Debunking Common Home Buying Myths

Debunking Common Home Buying MythsIf you are a first-time home buyer, you understandably may have heard a million things about buying a home, and unfortunately some of the them may not be correct. While there may be many things that you need to learn along the way to get the full story on buying a house, there are some common myths that can be debunked for you right now to help you make a better overall decision about your home buying plans.

You Need to Put 20 Percent Down

One of the most common myths relates to how much money you need to put down to buy a home. It was common and even required at one time to put 20 percent down, but this was decades ago. Some home buyers today will put 10, 5, 3 percent or less as a down payment. There are zero percent down programs that even reimburse you on closing costs, so you may have to put very little down to close on your home. However, it is wise to put some money as a down payment. This lowers your monthly payments, establishes equity and minimizes the chance that you will be upside down in your mortgage. Furthermore, the lower interest rates are generally associated with a larger down payment.

Your House Will Be an Investment

Decades ago, people purchased a home to be an investment or nest egg. They made their payments with the hope of building equity that could be recouped once they sold it, and some even made paying off their home their entire retirement plan. It is true that you can build a considerable amount of equity in your home over the years through mortgage principal reduction and value appreciation, but your home should not be viewed as an investment. There are costs associated with home ownership as well, such as property taxes, insurance, repairs, maintenance and more.

You Should Get Pre-Qualified to See How Much House You Can Afford

You should get pre-qualified early in the mortgage process, and the mortgage company will tell you how much of a loan you qualify for. Some home buyers will take this as the golden rule for how much house they can afford, but there is error in this. A mortgage company only takes into account your gross income and the expenses showing on your credit report when determining affordability. You may have childcare expenses, marina rent for a boat, an expensive lifestyle budget that you want to maintain and more that are not reflected on your credit report. It is best to use the mortgage pre-qualification with a grain of salt, and review your personal budget when determining the maximum monthly housing payment you can afford.

If you are interested in learning more about home buying or the mortgage process, you can get honest answers from a reputable real estate agent and mortgage broker. These two professionals can be instrumental in the overall home buying process and can help you to make a better decision about which home to buy.

Are You thinking of buying a Home in Tampa Bay?

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In the meantime, check out these 1 click searches:

Attention Investors!!  Don't miss this great opportunity to purchase this fixer upper.  Priced to sell quickly "AS IS" at land value!! Three bedroom, two bath home located in the Inter bay area of South Tampa. Great location off South Dale Mabry with close access to North Gandy Blvd, Lee Roy Selmon Expressway, East-McDill Ave and South-MacDill Air Force Base. Great area with tons of restaurant options, shopping and entertainment.  CASH ONLY. **All offers must be submitted by Monday 6/17 at Noon** $260,000 Active

6227 S Adelia Avenue Tampa, Florida

3 Beds 2 Baths 1,144 SqFt 0.150 Acres

Extensively upgraded and updated 4 bedroom, 2 bath, pool and spa home sitting on an impressive over-sized conservation/wooded corner lot (with conservation located behind the home, on the side, plus view of the conservation/woods across the street) WOW! This exquisite home was remodeled in 2022 offering new roof, new gutters, newer exterior paint w/Sherwin Williams brand, new landscape, remodeled kitchen, microwave and dishwasher, new stainless steel 5 burner gas range with built-in air fryer and convection oven; new thick granite on large island, high breakfast bar and countertops; new double stainless steel sink and Kohler faucet, remodeled kitchen to include new cabinet doors with soft close hinges; crown molding and wine rack, large pantry. New wood-look tile in living and dining rooms; new luxury vinyl flooring in master suite and bedrooms 2 & 3; remodeled bathrooms. Remarcited pool and spa, new variable pool pump, new pool screen. (Pool comes with a removable child safety fence), new smoke detector. Newer gas hot water heater; new tiled entryway and much more. The family room is very bright and airy with triple sliding glass door with transom window leading to the pool area, and comes with a built-in entertainment system to include a gas fireplace. The spacious remodeled master suite has new luxury vinyl flooring, surround sound speakers, a decorative column, high ceiling, as wells as an en-suite bathroom with his and hers sinks, large Jacuzzi brand soaker tub, separate walk-in shower with custom tile and glass block, has a large walk-in closet, and best of all it has a sliding glass door that opens to the pool area.!! The 4th bedroom features oak handrail and oak spindles, a large closet, vaulted ceiling, a large window with view of the conservation and can be used as a flex room. New luxury vinyl flooring in bedrooms 2 & 3. The large laundry room includes washer & dryer. This home offers lots of upgrades and architectural features. Come and enjoy your private oasis in this home located in sought after gated community of The Preserve at West Meadows. West Meadows features resort style amenities that include a clubhouse, gym with fitness room, heated lap pool, pool with a huge water slide and a kiddy pool area, tennis courts, fitness center, playground, basketball courts, walking and jogging trails and dog park. Easy access to I-75, I-275, shopping, restaurants, hospitals, VA hospital, USF, Flaltwood Park (offering running and biking trails), Wiregrass Mall,  Premium Outlets, and top rated schools. Owners are licensed real estate agents (original owners). Schedule your viewing today. $659,000 Active

