There are certain beliefs most people have when it comes to Lake Michigan property and real estate in general. These beliefs are often reinforced by others but aren’t necessarily true. In fact, some long held beliefs are nowadays more like myths than they are true. Here are a few examples if you’re considering a home purchase.
Buying may not necessarily be a better option than renting. While it’s highly encouraged to buy Lake Michigan real estate, even the average person has a fair grasp of how costly homeownership actually is. Expensive repairs can cost thousands of dollars, the majority of which become the responsibility of a landlord in a rental setting. Again, home buying may be a wiser option for you but it doesn’t always trump renting.
If you’re going to buy Lake Michigan property, it’s not exactly necessary to put down a huge down payment…if you’ve got mortgage insurance that is. Mortgage insurance gives lenders a better sense of security as it protects a lender should there be a default. A smaller down payment also allows you to keep more money aside to use for home upgrades or one of those unforeseen emergencies that seem to happen at the most inopportune of times.