Ready to buy your first home?
Or maybe you are skeptical because of all the rumors out there. Check out these 8 common misconceptions about buying a home so you can get the facts!
1. Homes are too expensive to buy.
False. Believe it or not, the average home price is around $150,000. It definitely is a buyers market still being that the time is now to buy your first home. The average monthly mortgage payment is under $1000. Your monthly payment will most likely be less than what you are paying now to rent!
2. You have to have perfect credit to buy a home.
False. Many people do not even consider buying a home because they think their credit score is too poor to be considered for a loan. If your credit is under 650, consider checking out FHA home loans. Not only can you qualify but they require a significantly lower interest rate!
3. You need to save up 20% for a down payment
False. Like mentioned above, FHA home loans require a much lower down
Payment. As long as you are doing your calculations right beforehand and figuring out what you can afford, you will only look at houses in your price range where you can afford that down payment.
4. Opting in to the 30 year mortgage plan is the best option.
False. It is always tempting to choose the option where you have to pay the least amount of money NOW. But in the long run, you a borrowing the same amount of money, for double the time of a 15 year mortgage therefore doubling the amount of interest. Before you buy a house, ensure that you consider which mortgage plan is best for you.
5. You do not need the help of an agent.
False. That it was real estate agents are for. They are professionals when it comes to home buying and will be a wealth of information especially when buying your first home.
6. You do not need a home inspection
False. Again, while paying for the home inspection right now seems daunting, it will save you a lot of headaches and money in the future. If you forgo the home inspection process, you are risking that the home you are buying has no unseen issues.
7. It is not a good investment
False. Real estate is one of the best investments for your money. Instead of paying rent every month and throwing that money out the window, you are essentially paying yourself. The more payments you make, the more equity you have in your home.
[Click here if you’re interested in learning more on buying an invest property]
8. Down payment is the only cost
False. Make sure you budget for all of the extra costs that come into play when buying a home. Whether it be the taxes, home inspection, or renovations you need to keep in mind that there is more than just a down payment.
Need some official home services? We encourage you to look at zurkel.com that offers local services rated the best in all of Florida! Here at Premium Properties, we’re always looking for the best ways to help our clients. That’s why we are the best real estate company in Central Florida! Any questions? Please feel free to reach out to us: Premium Properties Real Estate Services 564 N Semoran Blvd Orlando, FL 32807 3
Call us (407) 380-2800 or visit www.premiumproperties.com