Top 6 House Buying Myths You Should Stop Believing

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For many of us, buying a house is a dream. Purchasing a house is really a big step and you should not think of buying a house without the help of real estate agent near me.

If you are going to buy a house or planning to buy one, arm yourself with the right information so that the process will become less scary for you.

Things to know before purchasing a house

There are some differences between myth and reality which should be known by you before purchasing a house. So, dear future home buyers, be aware!

  1. Bigger Down Payment

Myth: For an estimate down payment, you must have 10 to 20 percent saved.

Reality: But the reality is, you just need 3 to 4 percent and make qualify yourself for a low down payment mortgage. A real estate agent can guide you better regarding down payment and all.

  1. ‘One and Only’ House for You

Myth: This house is the ‘One and only’ house for me.

Reality: While buying a house, you should always have realistic goals. The house you are looking for – is NOT the ONE for you. Homes come in all conditions, shapes and prices and your real estate agent near me (as your Google search goes) is here for you to help you out. Don’t make any financial decision in hurry. Stay in control, there are definitely more houses for you in the market.

  1. Student Loans and Other Debts

Myth: Carrying student loans and other debt make you disqualified from getting a mortgage.

Reality: The fact is, the lower the number of debts, the better your chances of qualifying for a mortgage. The debt to income ratio (DTI) is usually measured.

  1. Online Information

Myth: ‘Internet’ contains all the information and whatever you have seen online is ‘correct’

Reality: This is true that internet is the biggest source of information but what you see online can be incorrect sometimes. When you decide to buy a house, you usually do online research about the market and the prices of that particular area, but this information can be inaccurate as well. You can visit multiple websites but don’t get rely on them as your real estate agent can guide you better.

  1. Lowball Offer

Myth: First offer should be a lowball offer.

Reality: You should always rely on fact especially when you are making an offer for a house. You should keep an eye on the market and observe that how long the property has been on the hit list. Look at the specific circumstances and make an offer after comparing other houses which have recently sold off.

  1. Renting and Buying:

Myth: Rent a house is cheaper than buying a house.

Reality: Yes, renting is always cheaper than buying a house, but let’s take a breath and think about the maintenance and other dues about that house. So, there are always some pros and cons of renting versus purchasing.

Conclusion

Buying a house is not an easy task but some rational decisions based on facts and knowledge can make this task a little easy for you. If you follow the guidelines and steps of your real estate agent washington dc, you would definitely buy a beautiful and peaceful house for you in the best possible affordable rates.

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