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What are common myths about home ownership?

On Behalf of | Oct 21, 2020 | Residential Real Estate

As a resident of Massachusetts, you recently made the big decision to buy a home. Buying your first home is often a nerve-wracking experience. It can leave first-time buyers filled with uncertainty and anxiety.

The more knowledge you have, the less anxiety you will deal with. One great way to dispel this nervous energy is by becoming acquainted with the top myths associated with owning a home.

Is renting better than buying?

Forbes discusses some of the most common myths about home ownership. One myth is that homeownership is more expensive than renting. But people who draw these comparisons are often living in entirely different situations. They do not even share geographical areas and house sizes. Thus, you cannot compare renting to buying.

Some people also think that renting compared to buying means you can skip out on property taxes and homeowner’s insurance. Again, this is false. Landlords factor the cost of property tax into the overall price of rent. Also, everyone should have insurance regardless of renting or buying.

Can you really afford your home?

Another big myth is that bank-approved mortgages means you can afford it. Just because a bank approves you for a mortgage, this does not mean you have the ability to make payments. Run the numbers yourself to make sure.

As a homeowner, you should also understand that home ownership does not give you a free pass to do whatever you want. You have more freedom to remodel, but you must still follow rules and regulations. There are zoning guidelines, township regulations and homeowners associations. These all have rules you must follow.

Finally, owning a home is not always better than renting. In reality, several factors impact which one would benefit you more. How much do you travel? How long do you intend to stay in an area? All of these impact how useful home ownership is.