7 Home Buying Myths That Could Cost You

Home Buying Myths That Could Cost You

So, you’re thinking about buying a home—congrats! That means you’re ready to stop paying your landlord’s mortgage and start paying your own. It also means you’re about to enter the wild world of real estate, where myths run rampant, advice comes from your Aunt Carol (who hasn’t bought a house since 1987), and everyone suddenly becomes an expert after watching three episodes of HGTV.

But don’t worry—we’re here to separate fact from fiction with a little bit of humor and a whole lot of truth. Whether you’re afraid you need a briefcase full of cash, think Zillow knows your net worth, or believe buying a house is as easy as clicking “Add to Cart,” this guide has your back.

Let’s bust some myths and help you get those keys—with less stress and more confidence (and maybe a few laughs along the way).

1. “I need 20% down to buy a home.”

Truth: Many loans allow down payments as low as 3%. First-time buyer programs and assistance grants may help even more.

2. “Renting is always cheaper than buying.”

Truth: Monthly rent can seem lower, but homeownership builds equity and often comes with tax advantages.

3. “Student loans mean I can’t qualify for a mortgage.”

Truth: Lenders focus on your debt-to-income ratio, not just student debt. You may qualify even with loans.

4. “The asking price is non-negotiable.”

Truth: Everything in real estate is negotiable. A good agent can help you make strategic offers, even below asking.

5. “The only cost is the down payment.”

Truth: Expect to budget for closing costs, home inspections, appraisals, and possibly HOA fees or maintenance.

6. “I can find everything I need online.”

Truth: While listings are online, agents provide access to off-market properties, negotiate on your behalf, and spot red flags in contracts or inspections.

7. “Inspections are a waste of Money.”

Truth: Insurance carriers often require inspections to get coverage. Even when inspections are not required, they are a good investment. Even brand-new construction homes can have major issues uncovered during inspections.