3 Myths About Buying Your Perfect Home

Investing a huge chunk of your hard-earned money in a perfect home is a stressful situation. In fact, deliberating the facilities, value, and benefits that prospective homes may offer is a critical part of the home buying process. However, certain myths associated with purchasing a piece of real-estate, which are harmful to the process of buying a home, still prevail. These are 3 Myths About Buying Your Perfect Home that people believe even now: 

Down Payments

 A common misconception concerns the down-payment needed for buying a house, as a majority of home buyers mistakenly assume that they must pay a minimum of 20% as a down payment on a prospective home. However, this is not true, as an FHA (Federal Housing Administration) mortgage, for example, allows you to put down just 3.5% of the value of the house under consideration.

Additional Costs

 On the other hand, another misconception associated with the costs of buying a house: the down payment on your future home is the only expense attached to its purchase. Although the down payment constitutes a healthy chunk of money needed to buy a house, there are several costs you should expect while buying a house, real estate taxes, bank appraisal fees, mortgage application fees, attorney fees and so on, to name a few.

Importance of Real Estate Agents

 Even though it is possible to buy a house without professional help, there is no reason not to enlist the expertise of someone familiar with the market. An experienced buyer’s agent will ensure that you land a successful deal on a house with little to no effort on your part.  Since the real estate market is a seller’s market, having expertise on your side will result in a much smoother buying experience.Trusting in myths will be detrimental to you as the buyer, as your purchasing decisions and processes will be based on false information. Hence, make sure you check every fact which is presented to you and take decisions only after careful and informed deliberation.