In yesterday’s post I discussed Windsor home selling myths. Today, I would like to turn the table and write about myths when BUYING a home. Believe me, there are plenty out there and one blog post won’t cover it all. Yet, here are some of the bigger myths we often hear about.
Myth #1: “I don’t need a real estate agent because I can find my own house online!”
Yes, the Internet is definitely a great resource for those looking to buy a home. In fact, as I have mentioned many times, 90 percent of those purchasing a home start on the Internet. It’s a terrific way to see what is out there and to browse before contacting a real estate agent. However, searching online doesn’t give you all of the valuable information you need. It doesn’t tell you whether the location is questionable, if the seller is motivated, if the home is overpriced or if an offer has been accepted by a homeowner. These are just a few examples. And by going through the seller’s broker, keep in mind that they are also representing the homeowners and their job is to get the best price for them! Hire your own agent as it doesn’t cost you a thing in broker fees. And he or she will have your best interest in mind.
Myth #2: “I want to find the perfect home!”
It’s important for those buyers, particularly first time home buyers, to understand that there really is no such thing as that “perfect” property. Chances are, you will want to make some changes when you move in, so it’s important for buyers to keep an open mind and get beyond a bad paint job, or outdated kitchen cabinets. If you find a good home in your price range in a great location, but it needs some minor work, you may very well want to put the home on your short list. If you sit around and wait for the perfect home, you may be missing out on other great opportunities.
Myth #3: The listing information is always correct:
Unfortunately, this is not true, so never take what a listing sheet says as gospel. In fact, what some sellers think of as a closet, may not be. So bring a tape measure if you are looking for a specific square footage, count the number of bedrooms and bathrooms to verify.
Myth #4: “I paid too much! My offer was accepted right away!”
It’s easy to reach the conclusion that if your offer was accepted immediately, you paid too much. If you made the offer, and were happy with it, then don’t second guess yourself. There are many reasons your offer may have been accepted right away and none of them mean you overpaid.
Myth #5 The seller is required to make all repairs:
Many buyers believe that after receiving the inspection report, that a seller is required to make all improvements. However, this is not true. Sellers do not have to make repairs yet in today’s real estate market, the lender may require certain repairs in order for you to obtain financing. Hiring an experienced agent will allow you to negotiate any repairs you want the seller to make or even lower the price of the home if repairs are expensive, like a new roof.
Myth #6 “I don’t need a home inspection as I’m buying a house from my best friend!”
Always, always get a home inspection. Even if you are buying a home from your best friend or family member, a home inspection can save you a lot of headaches. Imagine moving into your home in the dead of winter and discovering that the heating unit is on its last legs. Or discovering that your home is sitting on a crumbling foundation. Getting a home inspection doesn’t mean you don’t trust your friend or family member, it only means that you are protecting both parties from spending lots of unexpected cash and possibly ruining a relationship.
Myth #7 “All real estate agents are the same. Anyone can get me a great deal!”
Just because a person has a real estate license, doesn’t mean they are capable of giving you excellent service. Like any profession, there are good and bad real estate agents. Always hire a real estate agent that comes with excellent recommendations and has had ample experience. Look for those agents that have repeat service from loyal clients. Like hiring for any job, go with the person who is highly trained and will represent you and your best interests.
Again, there are many falsehoods about buying a home. But when buying a home, one of the biggest investments you will make in your life, sit down and work with a real estate agent who assure you what you need to know before you sign on the dotted line.