The Top 3 Myths About Owning a Home In Alcy Ball
Can You Own a Home?
For many people, owning a home can feel like a dream that’s always just out of reach. Life is expensive…and it seems to be getting more expensive by the day. In fact, research finds that over half of Americans are living paycheck to paycheck. When you can barely make ends meet while you’re renting a house or apartment, how in the world can you ever consider the possibility of owning your own home?
The truth is, you can!
Owning a home is the largest investment most of us will ever make and not only does it provide an incredible way to gain financial independence and create a sense of security, home ownership is how neighborhoods are established, cities thrive, and further generations have a greater sense of family place and wealth.
If you can’t imagine that scenario for yourself, it may be time to rethink what you’ve heard about home ownership. We’re here to bust some common myths that you’ve likely heard.
Top 3 Myths of Homebuying
We’ve asked local real estate expert Nicole Jennings to give us some insight on how neighbors specifically in the Alcy Ball Community can rethink what’s possible when it comes to owning a home.
1. “I've never been good at managing my finances, and I'm not sure how to get started.”
Nicole says: “Just because you have never been good at managing your finances does not mean you can't be good at it. Join ABDC for Faith and Finance (our financial literacy class) so that we can help you grow in managing your finances.” Budgeting for life expenses and large investments is possible for everyone. Take advantage of this free class with ABDC and learn how to manage your money with wisdom and clarity.
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Renting isn’t more affordable. Homeowners typically pay less for their mortgage than they paid for rent.
2. “I need a ton of cash for a down payment.”
Nicole says: “No! You do not need a ton of cash for a down payment. I have found that many first time homebuyers have been able to purchase a home with $3,500 or less in conjunction with down payment assistance.” Realtors like Nicole can help provide invaluable resources like down payment assistance to help you close on your very own home.
3. “Renting is always more affordable.”
Nicole says: “Renting is not more affordable. Homeowners typically pay less for their mortgage than they paid for rent. Not only is homeownership more affordable than renting, it also provides a way to build generational wealth.”
The long term investment of home ownership may in fact be the most economical choice for you now! If you’ve never let yourself really dream about owning your very own home, now may be the time. Reach out to ABDC today for more information on upcoming classes and resources.
