It can be pretty intimidating to dip your toes into the
realm of home ownership, especially if you're a first-time homebuyer. To make
things worse, there are a number of myths floating around out there surrounding
the home buying process. Such misconceptions have many kept many would-be
homeowners from realizing the personal and financial rewards of owning a
property. To clear things up, here are 4 myths about buying your first home that
simply aren't true.
Myth #1 - "It's
Cheaper To Rent Instead Of Own"
If you buy a property that is within your budget and your
mortgage terms allow you to make comfortable monthly payments, the cost of rent
can often be higher than mortgage payments. Sure, there are other expenses
associated with owning a property that you wouldn't be responsible for if you
were renting, but one thing that many people forget is the fact that renting
does not allow you to build equity. The ability to build equity into a property
that you own is like paying into a savings account - if you buy a home for
$200,000, and pay down your mortgage to $175,000 in 5 years, you'll have
$25,000 in home equity that can be tapped into later if you need a lump sum of
cash to pay for other large expenses. If you sell your property down the line,
any equity that the property has accumulated will provide you with more profit
from the sale of the home.
Myth #2 -
"Whatever Shows Up On The Inspection Report Is The Seller's
Responsibility"
Most offers on a home usually come with a home inspection
condition that makes the offer contingent on the acceptance of a home
inspection report by the buyer. Many buyers, however, are under the impression
that sellers are responsible for any issues that show up on the inspection
report. Although the seller is required to make certain major repairs as
stipulated by the lender, everything is still negotiable. A buyer may ask the
seller to fix a minor crack in the basement wall or repair any scuff marks on the
hardwood flooring, but the seller can essentially refuse, leaving the buyer
with the decision of whether or not to continue with the offer anyway.
Myth #3 - "The
Perfect Home Is Out There - I Just Have To Wait For It “
Buyers have a tendency to focus too much on all the little
things that may be wrong about a house rather than on the majority of the
things that are right. Homes are much like people - they aren't perfect. Even
brand new homes might have a few minor flaws. The goal of a house hunt is to find
the perfectly acceptable home - one that may have a couple of quirks that you
can either live with or fix, but is otherwise ideal. An experienced buyer’s
agent can help you identify issues that are deal-breakers, and help keep some
perspective by separating irritating details from the big picture.
Myth #4 - "I
Don't Need A Realtor To Buy A House”
Without the proper team behind you - especially if you're a
first-time homebuyer - you could potentially find yourself in a compromised
position. Many buyers don't take the time necessary to shop for an agent who
can best represent them in their purchase. Think about it this way – would you
perform surgery on yourself? Do you feel comfortable filing your own income
taxes, or do you opt to use the services of an accountant? Being represented by
a licensed real estate agent will give
you the benefit of professional skills and knowledge, including the ability to
find financing and close the deal with your best interests put first.
It’s always in your best interests to have an experienced,
knowledgeable agent representing you in a home purchase. With such a major
investment on the line, you want to have someone who can help you complete a
purchase leaving no stone unturned, and ultimately saving you money - and a lot
of headaches. A professional realtor will be able to sort the myths from the
reality and make your first home-buying experience a positive one. Contact us
today for more information on how you can become the proud owner of your first
home!
Interested in selling your
Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston
area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook
Real Estate
Charleston,
SC
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