There are quite a few costly myths surrounding home buying, some of which can easily confuse first-time buyers. Don’t be fooled by these common misconceptions before you begin house hunting. To help you navigate this complex process, I’ve decided to debunk some common home buying myths so you can find a home the right way.
You Need A 20% Down Payment
Large down payments are no longer the only factors in competitive interest rates or low monthly payments. Things like credit history, income, and debt can make a significant impact. First-time home buyers have unlimited resources available to them, especially when it comes to down payment assistance. So, calculate how much you can afford and consult with a financial professional to keep your goals in mind during this process.
It Is Cheaper To Rent
Especially in today’s housing market, this concept that it is cheaper to rent than to own is becoming less and less accurate. In previous years, renting rather than owning could be considered more economical. However, as rent prices have spiked over the past couple of years, they are more comparable to mortgage rates now. Because of this, it’s important to do your research. Buying a home can be an excellent investment, especially if you plan to stay long-term. Even a short-term housing investment has some serious benefits that investors should consider before looking to rent.
Don’t Buy When Interest Rates Rise
Rising interest rates can be worrisome and nerve-wracking to navigate as you spend precious moments searching for that one-of-a-kind home. Many buyers are discouraged by these high-interest rates and want to hold off on their home buying dreams. However, these increasing rates signify that the time is now. Interest rates will rise and fall, but if you are prepared to invest in real estate, make sure you jump on that decision.
Beware of home buying myths that could be costing you your time, your savings, and perhaps worst of all, your dream home. But you don’t have to walk through this complicated process yourself. Email me at krista@bloomrealtytx.com or contact me here, and we will find you the perfect home, stress-free!
