Misconceptions, old wifes’ tales, or just outright lies. Whatever you want to call them, these home-buying myths just don’t seem to quit, so we’re putting them to bed, once and for all!
1. Don’t Get A Realtor Until You’re Ready To Buy
The earlier in the process you start working with a Realtor, the better off you’ll be! No matter where you are in the journey, from casually browsing homes to closing the deal, there are tons of benefits:
- Realtors help you get the best price. They know appropriate home prices, what similar property has sold for, what special features are worth, and what they might cost in the future.
- They do the legwork. The only houses you should be looking at are the ones that already have what you’re looking for.
- They have access to powerful tools. Whether buying or selling, Realtors have access to MLS and other platforms to find the right home or the right buyer.
- They have a network. Realtors know other Realtors allowing them to tap into a network of knowledge. Realtors also know buyers who are looking for homes in the area.
- Never get blindsided. From average prices to changing interest rates, Realtors are always in the know when it comes to the market.
- They know the area. While this depends on choosing the right one, many Realtors can give you important information about the area, like the commute, schools, new developments, and more.
2. Realtors Are Expensive
Even if this was the case, the stress avoided and money saved would be well worth the price.
However, in most cases, the Realtor’s commission is baked right into the property’s total purchase price. For both buyer and seller, it’s a win-win.
3. The Price Is The Price
The art of negotiation is alive and well when it comes to buying and selling a home.
There are so many things that can change the value of a home. One thing might bring the price down, another might swing it back up. Of course, knowing the true value of a home is a lot easier if you have an expert on your side.
Check Out Another Blog: Georgian Bay Real-Estate: Unmissable Dream Homes!
4. A Lender Is A Lender
When shopping around for a mortgage, a “one and done” strategy is ill-advised. Even a slight bump in an interest rate can end up costing you thousands in the long term.
Your first step might be getting your financing approved before shopping for your home, but if you have a Realtor you trust, they can often recommend a trustworthy mortgage broker.
5. A Down Payment Is The Only Upfront Cost
While the down payment will almost certainly be the biggest chunk, don’t forget about the fees, taxes, inspections, credit reports, and insurance you’ll need to pay for too!
Some sellers might make the buyer responsible for the closing costs too, which are a percent of the total purchase price. Once again, having a good negotiator (a Realtor) on your side can make a big difference.
6. Your Dream Home Doesn’t Exist
Here’s the thing about your dream home: sometimes you won’t know until you see it.
Of course, you’re going to have some ideas about features, exposures, square footage, and other things for your wishlist. However, there might be things you didn’t even know you needed, and sometimes seeing the perfect home is enough for it to become your dream home.
Don’t believe any of these home-buying myths!