Myths of Homebuying
Why what most we know is wrong about home buying, and what we can do about it
Last updated
Why what most we know is wrong about home buying, and what we can do about it
Last updated
The reason why it is most important to start with going over these myths, is because if you don’t own a home today, it’s probably because of one of these myths. You, yes you, the reader of this webpage can most likely qualify to buy a home today if you’d like, you just haven’t known that to be the case. And the reason why is because as a society we have so many so called Collective Illusions( a term coined by author Todd Rose) or simply what we call myths that we pass around to one another. These myths are simply notions, concepts, or ideas that we’ve heard and assumed to be true, but in reality are not. And these myths exist in all walks of life and the same goes for real estate as well. And thus my hope is that by taking a step back, bursting these bubbles on what we thought to be true, and starting to rethink homeownership, that we can all be a little more informed and by such more intentional with the space we spend HALF of our waking hours in.
So what are some of these myths that come to mind within the space of real estate and home buying? In no such order, here are a few that come to mind
Needing at least a 20% Down Payment - False. You can go as low as 0% if you want.
Waiting for a Job - Irrelevant. Just having a job has little to do when qualify for a mortgage.
To Wait till Marriage - Outdated. People are getting married later, and divorced more often.
Timing the Market - Resource Intensive. The average person doesn’t have this ability.
Cheaper to Rent - Short-sighted. 50 years of renting vs 30 year mortgage? Which is cheaper?
And this is just to name a few. Some of these most likely sound contrarian to what you have thought to be known as “collective wisdom” that people pass around from one to another, and have eventually made it to your ears. Maybe others not so much. But for the ones that cut against the grain, which narrative is actually true? The one you’re familiar with and have known for quite some time? Or the opposite that has just been presented in this moment? There’s probably a sense of safety in the former and hesitation with the latter. And while I don’t have time to win your trust on every matter, I do hope to build some rapport in hopes that you’ll believe what I’m sharing to some degree, and that some of what you may understand about real estate may actually be incorrect. But worry not, shortly after seeing what is incorrect, I also hope to show what is correct, and to show what is probably the most important factor to consider when making the decision to buy a home. That way we know what to fill the void with in the space of these debunked myths about home buying.
Below are 3 myths that I think are the biggest and possibly most common barriers as to why people stay off the property ladder. Feel free to read just one or all to get an understanding of how each of these illusions came to be, and just how far they actually are from the reality that actually is. If you’re curious to read more as well on our opinions or research on why other above listed and non-listed myths are misleading, then feel free to check out the appendix section as well where we have other collective illusions to read about.
And if you’re OK with reading the documentation one page at a time in the order we have curated the information to be in, then feel free to just click the “Next Page” button below to read up on the first myth and to follow through to each subsequent one too.