As Valentine’s Day approaches, love is in the air—but not all relationships are worth holding onto, especially when it comes to outdated home-buying myths. If you’re thinking about purchasing a home, it’s time to break up with these common misconceptions and find your happily-ever-after in real estate.
Myth #1: You Need a 20% Down Payment
While a 20% down payment was once the norm, it’s no longer a requirement. Many lenders offer loans with down payments as low as 3% for qualified buyers. Additionally, there are programs available for first-time homebuyers and veterans that require little to no down payment.
Break the Myth: Explore options with your mortgage lender to find a program that fits your financial situation.
➡Talk with one of our trusted lenders!
Myth #2: You Should Wait for the Perfect Market
Timing the market perfectly is nearly impossible. While interest rates and home prices fluctuate, waiting indefinitely could mean missing out on great opportunities.
Break the Myth: The right time to buy is when you’re financially ready and find a home that meets your needs. Focus on long-term value instead of short-term trends.
Myth #3: You Must Have Perfect Credit to Buy a Home
While good credit can help secure better loan terms, it’s not a dealbreaker if your credit isn’t perfect. Many lenders work with buyers to find solutions that fit their credit profiles.
Break the Myth: Work on improving your credit if possible, but don’t assume homeownership is out of reach.
Myth #4: Renting is Always Cheaper than Buying
While renting may seem less expensive upfront, owning a home can build long-term wealth through equity and tax benefits.
Break the Myth: Compare the total cost of renting versus buying, factoring in mortgage payments, taxes, and home maintenance.
Myth #5: You Have to Find the Perfect Home
No home is absolutely perfect—even dream homes come with compromises. Focus on finding a property that meets your essential needs and has potential for personalization.
Break the Myth: Think about the must-haves versus nice-to-haves, and be open to making improvements over time.
Final Thoughts
Don’t let these myths hold you back from finding your dream home. At Preslee Real Estate, we’re here to guide you through the home-buying journey and help you make informed decisions every step of the way. Ready to break up with the myths and fall in love with your new home? Contact us today to get started.
