5 Home Buying Myths You Might Not Know
If you are thinking of selling or buying a home, you might’ve already made your rounds speaking with friends, family and co-workers. They are usually the ones you turn to for advice when looking for a way to sell or buy a home. However, despite what you may have heard, the professionals are always your best choice for real estate information. Blair Stover has more details below.
Here are five myths you might want to make yourself aware of.
- Using an agent is a must. If you looking to save money on commissions, the gist of the decision is to not worry about it. You have to understand what the complete process is before making a determination on what you are trying to save on. Buying or selling a house is probably one of the biggest financial decisions a person will ever make. So a tiny commission is worth the paperwork, legal work, and just plain work that comes with selling real estate.
- Buying beats renting. This determination comes down to what you are comfortable with. If you do not want to help pay another person’s mortgage, then do not rent. However, renting a home means you can pick up and move whenever you want. Buying a home is a very different story, though often is a better investment for those with a long term plan.
- My house is special. If you think you have the perfect house, you may have the inclination in thinking there isn’t another one like it. The fact is that there will always be another one similar to yours, and possibly better.
- Credit has to be perfect. The burst of the housing bubble meant loan tightening and lending restrictions. You do not have to have perfect credit to get a home, however. Lenders will work with you, but you have to make the first move.
- A 1/5th down is a must. In previous years, one would have to put twenty percent. That isn’t the case anymore. Contact your local mortgage lender to see what your magic number is.
The rules of real estate constantly change. Because of this, people are faced with multiple misconceptions, on several levels, that could end up costing you plenty when buying (or selling) a home.