Myth-busting the Home Buying Process
Whether you are a first-time buyer or a seasoned veteran who has been out of the game for awhile, buyers should always be aware of and note certain home buying myths that abound. It's easy to get caught up in the excitement of buying new property, but by being educated and realistic, buyers can avoid a few common-yet-untrue beliefs as they venture toward closing a deal.
The Myth of "The Perfect Home"
Along with all that excitement comes the dreams of your ideal home. If the vision you've set for yourself is too close to perfection, you may not find what you're looking for. Realtor Sandra Rinomato warns against walking into a home and expecting everything on your wish list. "Every house is going to have something wrong with it," she tells FrontDoor.com. If a home is nearly perfect, don't nitpick over smaller needs and priorities. Lock it down before it gets snagged.
The Myth of "The Speaking House"
It's human nature to get a certain "feel" to a house when first walking through it. As they always say, first impressions go a long way and the same rings true with real estate. Buyers, however, should try to fight initial gut feelings. "More than likely the home was staged for buyers to feel an emotional tie to the d cor," Rinomato says. "You have to see past the paint and d cor to figure out if a home is right for you."
The Myth of "The Old Furnace"
An old furnace can sometimes be difficult to maintain or replace, but don't let it be a deal breaker for an otherwise suitable home, says FrontDoor. The same goes for other issues such as a roof in need of repair, old wiring, etc. If everything else is in order without needed repairs, the home in question can still be a great choice for your investment.
The Myth of "The House to Grow In"
First-time buyers always get the advice that they should buy up so that they can grow into a house - for instance, should a couple be planning for children. "You should look at your needs, not what you'd like to have down the road," Rinomato says. "Buy the space you need that is affordable for you." If you end up needing more space for a larger family down the line, you can always sell and move up later.
The Myth of "The Negotiation Winner"
Don't feel like you have to win the negotiation. The winner is not the person to have the last word--everyone wins when the deal is truly a fair one. Don't sweat the small stuff, and remember that it is a business transaction - leave those emotions and egos at the door.
The Myth of "The Best Deal"
Don't fall into the frame of mind that thinks foreclosures are always the best deals. Though they can sometimes save in large amounts, oftentimes there's a lot of work and repair to be done. Foreclosed homes are occasionally not left in the best condition. Sometimes the easiest transaction is buying from a seller and negotiating until an agreement can be reached.
When buying a home, it's important to separate hearsay from your actual needs, wants and beliefs. Try to view every property with a clear mind and minimal expectations. Avoid these real estate myths to reach your own conclusion based on your needs, and most importantly, never say never.
Reprinted with permission from RISMedia. ©2013. All rights reserved.