3 Home Buying Myths You Shouldn’t Buy Into

Do you find yourself intimidated or confused by the prospect of buying a home? There’s nothing simple about the largest purchase you may ever make — especially when there’s so much misinformation floating around, any of which can cause you to commit serious errors. Let’s look at three of the more common myths and misconceptions that often steer home buyers astray.

Misconception 1. You Must Always Put 20 Percent Down

Have you hesitated to shop for homes because you’re not ready to make a 20 percent down payment on the kind of residence you want and need? The truth is that, while putting 20 percent down can definitely lower your mortgage payments and help you avoid the need for mortgage insurance, you’re not required to meet this mythical requirement to buy a home. In fact, the majority of buyers find ways to put down 6 percent or less by taking advantage of programs such as FHA loans or down payment assistance options.

Misconception 2: Your Ideal Home Has to Be Perfect

You were absolutely sold on that beautiful home you saw yesterday — until you discovered the leak in the roof, wiring glitch, or insufficient attic insulation. It’s all too easy to dismiss a genuinely great deal on a home by not seeing the forest for a handful of annoying trees. Few flaws are serious enough to serve as deal-breakers, and some may actually provide valuable leverage for driving down the asking price. You can also ask the seller to make the desired repairs of modifications as a condition of the sale. But if you’re looking for perfection, you’re likely to be looking forever.

Misconception 3: You’ll Save Money by Doing Without an Agent

Don’t fall for the idea that buying a home by yourself, without an agent handling the details, will save you money. True, you won’t have to pay an agent’s fee — but you’ll also be doing with that agent’s skill and experience in finding and negotiating good deals on the right properties. Buyers’ agents know how to communicate with sellers’ agents effectively, and they also maintain an encyclopedic knowledge of your community’s market values. Try to negotiate your own purchase by the seat of your pants, and you may end up losing your shirt in terms of overpaying for your home.

Are you ready to put aside all the misinformation about home buying and give your impending purchase the care and attention it deserves? Contact our agents today, and let us give you the benefit of our home buying expertise. We can help you obtain your dream home without experiencing unnecessary nightmares along the way!