Buying a home can be a little overwhelming at times. There are so many different things you have to do and sign that it’s easy to get confused. Many people will scour the internet looking for answers, and while there is plenty of useful information, there’s also a lot of false information. Caliterra in Dripping Springs wants to make sure that all of our residents have the best home buying experience possible, so today we’re going to be busting some of the most common home buying myths.
Your Homebuilder Isn’t Important
While many people may think that it doesn’t matter who built your home, it actually does. If your home was built by a reputable builder who uses quality products to build, then your home will last longer, require less maintenance and will hold its value much longer. We use 8 amazing homebuilders in our master-planned community of new homes in Dripping Springs. All of them have received many accolades for their quality construction and customer service.
The Only Up-Front Cost is the Down Payment
Sadly, this just isn’t true. Aside from the down payment, you may have to pay the closing cost which can be anywhere from 3% to 6% of the purchase price. You will also need to pay for various fees, taxes and other costs for inspections, credit reports, insurance and more.
Your Down Payment Must be 20%
Thankfully, this isn’t true either. While a 20% down payment is ideal if you want to avoid a private mortgage insurance (PMI), it’s not necessary. If you’re willing to pay the monthly bill for PMI, then many lenders will offer you a home loan with just 10% or 5% down.
Schools Don’t Matter if You Don’t Have Kids
Whether you don’t plan on having kids, your kids have already grown up and left home, or you don’t have any children yet, the school system still matters. Good schools are a sign of a good neighborhood and usually have a high walkability. Homes in good school districts also hold their value much longer.
If you’re searching for new homes in Dripping Springs, be sure to take a look at our master-planned community. Caliterra is designed to make every resident feel at home with nature. To learn more about Caliterra in Dripping Springs, explore the Caliterra living website and contact us today.
Image from Thinkstock by Getty Images. Item number: 532053666
