Debunking Real Estate Misconceptions

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Homeownership Myths in Centerville, Dayton, and Cincinnati, OH.


If you are a first time homeowner or you are thinking about buying or selling your home in Ohio, there are a lot of myths surrounding homeownership in the Centerville, Dayton, and Cincinnati areas. In this article, Rhonda reviews common myths to help you separate fact from fiction as you navigate your home journey.

Myth #1: Renting is Cheaper Than Buying


Reality: Although it may seem that renting may be cheaper and in some cases, can be, the tax benefits that a home can bring can help offset those costs in the long run and build equity and your credit score.


Myth #2: 20% Down Payment Is Required


Reality: If you are able to pay the 20% down, you can avoid paying PMI (Private Mortgage Insurance). If an FHA loan is to be considered, these loans typically require around 5%, sometimes less. Your loan company can provide you multiple options to ensure you make the right decision for your financial abilities. 


Myth #3: Affording Bank Approved Amount


Reality: When taking into consideration the amount you can afford for your mortgage each month, you need to also consider taxes, insurance, and improvement costs. Your loan company can review these details with you to ensure you are informed of your full cost so you don't become "house poor".


Myth #4: Home Inspections Can Be Skipped


Reality: Whether a home is older or brand new, it's recommended that you have an inspection completed on any home that you are interested in purchasing. Identifying issues or problems beforehand can become part of your negotiations or help you secure a great home for the best price. 




Deciding on when to buy your first home or when to sell your existing one depends on your own financial stability and the options provided by your loan company. Your comfortability with choosing the right loan options, affordability, and a clean home inspection can make the difference in a smooth and worry-free transaction. 

If you are looking for a home in the Centerville, Dayton, or Cincinnati areas, give Rhonda Hart with NavX Realty and Homes of Southwest Ohio and let her help you find the home of your dreams today. 

Rhonda Hart
NavX Realty
Homes of Southwest Ohio
(937) 397-9988
Location: Centerville, OH, USA

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