What are the Most Common Costly Home Buying Myths?

looking to buy, get educated, rather than asking family, friends, co-workers
12/11/2013

What are the Five Most Common Costly Home Buying Myths?

If you're looking to buy a house you need to get educated. If you’re considering buying or selling a home, you really need to check with your Real Estate Profession rather than asking your co-workers, friends and family for advice. The reason you need professional advice is because the real estate market is so different today than they were 20 or even 10 years ago. Misconceptions about buying a home could cost you big when it comes time to start looking for a home.

1. You have to use a real estate agent

If you’re thinking about buying or selling a house without a real estate agent, to save on commissions, it’s important to understand the full impact of that decision.

There is a reason real estate agents still exist today and are involved in almost all the transaction.  Buying and selling a home is a lot of work and it’s nice to have someone there guiding you with one the biggest financial transactions you will ever make.

But if you want to sell a home yourself there are plenty of websites out there to help homebuyers find properties themselves without having to contact a real estate agent.

For more information on how to sell your home without an agent go to:  www.msn.com/en-us/money

2. Buying always beats renting

You may think, “Why am I paying someone else’s mortgage”, when you are renting but there are hidden cost in owing your own home.

One nice thing about renting is that you can always move to another location easily but once you buy a home you do not have that flexibility.   When you add up the fees that you pay when buying and selling a house you may not have the savings to buy another home right away.  For more information on buying versus renting analysis by your zip code go to:  www.msn.com/en-us/money

3. This house is special

Remember, there will be always another property that will come up for sale.  You may think that you will not find another home like the once you are considering but if something doesn’t feel right do not be afraid to wait for the next one as long as your goals are realistic.  For more information on what homes are worth near you go to:  http://www.realtor.com/propertyrecord-search/Layton_UT?gate=MSN&CID=PRT3...

 

4. Your credit score must be perfect

Most people think that they have to have great credit to get a mortgage these days but that is not always the case as lender are often willing to work with buyers who have less than perfect credit.  If you have bad credit you can work on bring up your credit score before you buy.  Those buyers that have great credit will often get a lower interest rate on their mortgages.  For more information on how to find home buying credits go to:  www.msn.com/en-us/money

5. A 20 percent down payment is a must

You can get a mortgage today with little or no money down as long as you have a stable income.  For more information on securing a mortgage go to:  www.zillow.com/blog/key-factors-in-securing-a-mortgage-139859/

 

For more information on buying and selling your home please visit us at debyoungrealtor.com

Tags: Misconceptions about buying or selling your home. Changes in Real Estate Market. Mortgage credit score zero down