Home Buying Myths

There are many myths surrounding home buying that should not bar you from purchasing that lovely home that you intend to buy. Homeownership brings so much pride and freedom to the owner.

Home Buying Myths

 Buying a house will also save you from recurrent expenditure on monthly rent payments allowing you to commit that money to other items that need your attention.

It is Cheaper to Rent than Buy

The buying vs renting debate will completely depend on your situation. In some cases, you will end up saving money more when you rent than buy for example in a case where you are planning to stay in a house for a short time. Factors such as the price of the home you intend to buy, your budget for the mortgage payment and the mortgage you qualify for will highly influence your choice on whether you should buy or rent.

Owning a home will allow you to make advancements to your house compared to renting. When renting the landlord will control the rent, he will also come up with terms and conditions and some might not allow you to customize your space or even live with pets.

All Lenders are the Same

Rates and fees normally vary depending on the lender that you intend to work with. Some will charge the upfront fee while others will not. Conduct a proper research in order to find loan programs that will provide you with a saving option.

A Homes' First Impression is all that Matters

You should look beyond fixable problems and  identify what really matters in a home like location of the house, accessibility and natural light as old furniture can always be replaced with modern ones.

You have to Pay 20 Percent Down Payment.

Many prospective home buyers usually don't know about this, calculating how much money they need to save as down payment on a house. While 20 per cent down payment could provide benefits such as Private Mortgage Insurance (PMI), Lowering your monthly mortgage payment, it is not  the only option for down payments  there are others  amounts  available ranging from 5 per cent, 10 per cent or even 15 per cent that can provide you with a flexible options as you determine the price of a house that you intend to buy.

There is a Perfect Time to Buy a House

Housing markets depend on elements like current interest tax rates, location, demand and tax reform .It is therefore advisable to buy a home only when you are prepared financially.

Millennials Can’t Afford Homes           

Who said millennials can’t afford to buy a house? They can afford house mortgage on starter homes. Factors such as inceased cost of living, the burden of student loans, tighter lending and delay in marriage have made it hard for millenials to think of buying homes.

If you are a millennial and you have a plan of buying a house here is what you should consider doing for that dream to come true.

1.Settle for smaller homes,you should go for quality rather than quantity.

2.Save for down payments

3 .Consider moving to the rural areas since urban centres are more expensive.

4.You can ask for help from your family.