Myths are commonplace in our world, and sometimes it can be hard to distinguish between the truth and fiction with such established lore. Unfortunately, myths are profuse on both sides of the transaction when it comes to real estate. On Myth Mondays, we will be analyzing common real estate myths and using our experiences/knowledge to label them as truth, fiction, or somewhere in between.
This Monday, our real estate myths are buyer-focused:
- The first step on the path to homeownership is to start looking.
- Buying a new home means no repairs
- Buying a condo is just like buying a home.
- You don’t need a home inspection.
- You don’t need a real estate agent to buy a home.
Myth One: The first step on the path to homeownership is to start looking.
Although it can be tempting to hit the ground running when searching for a new home, it’s not very realistic, especially in the current market. Therefore, the first step interested home buyers should take is researching their local market. During this research, you could locate general areas you prefer, price trends in your locality, or a variety of other information that will allow you to start the process as an informed buyer. After the market research is complete, buyers must consider the financial aspect: getting a target price point, prequalified, and preapproved. For a breakdown of the steps, check out this article:
If you’re getting started on your real estate journey as a buyer, reach out, and one of our qualified team members can get you started on the right track!
Myth Two: Buying a new home means no repairs.
Many buyers will choose to go after new builds because they feel that new construction will not have the repair costs of an older home. It does stand to reason that this would be the case, and sometimes it is; however, that doesn’t mean it’s always a fool-proof plan. Sometimes, newer homes with a rushed construction time may have even more underlying issues than older ones. By hiring a well-versed home inspector in new builds, you can help reduce the risk of running into problems.
Myth: Not Busted, but Not Always True
Myth Three: Buying a condo is just like buying a home.
Condos are popular; there is no denying that; however, some buyers may be under the impression that purchasing a condo or a home is interchangeable. On the contrary, a condo is not the same as a home for a few significant reasons.
- Condo owners will have to abide by covenants, conditions & restrictions of the complex established by the condo association.
- Condo owners pay monthly fees that cover ongoing maintenance and repairs of common areas (like grounds, lobbies, pools, etc.)
- Condos are typically less expensive than homes and have more minor maintenance requirements.
- Loans may be harder to get for a condo.
Myth Four: You don’t need a home inspection.
Technically, you don’t need a home inspection, but our agents always recommend getting one. It can be very tempting to drop this contingency in this hot market, but this opens you up to possibly buying the home with no idea of the potential defects. Home inspectors look for more than 1,600 specific items in a home, including essential components like structure, roof, HVAC, and electrical system. These components are crucial to the health of a home, and any defects could prove very costly.
Check out this write-up on Home Inspections for an in-depth description:
Myth: You Don’t Need, But We Highly Suggest!
Myth Five: You don’t need an agent to buy a home.
Many online realty organizations may tell you that you don’t need an agent to buy a home in today’s day and age. To be fully transparent, it’s possible to buy a home without the assistance of a real estate agent. However, we would highly recommend that you interview agents and consider the benefits they would add to your home-buying journey. A good buyer’s agent is an expert in the industry; they will juggle all the aspects of buying a home and negotiate in your best interest; all in all, they will save you from the headache that can be working through a home sale.
If you’re looking for a good buyer’s agent, reach out to a member of our qualified team to get the conversation started!
Myth: Busted (in our opinion)
Have any myths that you’d like us to discuss in the next edition? Let us know!