Common Home Buying Myths: Busted!
Whether you've never bought a home before or are a seasoned homeowner, don't allow these common home purchasing fallacies to keep you from finding the perfect property for you.
To set your mind at ease, we'll help you sort through some of the most popular home buying myths.
Myth #1: Looking for a Home is the First Step
At some point or another, we’ve all been guilty of window-shopping for houses online. Some of us may even be guilty of driving to a neighborhood to see a home in person! You’re just looking, you just want to get a feel. But, stop! You are guaranteed to run the risk of setting your heart on the house and only to have it broken.
You could be viewing a home that is in a higher price range than what you are qualified for. Browsing and dreaming can be fun, but when it comes to buying, you need to ensure your credit is in tip-top shape and get pre-approved for a mortgage before you go too far. You need to be aware of what your budget is!
Myth #2: You Only Pay the Down Payment Up-Front
Only in a dream world! For instance, the seller may determine that you are responsible for closing costs, which can range from 3% to 6% of the purchase price.
Don't forget the fees, taxes, and other expenses for inspections, and insurance, among other factors.
Myth #3: Home Inspections Aren’t Necessary
Sellers would love for you to neglect this critical step! It implies you'll get the house just as it is, with all of its flaws. And sometimes the flaws aren't immediately apparent.
You may be tempted to skip out on getting an inspection because the market is hot and you’re scared that a buyer who chooses to waive a home inspection could purchase the house before you. Trust us, it is not worth it in the long run! Inspections will save you time and especially money!
Myth #4: You Don’t Need a Real Estate Agent
The internet causes many homeowners to feel empowered these days when it comes to home-buying. You may ask yourself, why do I even need to hire a real estate professional?
Real estate agents are indispensable in the home-buying process. You will greatly benefit from their knowledge when it comes to the search, negotiating, assistance with legalities, and much more. You will never regret having a real estate agent you trust on your team.
Myth #5: You Must Put 20% Down
Affordability is usually a significant concern for prospective homebuyers, and this includes determining how much money to save for a down payment on a house. While a 20% down payment may provide certain advantages, such as avoiding Private Mortgage Insurance (PMI) or lowering your monthly mortgage payment, it is not the sole option.
Other down payment amounts, such as 5%, 10%, or 15%, may provide you more choice in determining what property price to strive for and might be a less intimidating amount of money to have saved before closing on your home.
So, Now What?
There are an endless number of myths and misconceptions when it comes to the world of home-buying. Most important of all, make it a priority to find yourself a realtor who you can trust and would like to work with!
Our real estate professionals with 316 Realty Group encompass the highest degree of integrity, knowledge, and experience, and our goal is to achieve your real estate goals! Contact us today so we can guide you through the home-buying process!
