It’s an exciting time when buyer’s are ready to purchase a home, but many times they forget to consider the costs beyond just the down payment. Closing costs can be scary because of the unknown. So we want to help clarify the unknown for you.
Misconceptions in Home Buying
Many people dream of home ownership. Unfortunately, a number of myths seem to persist year after year. Recognizing at least these five myths may help you finally become a homeowner.
Myth #1 – Buying Is Always Better than Renting
Over the long run, owning a home does make a lot of financial sense. However, if you see yourself only occupying a home for a couple of years, then you may be better off paying rent. That’s because real estate market values can change significantly in a short amount of time. You may actually see your home’s value go down for a period of a year or two, and that is bad news if you’re hoping to turn a profit. On average, you’d have to spend between five and seven years in a home just to break even when you sell. If you’re not going to be in that home for that long or even longer, then renting could be a safer alternative.