8257 Swann Hollow Drive Tampa, Florida

4 Beds 2 Baths 2,578 SqFt 0.230 Acres

From the moment you drive through the neighborhood gate, you realize what a hidden gem Water’s Edge of Tampa is. With just 36 lots built with Mediterranean themed homes, the appeal of the neighborhood becomes obvious. The curb appeal of the home is just as strong. At the street you find beautiful landscaping, paver driveway, large front yard and an entryway courtyard. Stepping inside you find volume ceilings that open the space along with trimmed walls and archways that bring beauty and uniqueness to your home. The formal living and dining room are perfect to showcase your furniture while entertaining guests. The kitchen/family room combination allows for more relaxed living. The kitchen features granite counters, plenty of cabinetry with pot drawers and storage, beautiful black/stainless steel appliances, pendant lighting, under cabinet lighting and a lot of work space. You have to see the kitchen firsthand to understand its flow and ease of use. The kitchen is combined with a dinette area and a large family room. This is the heart of the home where daily life brings everyone together. During the cooler months, opening the large patio doors onto the supersized lanai is going to be a huge hit for all. It is like doubling your living area. Bring your most comfortable outdoor furniture and enjoy your home even more. The owners’ suite is located in a private wing of the home. It features a large spacious room for plenty of furniture, two walk in closets, access to the lanai, volume tray ceiling decorated with crown molding and an en-suite bathroom. The bathroom features a double-sink vanity, garden tub, glass-enclosed shower and a private water closet. The three secondary bedrooms are near the kitchen. Each bedroom has a walk-in closet and new carpet flooring. The home offers plenty of natural light through the large, energy-saving windows along with many recessed lights throughout the plan. This floor plan works so well! Access to the Veteran’s Expressway as well as Tampa International Airport and downtown is quick and easy. Great shopping, dining and the beaches are minutes away. This neighborhood is centrally located to everything in the Tampa area. Once you visit you will understand why homes in this neighborhood are rarely available for purchase. Call today to schedule your private tour! $899,900 Active

6948 Silver Sage Circle Tampa, Florida

4 Beds 3 Baths 2,861 SqFt 0.400 Acres

Discover luxurious living in this stunning Mediterranean townhome nestled on a serene street, mere steps away from the scenic Bayshore Boulevard. Boasting a 3 bedroom, 2.5 bath layout with a spacious 2-car garage, this residence epitomizes elegance with custom wood cabinetry, sleek granite countertops, and rich bamboo flooring. The first-floor features soaring 9’ ceilings, a 50-bottle wine cooler, and a water softener, enhancing the allure of its opulent amenities.

 

Every window is adorned with bespoke shutters, blending privacy with polished style. Additional upscale touches include a built-in wall safe, and custom LED lighting with dimmers throughout, creating a refined ambiance. The home is tech-ready with 5gb fiber optic internet wiring in the family room and bedrooms and smart thermostat, ensuring ultimate connectivity.

 

Upstairs, the master suite offers an oasis with an ensuite bath featuring high-quality cabinetry and abundant storage. Two additional guest rooms share a well-appointed bathroom. 

 

French doors lead to a serene and private outdoor oasis, an ideal retreat for relaxing or entertaining. This peaceful space is enhanced with dusk-to-dawn lighting, creating a welcoming atmosphere at any hour. 

Enjoy the benefits of low HOA fees at only $88/month and take advantage of the home’s close proximity to Ballast Point Park, Perennial equestrian stables, Tampa Yacht Club, and South Tampa's award-winning restaurants. This townhome is not just a place to live—it’s a gateway to the best of South Tampa living. $800,000 Active

2710 W Price Avenue Tampa, Florida

3 Beds 3 Baths 2,260 SqFt 0.050 Acres