Thursday, March 12, 2020 / by Larry Martin
What prevents people from buying a home? There are three particular culprits that I’m going to discuss today.
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1. They don’t know what the process looks like. Many buyers don’t know what it actually takes to get into a new home and are intimidated by the many steps involved, so they just decide to continue renting. We like to sit down with prospective buyers and offer a full buyer consultation, giving them a step-by-step look of what the entire process entails.
2. Financing. Many buyers have false assumptions about financing, such as the need to have 20% down or a perfect credit score. You can actually find loans with 0% down and other programs that will allow you to buy with a lower credit score.
3. They think that renting is better than buying. While it’s true that your initial investment in paying rent is lower, owning a home will allow you to buy a lot more of a house per month compared to what you’re paying in rent. Buying also allows you to build equity and make money down the road.
"Many buyers think they need 20% down to buy a home, but it’s not true."