs that come with homeownership, but most come with an ROI so you’re gaining on every investment. Then, there’s the fact that you don’t have to up and move every few years, which is a huge plus.
Most Common Home Buying Myths People Mistakenly Believe
If you’re considering buying a home but just aren’t sure it’s the right move, you’ll probably have one or more reasons why it’s best to wait or forgo it altogether. But, most objections are objective. They are simply a result of feeling overwhelmed. So, here are the most common home buying myths you shouldn’t believe:
- It’s just too expensive. This is where most people make a key mistake. They think that homeownership is a more expensive way to live. But, when all the numbers are put together, this just isn’t true. Over the long-term you will spend more on the cost of housing if you rent than if you buy.
- It’s too hard to find the right place. Everyone wants the perfect house. But, is finding the right property is just too much of a hassle? No. The truth is, there is no perfect property but you can easily find a place that meets most of your needs and some big wants and then customize from there.
- Buying a house means buying a money pit. There is no question there are lemon houses, like the misrepresented Money Pit. But, that’s fiction playing off a very small percentage. The vast majority of houses are solid. And, you’ll learn if there’s trouble ahead through the various inspections.
- It’s too easy to go overboard and over budget. Unless you have an endless supply of cash, this isn’t very likely to happen. You’ll have a pre-approved amount to borrow and can’t go over it.
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.