Don’t Let These Common Myths Hold You Back From Buying A Home

  • Heather Smith
  • 01/28/21

Buying a home is a big commitment—and if you’re currently renting, there are likely some ideas that make you question whether you’re ready or able to buy a home.

But the truth is, a lot of those ideas are myths—and when you understand the facts, those myths don’t have to hold you back from fulfilling your dream of homeownership.

recent article from realtor.com outlined some of the most common myths around transitioning from renting to owning a home, including:

  • You need a 20 percent down payment to buy a home. The idea of saving up a 20 percent down payment can feel overwhelming or out of reach for many renters—but luckily, you don’t need to put 20 percent down to successfully buy a home. There are plenty of low down payment loan options available that require payments as low as 5 percent (for conventional loans).
  • You need perfect credit to buy a home. Having good credit is certainly helpful when trying to secure a mortgage—but if your credit is less than perfect, you can still buy a home! For example, FHA loans have lower credit and income requirements than conventional loans.
  • Buying a home means you’re stuck in the same place. Some renters are hesitant to buy because they’re afraid owning a home will tie them to their current location for years to come. But owning real estate doesn’t have to tie you down; if you have the need or desire to move in a year or two, you can always sell or rent out your property.

The Takeaway:

So, what does this mean for you? There are a lot of myths out there surrounding homeownership—and, if you’re considering buying a home, it’s important to dispel those myths so they don’t hold you back from transitioning from renting to owning property.

Work With Heather

For most families, choosing a new home is the biggest financial decision they will ever make. There are many complicated decisions involved in choosing a home. As one of the top real estate professionals in the local market, I'll negotiate the best prices and terms for you and answer all of your questions as they arise.

Let's Connect