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Common Homebuyer Myths Debunked
Buying a home is one of life’s biggest milestones: but it’s also one of the most misunderstood. Between the scary headlines on your social media feed to well-meaning friends, it’s easy for first-time buyers to get confused about what’s true and what’s not. To help you feel confident in your journey, let’s clear up some of the most common homebuyer myths.
Myth 1: You Need a 20% Down Payment
Many buyers assume they can’t purchase a home until they’ve saved up 20% of the price. While that can help you avoid private mortgage insurance, it’s not required. Programs like FHA loans, VA loans, and state first-time buyer programs in New Jersey often allow for much lower down payments: sometimes as little as 3%!
Myth 2: Renting is Always Cheaper Than Owning
Rent may feel less expensive month to month, but over time, homeownership can be more cost-effective. Each mortgage payment builds equity and can offer tax benefits. With rents steadily rising in New Jersey, buying a home can actually save money in the long run.
Myth 3: You Don’t Need an Agent to Buy a Home
Some buyers think skipping a real estate agent will save money, but in most cases, the seller pays the agent commissions. That means you can benefit from expert negotiation, local knowledge, and guidance: at no direct cost to you.
Myth 4: Always Buy the Biggest House You Can Afford
It’s tempting to stretch your budget, but a bigger mortgage doesn’t always mean a better investment. Consider future maintenance costs, property taxes, and lifestyle needs before deciding on size.
Myth 5: You Should Wait for the “Perfect” Market
There’s no such thing as a perfect market. Waiting for the lowest rates or prices can mean missing out on opportunities to build equity. Instead, focus on what makes sense for your financial situation and long-term goals.
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Don’t let these homebuyer myths keep you from reaching your homeownership dreams! With the right guidance, buying a home in New Jersey is more achievable than you think.
Want help separating fact from fiction? Contact Century 21 Action Plus Realty today to get connected with a realtor and start your homebuying journey with confidence!
