3 Myths About Buying a Home
REMINDER: Not everything you read about buying a home is true. Take, for instance, these 3 home buying myths:
- Buying a home is always better than renting.
The truth? It’s not. Sometimes renting is best. Like when you don’t know where you’ll be in several years, don’t have the cushion you want in your budget to cover things like home repairs, or don’t much care about customizing a space to your tastes.
- A 30-year mortgage is the way to go.
As interest rates rise, homeowners are looking outside the 30-year mortgage box. With rates almost a full percentage point lower than traditional loan options, adjustable-rate mortgages are getting lots of looks. The takeaway? Buyers need to meet with a reputable lender early in the process to explore their options.
- You should wait to buy a home until prices or interest rates are lower.
No doubt prices and rates are up, but waiting isn’t the answer. There’s no guarantee prices will come down, and in the meantime, you need a place to live. If you find a home you love and can afford, you should go for it if you feel it’s the right move for you! You will start building equity immediately and can always refinance if rates drop.
Want to keep talking about buying in 2023? I’d love to!