When it comes to buying a home, there’s a lot of mixed messages out there. Everyone has questions, and everyone has an opinion. These questions, comments, and concerns lead to a lot of myths and misconceptions about home ownership. As one of Central Texas’ premier builders, we’re here to help you answer those questions.
We’ve assembled some of the top misconceptions we’ve seen and heard about home ownership below to help you cut through the noise and get right to what truly matters when considering buying a home.
Myth #1: Renting is more affordable than owning
One of the most common misconceptions we hear is that renting is always cheaper than owning a home. That’s wrong.
While it’s true that renting may have lower upfront costs, in the long run, owning a home can be more cost-effective for you. When you rent, you’re putting your hard-earned money into your landlord’s investment rather than your own. Mortgage payments help homeowners build equity, which essentially serves as a form of forced savings. Additionally, home ownership provides tax benefits, such as deductions for mortgage interest and property taxes, that can make it financially advantageous in contrast to renting.
Myth #2: You need a large down payment
Another common misconception is that you need a substantial down payment to buy a home. While a larger down payment can certainly help you get better loan terms and lower monthly payments, it’s not always necessary. Builders and loan programs, such as FHA loans, offer low down payment options, helping make homeownership more accessible for first-time buyers. Additionally, there are even $0 Move-In programs available. We understand that not everyone has a substantial down payment saved up. That’s why we want to work with buyers to help them find financing solutions that fit their unique needs, and make home ownership attainable for everyone.
Myth #3: Maintenance is overwhelming
Some potential homebuyers worry about the maintenance responsibilities that come with homeownership. While it’s true that homeowners are responsible for repairs and upkeep, the idea that it’s overwhelmingly burdensome is a misconception. Regular maintenance can prevent major issues, and many tasks are simple and manageable.
At Brohn, we take pride in building high-quality homes that reduce the need for frequent maintenance. Our homeowners also have access to our Customer Care program, which allows them to submit requests at any time for any home items that require warranty service.
Myth #4: You need ‘perfect’ credit to buy a home
Can you get a mortgage with less-than-stellar credit? Yes, you can
Many lenders offer a range of loan programs tailored to different credit profiles. Even if your credit history is less than perfect, there are options available to help you become a homeowner.
We know that credit history can be a barrier for some buyers and we work with a network of lenders who specialize in helping individuals with varying credit profiles. Our team will work with you to help you find the financial solution that fits your unique circumstances, and help make your dream of home ownership a reality.
Myth #5: It’s not a good time to buy a home
It’s always important to consider various external factors when buying a home. These can include the state of the economy, fluctuating interest rates, and more. The truth, however, is that only you can decide if it’s the right time for you to buy a home.
Every person has unique wants, needs, and circumstances. The housing market is also dynamic and can be influenced by a number of different factors at any given moment. Waiting for the perfect time can lead to missed opportunities for you to begin building equity, securing your own space, and living in your dream home.
At Brohn, we believe it’s always a good time to buy a home and invest in your future. And we’re here to help provide you with the information and support to determine if home ownership is the right opportunity for you.
