Top Misconceptions About Home Buying

Home buyers are naturally curious.  They have plenty of questions and doubts in their minds while in the process of property hunting until purchasing one. They are like women in the grocery store or shopping malls who keeps on looking and comparing items from each other until they found the eye-catching one. The one who suits their needs, wants, and budget.

The inquiries of home buyers are sometimes remarkable and unusual because of some information relayed to them by their family, friends, and the like. Also, at some point they have read some articles or conversation via internet that gave them misconceptions on home buying.

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Yes, there are a lot of misconceptions by home buyers that mislead them in buying a home. Sometimes  those misconceptions are the hindrances of home buyers to get a property. So it is important to help them avoid believing on those ideas. Let us see what are the top two misconceptions of home buyers. Rochester Real Estate Blog have identified a few misconceptions of home buyers and these are:

A Home Buyer Needs a Lot of Money to Put Down

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Many home buyers believe that they need a large of money for the down payment. Most buyers know that they need to make 20% down payment to purchase a property. But it is not true because, there are other options to buy a home with minimal down payment or at no cost. Federal Housing Administration or FHA is an organization that allows buyer to make a down payment of 3.5% only. Veteran’s Affair is another option to take  a look at if you are qualified or not. This option has no down payment for its beneficiaries. For more information about FHA and VA, you can go to their websites.

To Buy A Home It’s Not Important To Have A Real Estate Agent

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Home buyers have a misconception that they do not need a real estate agent. They think that they do not need the assistance of an agent in purchasing a home because it will add some costs to their expenses. Just another burden! However, in “majority of situation, a buyer will not be responsible for paying their real estate agent” (Hiscock, 2016). Also, an agent will make the transaction much easier because they have the right knowledge about home buying.

If home buyers continuously believe in these misconceptions, it will be harmful to the real estate industry and especially to themselves as a buyer. There’s a big chance that it might stop them to get their dream house as soon as possible. Hence, one must learn only from the experienced individuals and credible sources in the internet.

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