Home Buying Myths Busted!
ty True or false: It’s a well-known fact that buying is better than renting. False. Renting a Tampa bay home versus buying a home in Tampa Bay is best determined by how long you want to live where you are, your personal goals and your finances. This is just one of many home buying myths that people have believed for years, even if they’ve purchased a home before. Because buying a home is one of the biggest emotional and financial investments you’ll ever make in your life, it pays to know the truth from the myths. Here are the top home buying myths busted!
MYTH #1: You don’t need a real estate agent.
Managing the real estate investment process on your own is not easily accomplished and can end up costing you more if you don’t know what you’re doing. Real estate agents are experienced in a way the average homebuyer isn’t when it comes to negotiations. More specifically, they can perform a comparative market analysis and set up showings, home inspections, and appraisals.
Myth #2: You need a 20 percent down payment
Depending on your qualifying loan, your down payment can be as little as 3.5 percent, which is the rate for an FHA or even zero percent down for a VA loan. A down payment assistance program may also be an option for Arizona home buyers.
Myth#3: A 30-year fixed mortgage is always the best deal.
If you plan to keep your home for that long then a 30-year fixed mortgage will likely be the best choice for you. However, if you only intend to keep the home for five to seven years, a fixed rate for seven years could be more appropriate. The longer you fix the rate, the higher your interest rate will be so you could be paying a higher rate for nothing if you don’t plan accordingly.
Don’t let home buying myths keep you from buying a Tampa Bay home. If you would like more information about buying a home in Tampa Bay or if you are seeking a Tampa Bay property management company, please contact the Simply Property Management – Paielli Realty, Inc. today. We will be happy to assist you with your home buying, renting and property management needs.
Simply Property Management – Paielli Realty, Inc.
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