Have you been told something about owning a home that sounds too good—or too bad—to be true?

Whether you're buying your first property or you’ve owned for years, misinformation about homeownership is everywhere. At the Slocum Home Team, we’ve worked with hundreds of buyers and sellers across Warwick, East Greenwich, Cranston, Coventry, North Kingstown, and all of Rhode Island—and we’ve heard just about every myth in the book.

Here’s what you really need to know.

1. You Should Always Buy the Most Expensive Home You Can Afford

This outdated advice ignores key realities. Yes, lenders may approve you for a certain amount—but that doesn't mean it’s smart to spend that much.

• Homeownership comes with hidden costs: maintenance, repairs, insurance, and more.

• Stretching your budget too far leaves little room for savings or life’s unexpected expenses.

The better approach? Choose a home that fits your lifestyle and leaves financial breathing room. The Slocum Home Team can help you run the numbers realistically.

2. Renting Is Just Throwing Money Away

This myth shames renters without context. Renting can make sense for certain life stages or financial goals.

• Renters avoid property taxes, maintenance costs, and market volatility.

• Not everyone is ready to settle in one place or take on the responsibilities of homeownership.

That said, owning a home builds equity and long-term wealth in ways renting cannot. If you're considering the transition, we can help you evaluate if it’s the right move.

3. You Need a 20% Down Payment to Buy a Home

This myth stops a lot of qualified buyers from even trying.

• Many loan programs in Rhode Island allow as little as 3% or 5% down.

• First-time homebuyer programs and grants can help reduce upfront costs.

Yes, putting 20% down avoids mortgage insurance—but it’s not a requirement. Talk to one of our trusted mortgage partners or a Slocum REALTOR® to understand your options.

4. The Market Will Always Go Up

Real estate is an excellent long-term investment, but no market is guaranteed to rise forever.

• Even in Rhode Island’s competitive markets like Warwick and East Greenwich, prices can dip in certain cycles.

• Factors like interest rates, job growth, and inventory affect prices.

We help our clients make smart, data-driven decisions—based on today’s conditions, not wishful thinking.

5. You Don't Need an Agent to Buy or Sell

Some buyers and sellers think they can save money by skipping professional help. In reality, this often costs more.

• REALTORS® bring local expertise, negotiation skills, and transaction experience.

• For sellers, homes listed with agents typically sell faster and for more.

• For buyers, having a trusted agent can help uncover hidden risks or win in multiple-offer situations.

The Slocum Home Team combines local knowledge with personalized service to ensure you don’t leave money—or peace of mind—on the table.

6. All Real Estate Agents Are the Same

Just like any profession, real estate agents vary widely in experience, strategy, and results.

• At Slocum, we bring over 75 years of service to Central Rhode Island.

• We operate as a team, which means our clients benefit from multiple levels of support.

• We’ve built our reputation on transparency, communication, and consistent success.

Who you work with truly matters. A top-rated agent or team like ours can make the difference between a smooth sale and a stressful one.

7. Homeownership Is Only for the Wealthy

While it’s true that buying a home requires financial readiness, you don’t have to be wealthy to own real estate.

• There are loan products designed for lower income and first-time buyers.

• Many Rhode Islanders qualify for programs they never knew existed.

Our team will help connect you with lenders and resources that make homeownership possible—even if you thought it was out of reach.

Final Word: Don’t Let Bad Info Hold You Back

When it comes to owning a home, the truth is far more empowering than the myths. If you have questions—or if you're unsure what’s real and what’s not—Nick Slocum or one of the expert REALTORS® at the Slocum Home Teamwould love to talk.

We serve Warwick, East Greenwich, Cranston, Coventry, North Kingstown, Providence—and everywhere in between.

Talk to a Local Expert You Can Trust