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

Dated: January 22 2021

Views: 398

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.

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Yvette Belisle

I am a lifelong resident of Alaska and have lived in the Anchorage area for over 26+ years. I grew up in the Anchorage bowl and have knowledge of many parts of the city which have added in aiding my c....

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