There are certain truths about buying a home, especially your first one. Some of the things you know are true, some are just myths. This article in KeepingCurrentMatters.com will help you to know which is which.
For many young or first-time homebuyers, purchasing a home can feel intimidating. A recent survey shows some homebuyers ages 25 to 40 may be unsure about the homebuying process and what they can afford. It found:
- “1 in 4 underestimated their buying potential by $150k or more”
- “1 in 4 underestimated the increase in value by $100k or more”
- “47% don’t know what a good interest rate is”
Because they feel uncertain, many young homebuyers have given up on their search, or worse, they’ve decided homebuying isn’t for them and never started on their journey to begin with.
If you’re interested in buying but aren’t sure where to begin, here are three key concepts about homeownership you should understand before you get started.
1. What You Need To Know About Down Payments
Saving for a down payment is sometimes viewed as one of the biggest obstacles for homebuyers, but that doesn’t have to be the case. As Freddie Mac says:
“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”
2. You May Be Able To Afford More Home Than You Think
Working remotely, exercising, and generally spending more time than ever in our homes has changed what many people are looking for in their living space. However, some young homebuyers don’t feel they can afford a home that suits their growing needs and have decided to continue renting instead. That means they’ll miss out on some of the long-term benefits of owning a home. As an article recently published by NAR points out:
“Many young adults are underestimating how much they need for homeownership, the survey finds. Millennials underestimated how much home they can afford right now, how much interest they would pay over a 30-year mortgage, and how much home values appreciate, on average, over 10 years…”
Knowing how much home you can afford when starting the buying process is critical and could be the game-changer that gets you from renting to buying.
3. Homeownership Will Become Less Affordable the Longer You Wait
Finally, with mortgage rates starting to rise along with home prices appreciating, putting off buying a home now could cost you much more later.
If you are planning on a new home this year, you should check out Townes of Auburn in the Winder/Barrow County area. You can get on the VIP List here on our website. Ideally located in Auburn, Georgia between Dacula and Winder, this community has excellent access to Hwy 316 and I-85 for commuting to Athens or Atlanta.
There will be Amenities at Townes of Auburn
There has been much speculation about the amenities at Townes of Auburn! The answer is yes, there will be amenities. Keep checking back for more information or join our VIP List here. Homeowners will enjoy wonderful amenities like a swimming pool for the hot weather, clubhouse , year-round tennis and pickleball courts. The homes in this community are selling rapidly and 100 have already sold!
In the true Rocklyn Homes tradition, Townes of Auburn will feature award-winning plans with three bedrooms and 2.5 baths.The interiors are exquisite with gourmet kitchens with island* with granite countertops and 42″ cabinets. You will love the easy maintenance with hardwoods on the main floor and oak tread staircases. The owner’s suites have sitting areas* and trey ceilings plus a spa-inspired bath. Enjoy your privacy with a private rear patio*, fence* and full security system. *per plan There will be nine floor plans offered. Click here to see tours.
Sales Center -1612 Atlanta Hwy.NW, Auburn, GA 30011
Award-Winning Rocklyn Homes is one of Atlanta’s Top 5 Homebuilders in the Atlanta Business Chronicle 2018 and listed as the 12th largest builder in Atlanta by the Atlanta Business Chronicle 2019. Ranked Nationally at #68 in the 2019 Builder 100 List by Builder Magazine. Rocklyn builds quality single-family homes and townhomes with award-winning plans in the Metro Atlanta area from the High $100’s to $400’s.
Rise UP with Rocklyn homes, the exclusive homebuilder of the Atlanta Falcons.#RocklynHomes.com
*All photos shown depict similar products being built. Price, plans, specifications are subject to change without prior notice. * All options are per plan
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