Homeownership Myths Debunked BY PAMELA BABCOCK
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ou’re considering buying your first home. Congratulations! It’s a big step and an investment that will hopefully bring you happiness and help you build equity for years to come. Before you start perusing listings, however, it pays to understand a few home buying misconceptions:
Owning isn’t always better than renting.
Consider how long you plan to live in the home and whether you’re prepared to deal with all the responsibilities. “While you can hire someone to do your yard,” in most cases it’s up to you to replace your roof, heating system and to tackle plumbing problems, said Sue Adler, Realtor® of the Sue Adler Team Keller Williams Realty Premier Properties in Short Hills. One exception is in homeowner association communities where some maintenance may be covered but there are annual fees that come with it. If you’re planning to be in the home more than a few years, Adler recommends buying so you can lock in historically low interest rates. Janen Ardia, Realtor® and broker/owner of RE/MAX Heritage Properties in Chester, adds renters on the fence may find their monthly mortgage would cost less than they’re currently spending on rent. She encourages potential buyers to talk to a mortgage representative to find out whether they qualify for a mortgage and what their monthly payment would be. “This should be done as soon as possible so if there 18 | NEW JERSEY REALTOR® | January/February 2022
are issues that need to be addressed on their credit history, they can work with the mortgage company to correct them and move forward to their purchase,” said Ardia.
Reality TV is a realistic depiction of homeownership.
House-flipping shows make renovations look easy, but material and labor costs are often far pricier than what’s depicted. “Don’t base your repairs budget off of these shows,” said Adler. Episodes often make it look like every buyer finds three homes that fit their needs perfectly and simply must choose their favorite, but that’s not so in today’s competitive market. “Hot houses in any market will have multiple offers, and you need to go in strong with price and terms to get a house,” said Adler. Also, you’ll pay a premium for homes that look like reality TV “afters,” so be ready to look “past decor and minor cosmetics for the hidden gems,” said Adler. Recommend the National Association of Realtors® show “First-Time Buyer,” which is now on Hulu, to your clients for a realistic depiction of the home-buying process.
If I own my own home I can do whatever I want. You probably can blast your stereo at 2 a.m. if you live on 10 acres in rural Sussex County, but if you’re in a high-rise
