Myth #1: You must have a 20% down payment.
A 20% down payment is a great achievement if you can afford it. However, you don’t have to have 20% to buy a home. If you put less than 20% down on your home, you’ll likely have to agree to private mortgage insurance (PMI). Once you’ve paid off 20% of your home, you can drop your PMI.
Myth #2: You don’t really need a home inspection.
Many people believe that they don’t need a home inspection, and saving that money is tempting. But, if you choose to forego a home inspection, you are choosing to buy the house as is. That means the seller is not responsible for any damages or issues that you find after the house is officially yours. This could result in thousands of dollars and a huge headache.
Myth #3: The home is the only element that matters.
Loving your home is a huge must-have, but you must ask yourself if this is your forever home or just a starter home. If it’s a starter home, consider the following elements: friendly neighborhood, easy commute to the city, nearby schools, walkability, and crime rate. If you think you might sell your home in the future, most home-buyers will consider these factors.
Myth #4: You must pay the asking price.
Many home buyers search for houses just a little bit over their budget because they know they can make an under-budget offer. Of course, many factors such as how long the house has been on the market or how fast the seller wants to sell affects if the seller will accept an offer under the listing price. Don’t hesitate to talk to your realtor about how much to offer the seller.
If you’re buying a home, we can help you!
The WHGM attorneys can help you with a plethora of real estate issues. We can help you negotiate, review agreements, assist you with real estate transactions, and be your representation at closing. If you have any hesitancy about your real estate dealings, contact us today.