Common Myths When it Comes to Owning a Home

We like to share useful tidbits of information on this blog, but sometimes, and especially
in the case of home buying, you have to dispel some rumors! Fact is, both the home buying and home owning process has changed drastically since your parents bought their home. Whether it be due to the housing climate, new laws, or changes in expectations when it comes to a home, some ‘facts’ are just plain incorrect or a complete myth.

So here are a few common myths when buying or owning a home:

All home improvements add value
As much as we don’t want to break your heart, the truth is that some home improvements don’t add value or may actually deduct from your home’s value. Before spending tons of money putting a Jacuzzi on your roof, do some market research. Is this a highly sought after and desirable addition to homes currently? If you ever want to sell your home for a profit, keep this in mind. If not and you see yourself staying in this home forever, then perhaps adding value, but making your home more custom to you, is higher on the priority list.

You have to do your own yard work/repairs
Just because you own the home doesn’t mean you have to do it all. In fact, most people don’t. Some folks enjoying mowing the lawn or making home repairs, but others don’t and that’s ok. There are plenty of resources out there (including the neighborhood lawn mower kid) that can make your life easier if you want to spend your time elsewhere. No shame!

You’re always/never better off renting
Whether renting or buying a home is financially better is highly specific to the owner’s circumstances. One Google search and you’ll find experts arguing both sides. It all boils down to what you find more important and are prioritizing in life—and in life there’s no right answer. Want to settle down and make an investment? Buying might be better suited for you. Want to stay flexible and remain irresponsible for home repairs? Then renting is a great option.

New homes are maintenance free
We are going to break your heart again, sadly. Not even a brand new home is maintenance free. Just like a car, you’ll eventually need to replace the tires and change the oil (among other things). Homes are exactly the same. Sure, you may be able to move in and not worry about any repairs for a while, but eventually you’ll need to repair a squeaky door, purchase a new A/C unit, or replace carpets.