5 Common First Time Home Buyer Myths Debunked
Jumping into the world of homeownership is super exciting, but it can also be a bit confusing with all the advice flying around. Let’s clear up some common first time home buyer myths that might be causing confusion & hesitation.
First Time Home Buyer Myths
Myth 1: You Need a 20% Down Payment
You’ve probably heard that you need a hefty 20% down payment to buy a house. Not true! While putting down more can save you money in the long run, there are plenty of loans out there that require way less. For instance, FHA loans need as little as 3.5%, and some VA loans even offer zero down for those who qualify.
Myth 2: Renting is Always Cheaper Than Buying
Sure, renting might seem cheaper at first glance, but buying a home can actually be a smarter move over time. Owning a home means building equity, getting tax perks and not having to worry about rent hikes. So, think about your long-term plans and check out the local market before deciding.
Myth 3: Buy the Most Expensive Home You Can Afford
It might seem like a good idea to max out your budget on a home, but that can lead to financial stress. Remember, owning a home comes with extra costs like maintenance and taxes. Stick to a budget that leaves you some breathing room for other expenses and savings.
Myth 4: You Can Skip the Home Inspection
Skipping the home inspection to save a few bucks? Bad idea. A home inspection can reveal hidden problems that could cost you big time later. It’s worth the investment for peace of mind and gives you leverage if there are issues to negotiate with the seller.
Myth 5: The Listing Price is Set in Stone
Think the listing price is final? Think again! There’s often wiggle room. A good real estate agent can help you make a smart offer that reflects what the home is really worth.
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