7 Homeownership Myths that Might be Holding You Back
In an ever-changing economy that constantly tries to tell you all the reasons why you're not ready to buy that dream home, Team Andy Gibson is here to tell you that your goal for homeownership is far closer to becoming a reality than you might think. The problem isn't that you CAN'T, it's more likely that you're afraid of rejection and allowing those fears to hold you back. So this week, we're dragging out some of those deep seeded fears that we hear all too often, and shining some light on the truths that hopefully will put your fears to rest!
Are any of these fears holding you back in your home search? Here's the facts about these homeownership myths and how we can help you make your dream of homeownership a reality:
1. "I can't afford to buy a home now."
FACT: If you're paying rent, you can buy. According to the National Association of Realtors, first-timers bought houses valued at $182,500 and made 5 percent down payments. Given that information, average payments would be $838 per month on a 30-year fixed-rate loan at 4.10 percent. The median monthly gross rent was $981 in 2016. That's more than $100 additional per month going toward rental rates!
2. "I should wait until the real estate market gets better."
FACT: The long-term factors, not the short-term market, are what make real estate one of the most stable investments. The market will always be in an ebb and flow status based on the economic industry. While some things affect real estate investment more than others, having home equity as a financial asset far outweighs any short-term marketing trend.
3. "I don't have money for a down payment."
FACT: Many options are available to make a down payment, some as low as 5 percent. Plus, depending on your financial position and the type of property you are looking to purchase, you may be eligible for government funding or grants!
4. "I can't buy a home because my credit isn't very good."
FACT: Credit is an important aspect of the loan approval process. It helps lenders to determine whether or not you're financially responsible, and what amount you can comfortable afford to pay per month without defaulting. While having bad credit or no credit will make obtaining a loan more difficult, it doesn't make it impossible. A loan officer can help resolve credit challenges and explore your options.
5. "I can't afford to buy my dream home."
FACT: Everyone's got to have a starting point. Buying a home and building equity puts you closer to that dream home than if you hadn't bought at all. Plus, you may realize once you get into your first home what's truly important to you and you may realize that the extras are not really at the top of your 'must have' list when facing the bigger picture.
6. "I should wait to buy a home until I get married."
FACT: Again, getting in the game is key. If your future spouse doesn't like the home, rent it or sell it and put your incomes toward a new one. Think of it this way: your first home could be a fantastic investment opportunity and financial fallback for retiring down the road!
7. "Buying a home seems way too complicated."
FACT: That's where Team Andy Gibson comes in. Our agents are ready to guide you through every step of the home-buying process by putting our local expertise to work for you. And believe us, we've got the experience to do just that and more!
When you're ready to face these fears head on and get started on the path to buying a home, your favorite real estate team at the Lake of the Ozarks will be there for you every step of the way. We're committed to providing exceptional service as your agent; in fact, we want you to be so pleased by your home-buying experience that you want to tell your friends, family and neighbors all about it! Finding a property that exceeds your expectations starts with an agent who exceeds your expectations. Call Team Andy Gibson today to arrange a personalized consultation!
Are any of these fears holding you back in your home search? Here's the facts about these homeownership myths and how we can help you make your dream of homeownership a reality:
1. "I can't afford to buy a home now."
FACT: If you're paying rent, you can buy. According to the National Association of Realtors, first-timers bought houses valued at $182,500 and made 5 percent down payments. Given that information, average payments would be $838 per month on a 30-year fixed-rate loan at 4.10 percent. The median monthly gross rent was $981 in 2016. That's more than $100 additional per month going toward rental rates!
2. "I should wait until the real estate market gets better."
FACT: The long-term factors, not the short-term market, are what make real estate one of the most stable investments. The market will always be in an ebb and flow status based on the economic industry. While some things affect real estate investment more than others, having home equity as a financial asset far outweighs any short-term marketing trend.
3. "I don't have money for a down payment."
FACT: Many options are available to make a down payment, some as low as 5 percent. Plus, depending on your financial position and the type of property you are looking to purchase, you may be eligible for government funding or grants!
4. "I can't buy a home because my credit isn't very good."
FACT: Credit is an important aspect of the loan approval process. It helps lenders to determine whether or not you're financially responsible, and what amount you can comfortable afford to pay per month without defaulting. While having bad credit or no credit will make obtaining a loan more difficult, it doesn't make it impossible. A loan officer can help resolve credit challenges and explore your options.
5. "I can't afford to buy my dream home."
FACT: Everyone's got to have a starting point. Buying a home and building equity puts you closer to that dream home than if you hadn't bought at all. Plus, you may realize once you get into your first home what's truly important to you and you may realize that the extras are not really at the top of your 'must have' list when facing the bigger picture.
6. "I should wait to buy a home until I get married."
FACT: Again, getting in the game is key. If your future spouse doesn't like the home, rent it or sell it and put your incomes toward a new one. Think of it this way: your first home could be a fantastic investment opportunity and financial fallback for retiring down the road!7. "Buying a home seems way too complicated."
FACT: That's where Team Andy Gibson comes in. Our agents are ready to guide you through every step of the home-buying process by putting our local expertise to work for you. And believe us, we've got the experience to do just that and more!
When you're ready to face these fears head on and get started on the path to buying a home, your favorite real estate team at the Lake of the Ozarks will be there for you every step of the way. We're committed to providing exceptional service as your agent; in fact, we want you to be so pleased by your home-buying experience that you want to tell your friends, family and neighbors all about it! Finding a property that exceeds your expectations starts with an agent who exceeds your expectations. Call Team Andy Gibson today to arrange a personalized consultation!
Keller Williams Lake of the Ozarks Realty
858 Hwy 42
Osage Beach, MO 65065
573-286-5907 Cell
573-348-9898 Office
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