The 5 Most Common Myths BUSTED About the Best Time to Buy Your First Home
With most of us homebound over the last weeks, has the idea of having a home of your own become more important to you?
It’s totally understandable, especially after spending so much time in a place that really isn’t yours if you’re renting or maybe doesn’t reflect your needs or wants, or just isn’t what you want anymore, particularly if there are roommates involved.
When you purchase a house, a condo or a townhome of your very own, you are not just buying a place but a “home” where you can put down roots, make it truly yours, and create a life.
Paint that wall whatever color your heart desires.
Put all the holes you want in the walls.
Think You Can’t Buy Right Now? Think Again…
If you are hesitant about moving forward right now because you aren’t sure if you are “ready,” our new series is just for you — The 5 Most Common Myths BUSTED About the Best Time to Buy Your First Home.
If you’ve spent some time reevaluating your goals during this pandemic and what you want next in your life, then you can make homeownership a reality if it’s on your list.
Anything you think is in your way can be removed if you really want to be a homeowner. In fact, you’ll find out that some commonly perceived roadblocks are only myths, and don’t need to delay your dreams anymore. You can be unstoppable.
Let’s Bust Some Myths – Our New Series
Over the next five weeks, I’ll be taking common myths that many would-be homeowners think are standing in their way and giving you the honest truth about whether any should stop you from moving forward with becoming a homeowner.
Below is a rundown of topics that will show you that buying a home can be done in a way that is affordable without making you house poor or full of regret. Look out for the next five weeks for each of these articles below:
- How to Buy a Home Even With Student Loan Debt
Myth: I can’t buy a home; I have too much student loan debt.
Truth: You can buy a home even with student loan debt, and there are even special types of loans for people with student debt in Maryland that may help you pay off some of your loans.
For this week, you’ll learn ways that assistance programs can make owning a home affordable and very doable.
- How to Find Money for Your Down Payment, When You Don’t Have Much Savings
Myth: I don’t have 10% or 20% to put down; I need to keep saving.
Truth: There are all sorts of responsible ways to find money for your down payment and, depending on your income (the lower the better), there are great loan programs that require as little as 3% down to buy your first home.
For this week, you’ll see that even though lending requirements have gotten stricter with the Covid-19 pandemic, there are ways you can find cash for your down payment and it shouldn’t be too daunting for any first-time buyer.
- Don’t Be Derailed By Your Credit Score
Myth: I need a high credit score in order to buy a home.
Truth: There are benefits to having a high credit score when it comes to buying a home, but there are great loan programs and options for people who have less than perfect credit.
There may be ways to quickly improve your credit score and things you should avoid that could actually hurt your score. For this week, we’ll clear all this up for you and let you know how you can be sure to take care of your credit and also what loan programs may work for those whose score can’t get any higher.
- Renting vs. Buying – Your Break Even Point Is Sooner Than You Think
Myth: My life is in flux so I shouldn’t buy. I’m not sure if I’ll be in this location for long. What if I meet someone, get a different job, and my life changes? It’s better if I wait to figure all that out first.
Truth: You don’t have to live in your first home forever for it to still be a good idea. You can still get the benefits of owning a home—tax deductions and equity instead of throwing your money away in rent.
For this week, you’ll learn what you need to consider when it comes to your time frame and what other factors make buying a financially good decision for you rather than to keep renting.
- The Benefits of an investment property
Myth: If I’m not going to live in the property for a long time, it doesn’t make sense to buy.
Truth: Buying a home and living in it for a few years can lead to a great investment property.
Have you ever wondered whether it would be a good idea to rent out a home as an investment property? For this week, you can find out why this could be a good option for you once you look at potential expenses and profit in the long-term. You’ll also learn what you need to consider before you start looking at properties.
Let’s Determine What’s Right For You
I am excited about this series and hope to inspire those of you who want to become homeowners. I know buying a home right now is not the right move for everyone; and I talk a lot about how to know when the time is right for you, and that it’s okay to go slow.
But, I also know there are a lot of people out there who want to buy a home, and one of these myths may be stopping you. If you have a dream of owning a home of your own, we want to separate myth from fact and help you move forward if you can. If that’s you, reach out to me and I can help make this dream a reality for you.
Chances are it’s more possible than you might think.
I'm Jordan and I love helping first time home buyers make their first home more affordable and stress-free! It all starts with your personal budget and how much you can comfortably afford. Let me know how I can help you make your real estate dreams come true.
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Crofton, MD 21114
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