Shutter Hardware and Home Ownership Myths

Buying your first home is very exciting.

You think about all of the things you will do when you finally own your own home. You get to paint the walls whatever color you desire, you get to choose your own landscaping theme and you get to add decorative shutters with shutter hardware from Lynn Cove. Your dream of a home to call your own is becoming a reality.

But then you start having second thoughts. You wonder if this is the best time to buy a house. You wonder if you can come up with the 20% down payment. You wonder if buying a house is too expensive. You are having some serious doubts.

These aren’t voices in your head warning you about the perils of buying a house, these are the words you hear from colleagues and friends when you discuss buying a house. And what you hear from others is not always the truth. They are often myths that only serve to confuse and discourage you.

Your friends and colleagues might mean well, but if the information they are doling out is inaccurate, you might get discouraged and not pursue your dream of owning a home.

Buying a home is a complicated and scary process if you have never owned a home before. Today’s housing market is much different than it was 20 or 30 years ago. In fact, the housing market is very different than it was just a few years ago.

Here are a few myths about buying a home that some of you might believe to be true.

Renting is Cheaper

In the short term, this does hold some truth. That is, right here, right now, it might be less expensive to rent, but that changes the longer you remain in the home that you buy.

You see, when you rent, you can expect your rent to rise over time. But no matter how long you live in your home, you can expect your payments to be about the same. If you choose a 30-year fixed-rate loan, your house payments will be the same in 2040 as they are in 2019.

If you were to rent a house for that same period of time, you can bet that your rent will go up exponentially.

You Must Have Perfect Credit to Qualify

This is simply not true. You will need to have decent credit to qualify for a home loan, but it does not have to be perfect. In fact, you can have a fair credit report and still qualify for a home loan.

If you have a bad credit report, you will have trouble securing a loan, so you need to check into that.

Always Buy a Home in the Spring

There is a rumor that it is best to buy a house in the spring. But this is only a rumor. So many people think this is true, so they shop for their house in the spring. What that does is saturate the market with buyers and drives up the competition. In turn, home prices go up.

If you don’t listen to others and do a little research, you will discover that inventory for houses peak in the fall, which means less competition and better deals for you.

30-Year Fixed Mortgages are the Way to Go

This is not necessarily true. If you buy a home and expect to live in it for a long time, then a 30-year fixed mortgage makes perfect sense. But if you buy a house and plan on living in it for only five or 10 years, you might want to opt for a different loan.

For example, a 15-year loan makes more sense if you plan on moving on in about 10 years. It is in your best interest to review different loans and find the one that is ideal for your unique situation.

You Must Put 20% Down

The more money you can put down on your home, the better off you will be in the long term. Unfortunately, not everybody has that kind of cash just lying around. And while it should be a goal to put 20% down, it is still possible to get a home putting down less.

As a matter of fact, there are scenarios in which you only have to put down 5%.

Fixer-Uppers are a Great Deal

You have seen the television shows where someone buys a run-down house and turns it into their castle. This isn’t how things always go in the real world.

Tearing down walls and remodeling kitchens is a lot more expensive and problematic than what you see on television. You might plan on buying a house and remodeling the kitchen and bathrooms until you discover the real cost.

When you buy your first home, make sure you have shutters installed. And get your colonial shutter hardware at Lynn Cove.