Buying a home may seem an overwhelming and even impossible goal. Home buying myths cause fear without proper education, but you can confidently achieve your goal without the unnecessary fear with the right people by your side. Add the right Home Buying Team by your side and you can even enjoy the process.
The following sections describe some common fears. Let’s take each one and cross it off your list of concerns.
It is less expensive to rent.
This is definitely not accurate. Most times you will save money being an owner rather than a tenant. Security deposits, cleaning fees and pet deposits can add up very quickly. Many times as an owner you will not have deposits with the local utility companies. Consider the potential tax write offs you may qualify for as a home owner that you will not appreciate as a tenant.
Besides actual dollars you will save, consider the emotional cost of renting versus owning. Recently an article published by Money/CNN expressed a nationwide concern. The article entitled “Rents are soaring – and so are evictions”, shared a new trend in Landlords not renewing leases so they can remove the tenants and find higher paying tenants. Even more alarming than a rent increase is the trend reported that Landlords are evicting tenants over minor violations eager to get higher paying tenants in place. Once an individual is evicted, it damages their credit and most other Landlords do not want them as tenants. There is clearly no security in being a tenant is today’s market.
My credit is not good enough.
Even if you have had credit problems in the past and you’re worried that they will prevent you from buying a home, you may be wrong. I have worked with numerous clients who really wanted to get out of their rental situation. Some had bad credit or no credit at all. Many of these clients were able to improve their credit with coaching and tips from myself and the professionals on my team. Some chose to utilize my Credit Repair professionals and get their credit reports corrected and negative accounts or items removed. This process can be surprisingly short when you are organized and dedicated to your goal of becoming a home owner.
I Don’t Have Enough Money for a Down Payment and Closing Costs.
In the last few years, new programs have been introduced allowing buyers to put down as little as 0–3.5 percent. Tax time is right around the corner. If you are expecting a tax refund, you can use these monies for your down payment. It is also possible to receive Gift Funds which is money that your family is allowed to “give” you to use as a down payment.
It is also an option is to ask the sellers to contribute toward your closing costs. There are even some mortgage loan options that you can consider that will build closing costs into your loan.
What if I lose my job or the economy gets worse?
Regardless of how strong the economy may or may not seem or what the stock market is doing at any given moment, the one thing that will never change is you will always need a place to live.
By all means, keep an eye on the economy and give your best to your employer. But don’t let periodic downturns alarm you into thinking that buying a home is risky. If you buy wisely and within your means your investment will be safe from the natural ebbs and flows of the economy.
The key to confidently becoming a Home Owner is having a professional Real Estate Agent and a reputable Mortgage Lender on your side. Don’t let these myths stand in your way from experiencing the personal and financial rewards of home ownership.
Interest rates are low and it is a great time to buy a home in Las Vegas and Henderson. Contact us now to get a Free Consultation for a mortgage loan. We will share ways we negotiate on you behalf that will save you thousands of dollars in buying a home. If you would like to learn more about our ability to help you stop paying rent and buy a home, please contact us now with any of :
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