Most people lost valuable time and money renting because they don’t have a full grasp on what it looks like to buy a home. Check out the tips below to find out why the fears you have about owning a home may not be founded!
False Belief 1: Houses Are Too Expensive
The number one reason most people don’t feel like they can buy a house is that they’re scared it’s going to be too expensive. But what most people don’t realize is that the 1,000+ they’re paying in rent per month isn’t necessarily less than what they would have to pay for a house of similar caliber. The biggest difference is that you typically have to pay a down payment in order to buy a house, but depending on the type of loan you are going for, you may not even have to pay a large amount for that either.
False Belief 2: Bad Credit Makes It Impossible
Everyone has a financial past, and for some, that past may not be something that they feel particularly proud of. However, even if you’re someone whose credit score is less than what you would like it to be, that doesn’t necessarily mean that you aren’t able to buy a house if that’s something that you would like to do. In fact, you have a few different options including 1) applying for a slightly less desirable loan rate that you’re more likely to get even with a low credit score. 2) Lease to purchase: Some home owners will allow you to lease a home with the option to purchase as well. This is a good middle ground option for those working to build their credit scores.
False Belief 3: You Don’t Need All That Space
Some people avoid buying a house because they don’t feel like they need all of the space that comes with it. However, that doesn’t have to be a detriment, especially if you’re open to the idea of renting out a floor or an outbuilding to someone else. After all, then the very thing that seems like the detriment becomes a money maker!
False Belief 4: Home Maintenance Is Too Expensive
Some buyers worry about having to take care of a home and the costs that come with that. After all, when you’re a renter, typically certain home maintenance costs will be covered by the home owner and not you. However, the money that you save by not paying for the home upkeep pales in comparison to the fact that you’re paying hundreds, if not thousands, of dollars a month that you’ll never see again.
False Belief 5: Houses Are Too Permanent
One of the main advantages of renting is that you only have a year-long commitment to that location in most cases. However, while that may appear to be an advantage at first, it can end up feeling more like a detriment because the land lord/home owner gets to decide if they want to extend your lease when your contract ends or not. If you own a home, you still have the opportunity to put your house on the market whenever you want, but there’s no one who can force you to move.
These tips have been brought to you by Maria Sims Group, a company dedicated to making sure that you’re in the best home for you. If you have any questions about our company or would like to ask about a personalized list of homes that would fit your needs, please reach out. Our homepage can be found at mariasimsgroup.com or you can call us at 404-805-0673.