Busting 5 Myths About Home Buying
The first time you buy a house can be one of the most exciting and stressful times of your adult life. That said, you will hear advice that is, at best, inaccurate. But, don’t worry! We’re here to help you every step of the way. These myths about home buying can make the process more stressful than it should be, so here’s a guide to help bust some of the most common myths you will encounter.
Buying Your First Home
Your first time buying a home can be like a roller coaster ride with many ups and downs. Setting proper expectations with yourself is critical to maintaining an even keel during the process. You’ll need to make decisions along the way, and making them from an emotional frame of mind is rarely your best option.
Many of the myths you’re going to encounter are far from the truth, but they shouldn’t hold you back.
Here’s a list of 5 myths about home buying to help you in buying your next home:
1. You Don’t Need a REALTOR
Many people will tell you that you can save so much more when you buy the house on your own, but that’s not true. REALTORs can be an essential and valuable part in purchasing a home, especially when it’s your first time. Just make sure to find an experienced expert who will work on your behalf. That’s VERY important!
Realtors are familiar with the neighborhoods, towns, and cities you want to live in, and they have connections with reliable people who can make the entire process easier for you.
2. You Need a 20% Down Payment to Purchase a Home
Some private mortgages will require a 20% down payment, but that’s rarely your only option. There are many other types of mortgages you can apply for that will require a much lower down payment.
Programs are available offering home loans with down payments as low as 3.5%, and if you’re a veteran, you can buy a home with nothing down. Your local REALTOR, like us, will have many lenders they can refer.
3. You Need Great Credit to Buy a Home
Bad credit can hinder you from doing many things, but buying a home isn’t one of them. You don’t need a perfect credit score to be able to secure a home. But the better your credit score, the less risk you become to lenders. The better your score, the lower your interest rate will be.
There are ways to get a better credit score with a credit repair service. The process is doesn’t usually take that long and even a small increase in your score could save you a lot of money.
4. You Should Offer the Seller the Listed Price
It isn’t unusual for a home to have multiple offers in our current market. The inventory of homes for sale is historically low, and so are mortgage interest rates. Multiple offers create competition between buyers for homes, and offering the listing price may get you ignored entirely by the seller.
Knowing about homes that have sold around the house you want will help you understand what to offer. Offering more than the list price is a common reality in our current market.
5. You Can Skip Inspections
No matter what people tell you, it would be best if you did not skip inspections when buying any home. If you choose to buy the home as-is and forgo inspections, it may cost you a lot in repairs.
Inspections are vital to the home buying process. It may cost a little bit more at the moment, but it can save you a lot in the long run. In our current market, it’s not unusual for buyers to waive inspections as a contingency of sale. That said, you want to do your inspections anyway. You want to know the condition of what you’re buying. It’s just smart.
You’ll want to make sure to do a walkthrough, as well!
Ready to buy your new home?
There are many other myths you may hear about buying a home, and that’s what we can help you. We will guide you through the home buying process and help you make sure that you’re properly represented.
Schedule a call today, and let’s talk about how we can help you find the perfect home!
We’re always happy to help! Just call The Nick Bastian Team at 602-803-6425 when you’re ready to buy or sell a home.
