Top Home Buying Myths Debunked

Home buying myths unfortunately keep too many people out of the housing market, undermining their ability to build wealth and lock-in a substantial living cost. Whether you’re considering buying new construction or thinking about getting into a resale, there is a lot of misinformation out there to frighten you away. The fact of the matter is, buying a home is typically a smart, long-term move. Unless you know you’ll be moving in the next few years, homeownership bests renting for a number of reasons. You’ve just got to get past all those home buying myths.

Top Reasons to Buy a Home

Homeownership is more than just securing a level housing cost for many years to come; there are more reasons to buy a home. One is the tax benefits — you can deduct your interest, property taxes, as well as some costs. Appreciation is also a great benefit to owning a home, not to mention predictability. You won’t have to worry about a new property management taking over. Building equity equally builds your net worth.

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. —

What’s more, you’ll save money over time. Sure, owning a home means being responsible for repairs but warranties and insurance will take care of part of it. You’ll also experience stability because you will not have to look for a new place to live every few years to keep your housing costs in-line with your income. While there are ways to make relocation easier, it’s still an arduous process. So, it’s clearly better to own than rent.

Top Home Buying Myths Debunked

If you really want to buy a home but are uncomfortable with the prospect, that’s normal. Your inherent trepidation to avoid risk is something that will always be present when it’s time to make a big decision. But, there are a number of home buying myths people succumb to without realizing the truth. Here are some of the most common home buying objection myths people like you have:

  • It’s not an affordable option. If you think owning a home isn’t affordable, this is probably based more in supposition than real math. Sure, you’ll incur expenses you wouldn’t when you rent but over the long-term, owning is much less expensive than renting. There are several loan programs you can take advantage of, like down payment assistance. Speak with a mortgage broker to learn about all your options.
  • There is nothing to my liking. Along the same lines of being fearful home ownership is finding just the right place. You might be afraid it’s too expensive to customize a house to your liking but when done incrementally, it’s totally affordable. It’s also a great way to get what you want without going overboard. What’s more, incremental updates cause you to take it slowly so everything fits together nicely.
  • What if it’s a huge money pit? The 80’s movie by the same title starring Tom Hanks is good for a laugh but remember, it is a work of fiction. Sure, there are homes out there which are truly bad buys, but these represent a very tiny percentage. Hire an experienced home inspector and learn about the property’s history to address your concerns.
  • It is just too easy to overspend. When you are pre-approved for a mortgage, you’ll be given an amount you are able to borrow. That’s powerful because it lets you know for certain where to draw the line. All you have to do is stick to your budget and work with a great real estate professional.

If you are considering buying a home here in Orlando, contact us for the latest market information. Together, we’ll find a house that best fits your wants and needs.