If you’ve already been looking for a new home, you probably know how frustrating the process can be. As much as we may wish we could walk in and find exactly what we are looking for, that rarely occurs.
While your search will certainly have ups and downs, it doesn’t have to be so overwhelming. You just need to see things from a different perspective and know what advice to stay clear of.
You should start searching during the warmer months.
One myth that many believe is that the best time to search for a new home is during the warmer months. However, this has no benefit.
House prices fluctuate throughout the year for several reasons, and there is no perfect time to start the process. In fact, if you are going to pick a time, the colder months might be better, as there could be less competition.
Check out this Texas real estate to get started.
You don’t need to have an agent.
You could have a lot of real estate knowledge, and it will still be wise to hire an agent. They don’t just assist with searching for your dream home but can help you get the best deal possible.
For example, alongside negotiating, they can offer insight into the best neighborhoods. As a result, they can reduce a lot of your stress so that you can focus all your energy on finding everything you’ve hoped for.
You must have a 20% down payment.
While having a 20% down payment can be a good goal to set, it’s not your only option. Today there are many ways to afford a home with as little as a 5-10% deposit.
Of course, other factors affect this, so make sure to reach out to your home loan professional. They will be able to help you find the most suitable route.
You’ll save money if you buy a damaged home.
While it is possible to save and make money house flipping, that doesn’t mean it’s always the best route. If you don’t have the right experience, you could run into many issues.
Home repairs and renovations can be expensive and could end up costing you more than you would make if you sold in the future. So be cautious before you make your final decision.
You can make whatever changes you want.
If you intend to renovate a property, you might assume you can do whatever you want to the interior and exterior. Unfortunately, that’s not often the case, and you will still face restrictions.
Depending on where you buy, you’ll need to take zoning and permits into account. It’s also possible that changes you make will be considered “undesirable” and lower the selling value in the future.
You don’t need to worry about school districts unless you have children.
If you’re going to be purchasing a home, school districts are always something you should look into, even if you don’t plan on having children. Alongside the fact that they can indicate a good neighborhood, they influence other areas.
For instance, they might enhance future value. However, it’s even possible for them to have downsides, such as making a street busier.
You don’t need to pay for an inspection.
You might not want to fork out the money for a building and pest inspection, but at the end of the day, it’s essential. A house can look fine on the outside but be full of hidden problems.
Without getting everything checked by a professional, you’re putting yourself and your family at risk. It’s better to be safe than sorry.
The price you offer is the price you will pay.
It’s easy to think that the only upfront cost you will have to pay is your down payment on your offer, but again, this isn’t true. There are so many hidden expenses that you will also be responsible for.
From closing costs, taxes, real estate fees, and insurance – they can add up to cost hundreds, even thousands more. You’ll want to include them in your budget. Otherwise, you may not be able to afford as much as you initially hoped.
And that’s it! These are eight house-hunting myths that you should avoid. Now that you know what is real and false, you can start your home search on the right foot. Remember, if you have any questions, don’t hesitate to ask your real estate agent or financial advisor for more advice.