Sure, signs around town listing homes for sale invite us to dream of owning the perfect new home – and for some – the possibility of jumping into homeownership for the first time.
But, sometimes the worry-wart inside gets the best of us: Can I afford to own? How do I take care of a home? Do I even know where to begin in designing a new construction home?
Common myths about home ownership and home building can stop us from pursuing the idea of a new home purchase – but certainly don’t have to! We debunk some of the most common myths below:
"For me, renting is cheaper because I can’t afford to pay taxes or other expenses associated with home ownership"
True, when you purchase real estate, there are taxes and other costs tied to that purchase. However, with each monthly payment, you are slowly building equity that ultimately goes back into your pocket when you sell the home. With most home loans, the cost of your monthly mortgage payment is a fairly fixed number. In contrast, rent can go up at any time. The landlord passes on property taxes and other expenses to the tenants, so you are actually paying for those taxes and needed maintenance no matter what. When it’s your own house, you get to enjoy the tax deduction and equity yourself!
"My schedule is full. Apartment living is perfect for me because I don’t have time for home maintenance."
Homes for sale come in all shapes and sizes, just like homeowners. For instance, if you aren’t someone who dreams of pushing the mower every Saturday morning, consider a patio home community like Forest Creek in Broken Arrow. With a patio home, the exterior maintenance and all landscape are provided through an association fee. So, your life can be largely as footloose as your renting days, except you are building financial security along the way.
"I would love to own my own home, but I have too much debt to afford one."
Debt happens to the best of us. That’s why there are programs out there like Clean Slate. This program allows you to work with credit experts to remove items that negatively affect your credit score – for no cost and with no obligation to ultimately purchase a Capital Home. Click here for learn more about how the Clean Slate Program can help you realize your dream of homeownership.
"Even if I could buy a home, I know I couldn’t afford a new construction home."
Often, the purchase price of new construction homes is competitive with the surrounding real estate market. The long-term benefits of purchasing a new home, however, are significant. Typically, new homes require only routine maintenance for the first several years. With older homes, this simply is not the case – repairs can be costly and/or extensive soon after the home is purchased. Further, the market continues to develop technology that is more energy-efficient and cost-effective – many of which cannot be included in older homes without significant renovations. This technology can save a homeowner hundreds of dollars each year. Consider the overall costs when evaluating what your options might be.