The home buying process can be mystifying to someone who has never bought a home before. Receiving advice from relatives who last bought a home 30 years ago or relying on “reality” T.V. shows can cloud the reality of the actual home buying process. Below are 5 common misconceptions about the home buying process:
“You have to put 20% down to buy a house”
There are many different products available to home buyers that allow for down payments as low as 3% of the purchase price. The first step to buying a home is to always connect with a trusted lender who can provide you with all the info to make the right choice for you and your family.
“Cash is King”
While it is true that a cash offer does appeal with the thought of simplicity and ease, an all cash offer isn’t necessarily a guarantee of an automatic win (or a loss to you if you are financing). Many times the terms of the deal can outweigh an all cash offer be it purchase price, delayed possession, waiver of remedies, or a variety of other terms that could mean more to a seller than cash in hand.
“Buy the worst house in the best neighborhood”
The strategy of scouring the “best” zip codes for the cheapest deal isn’t always all that it is cracked up to be. There can be many downsides to this plan of action like the cost of making the house livable (or appealing) is sky-high or the home is located on an undesirable lot (next to a noisy business for instance) then what seems like it could be a great deal could turn into a major headache.
“Skip the Buyer’s agent and go straight to the internet”
While the proliferation of online sites catering to home buyers has made finding a potential home easier it doesn’t help with the rest of the process. A skilled Buyer’s agent can provide more than just an open door to see a house, they give the low down on comparable home sales, assist in the negotiation process, decipher inspection reports and point out potential pitfalls or benefits of properties you may not have thought of. Always remember, the Listing Agent has a responsibility to make sure the Seller’s best interests are taken care of. You need someone on your side to take care of your best interests.
“Start looking for a home in Spring”
House hunting in the fall and winter may actually save you money in the long run. The pool of buyers in fall and winter can be smaller which means home prices may be a bit lower and you are less likely to be in multiple offer scenarios.
When you are ready to purchase a home be sure to contact the professionals at Julie & Company | KW Excel Realty to help guide you and you can start your home search by clicking here or by calling 614-259-8229.