Top 6 Most Common Home Buying Myths

Table of contents

Buying a home is one of the biggest financial decisions you can make. That’s why it’s important to not let these common myths get in the way of what’s best for you and your future.

Key takeaways

  • Buying a home is a big decision, and it’s important to do your research.
  • Take time to think about your options and make the best decision for you.
  • Don’t just rely on suggestions or information from others.
  • Everyone’s situation is unique, so consider what makes sense for you and your future.


 

Myth #1: You want the largest square footage possible

When searching for your new home, don’t get too hung up on the square footage. Depending on the layout, a smaller home can actually feel a lot more spacious. When going to open houses, you should ask yourself, how big does this space feel? Also, keep in mind the potential for storage. A smaller bedroom can work perfectly well for your needs if there’s plenty of storage space in the closets.

Other factors such as open-concept designs, lighter colors, and reduced clutter can greatly maximize the amount of space in your new home.

 

 

Myth #2: Your new home is forever

While there’s a certain expectation out there that you have to stay in your new home forever, there’s still a possibility that you may move in a few years. When searching for homes, be honest with yourself about the likelihood of staying versus moving. If there’s a strong possibility that you’ll move in 5 to 10 years, then you may consider choosing a house that works well for you right now, instead of a home that has to be perfect for you well into the future.

 

Myth #3: Certain types of mortgages are better than others

Everyone’s financial situation is different. The myth that one type of home loan is better than the other is simply not true. When making these financial decisions, it’s crucial to speak to a mortgage professional. An experienced and trustworthy mortgage lender can help you figure out the best course of action for you.

 

Myth #4: You always want the lowest possible rate

If you focus too much on interest rates, then you might overlook other factors such as extra fees. While rates do play a role in your finances, they don’t paint a full picture of the long-term value that comes with homeownership. When choosing the best mortgage professional for you, always get a second opinion and remember that overall value is more important than just low rates.

 

Myth #5: Buying a home is a bad investment

Buying a home is a major financial decision that should not be taken lightly. That’s why there are plenty of resources and professionals out there to help you with this decision. And yes, housing prices will go through highs and lows, but studies show that homes generally increase in value over the long term.

As you pay off your mortgage, you build equity in your home, which is essentially like a savings account for the future. But when you pay rent, that money just goes into your landlord’s pocket. Over time, owning a home is generally a better investment than simply paying rent.

 

Myth #6: You can save money by foregoing a realtor

A good real estate agent can be a total game-changer when it comes to buying a home. A realtor can negotiate with the seller on your behalf, potentially saving you a lot of money on closing costs or repairs. When hiring a real estate agent, it’s important to work with someone who is knowledgeable and trustworthy. Having a friendly and professional relationship with your realtor can make the process of buying your home a thousand times easier.

 

The bottom line

There’s a lot of information out there when it comes to buying a home. While it’s important to do your research and listen to suggestions, everyone’s situation is unique. Make sure to honestly think about what makes the most sense for you and your future.

Picture of Jacquelyn Sublett
Jacquelyn Sublett

I love teaching and writing on real estate, finance and mortgage topics. I find it fulfilling hearing stories of first time home buyers who we have helped with the home buying process. Writer for the Hero Homebuyer Programs™

Connect with the Author:

Recommended Posts

What Our Buyers Think

Jules S.
Read More
"5 star service is what you will get when you work with him!ᅠ Not only does he know his product like no other, he makes a special point of communicating throughout each transaction and his follow up skills are unparalleled. Perhaps most importantly, he delivers on his promises!ᅠ Give him a try for your mortgage needs.ᅠ You will not be disappointed!"
Jeremy H.
Read More
"An outstanding job handling refinances.  One of those knowledgeable, straight-shooters - which is really appreciated when you're shopping for a home loan. He can answer a million of questions with ease.  Looking back at the responsiveness, he was outstanding and you can do everything he suggested."
Jaina D.
Read More
"You can rely on them, very professional and quick in responding to your queries. He is very friendly and makes sure we understand the process and keeps us posted on the status of our loan. His efforts are greatly appreciated."
Eshawn W.
Read More
“By far the best lender we’ve worked with. Got us the best loan amount than any other lender. He worked with us hand in hand, he is professional, and he made the process enjoyable.”
Jaina D.
Read More
"You can rely on them, very professional and quick in responding to your queries. He is very friendly and makes sure we understand the process and keeps us posted on the status of our loan. His efforts are greatly appreciated."
Cass Z.
Read More
“I called looking for information about the process of applying for a mortgage/refinance and am just blown away with how helpful the information I received was!”
Stephanie F.
Read More
“I have hope because of you for making my home ownership dream come true. I feel such a connection with you and am excited to work with you. Have an amazing day!”
Rachel S.
Read More
"Highly ethical, attentive and helpful! A fantastic combination of personable and hard working. He makes everyone feel important and understood."
Cliff S.
Read More
“Hands down the best mortgage professional I’ve worked with in 20 years. Knowledgeable, honest, reliable and above all an outstanding communicator.”
Jose A.
Read More
"He worked on getting the lowest rate and kept me informed on each step of the process from the beginning to closing. Thank You!"
Nicholas H.
Read More
“Thank you for your prompt help and AMAZING assistance. Hands down, best lender I have ever worked with. Top notch!”
Tiffany
Read More
“I would be 100% interested in working more with you! You have proven to be an amazing lender”
Sandy C.
Read More
“Absolutely the most knowledgeable, friendly and honest expert I’ve ever worked with!”
Steve R.
Read More
"A pleasure to work with. He was very prompt and courteous with his responses and genuinely cares about the clients he works with."
Kevin H.
Read More
"Professional, responsive and honest assistance with the whole refinancing process from beginning to end."
Previous
Next

We help you reach home ownership.

No catch. No hidden fees.

Have you served in the military or your community as a healthcare provider, teacher, or first responder? Are you a member of your local union or work for your city government?

Are you looking to buy a home but don’t know where to start when it comes to finding your best home financing options?

At Hero Home Programs™, our teams are dedicated to helping community heroes like you through the home purchasing process by finding the best grants, rebates, and loans in your area in order to maximize your savings and help you achieve homeownership.

Contact our team today to learn how we can and mortgages can change your life.

Resource Guides

Complete A to Z guides on your home purchase journey.

Learn about the process for getting a home loan

What steps you can take to improve your credit score

Tips and tricks for moving into your new home

Your step-by-step guide for buying a new home

Scroll to Top