Three Myths Homebuyers Should Avoid Believing
If you are currently considering whether or not you should start the process of buying a house, it is important for you to have a strong understanding when to comes to this type of purchase. There are many pieces of misinformation that you may have heard, and learning the truth about these notions may prove very useful as you decide whether or not to commit to this purchase.
Myth: It Is Always More Expensive To Buy A House Than To Rent
There is a frequent misconception that buying a house will always be far more expensive than renting an apartment or a house. While it is true that you will need to make a large down payment on a house, it is often possible for individuals to have mortgage payments that are often much less than the local rent prices. Furthermore, the money that is paid towards your mortgage will allow you to build equity in the property. Together, these two factors will often make homeownership the more economical option.
Myth: You Will Always Save Money By Not Hiring A Real Estate Agent
A first-time homebuyer is likely to be extremely conscious of the costs that are involved in buying a house. In a misguided attempt to save money, some people will not work with a real estate agency to complete the transaction. While it may seem like this is a good way of avoiding paying additional fees, the buyer is not responsible for their agent's commission. Rather, the seller is most often the party responsible for paying these fees. This results in buyers often including the agent costs in their listing price. As a result, you may end up paying for representation that you do not use if you fail to hire your own real estate agent.
Myth: A House That Needs Repairs Is Never Worth The Cost
One of the most important things to do before placing a legally binding bid on a property is to have it thoroughly and professionally inspected for structural issues. Unfortunately, there are some homebuyers that may find that their dream property will need repairs. While it is understandable that some people would want to avoid a home that needs repair work, these properties can represent a strong value as it will likely be possible to negotiate the cost of the repairs into the selling price. This will allow you to still buy the house that you want without having to go over budget to repair any issues with it, but you will want your real estate agent to handle these negotiations as this can be a sensitive topic for many home sellers.