3 myths about buying a home in Atlanta
REMINDER: Not everything you read about buying a home in Atlanta is true.
Take, for instance, these 3 home buying myths:
“The truth? Sometimes renting is best. ”
#1 Buying a home is always better than renting.
The truth? It’s not. Sometimes renting is best.
Like when you don’t know where you’ll be in several years, don’t have the cushion you want in your budget to cover things like home repairs, or don’t much care about customizing a space to your tastes. Atlanta has some amazing homes to rent, if this is the option that is best for you. Here is a quiz to take if you’re on the fence!
#2 A 30-year mortgage is the way to go.
As interest rates rise, homeowners are looking outside the 30-year mortgage box. With rates almost a full percentage point lower than traditional loan options, adjustable-rate mortgages are getting lots of looks. The takeaway? Atlanta home buyers need to meet with a reputable lender early in the process to explore their options.
#3 You should wait to buy a home until prices or interest rates are lower.
No doubt prices and rates are up, but waiting isn’t the answer. There’s no guarantee prices will come down, and in the meantime, you need a place live. If you find a home you love and can afford, you should go for it! You will start building equity immediately and can always refinance if rates drop.
Want to keep talking about buying a home in Atlanta in 2023? I’d love to! Reach out anytime, and I’ll be in touch.
