There are many misconceptions that a first time home buyer believes about buying a home. It’s better to discover the truth before you buy than afterward. Below, we will discuss some of the more common first time home buyer myths.
The Asking Price Is the Final Price
Put simply, the listing price is usually not going to be the purchase price of the home. This is especially true if the home has been on the market for a considerable amount of time. The high price may have caused the home to sit for a long time. The owner may now wish to take your offer for a lower price to get the ball rolling.
First Time Home Buyers Don’t Need an Agent
We live in the age of the internet, and as such, it is common for a first time home buyer to think that they can search for a new home without a real estate agent. An agent, however, brings a wealth of experience and knowledge to the table and is also able to help you reach a deal. He or she can also find homes that are not listed on the web.
You Won’t Need an Inspection
Buying a home that has not been inspected is a big risk. Your home may contain hidden problems that you will miss with the naked eye. You will want to make sure that the home’s wiring is up to par and that the house has not been damaged by pests. Hiring an inspector is the best way to find out all that you will want to know about the home you are buying.
You Don’t Have Enough for a down Payment
It is true that some loans will want you to pay twenty percent down when you buy a house. There are, however, many loans that you can get that require three percent or less of the home’s purchase price. Some VA and FHA loans, along with loan assistance programs, do not require any down payment at all.
You Need Great Credit
If your credit is less than stellar, you can seek an FHA loan or bank loan that is for those whose score is at or a little below 600. The rate of down payment will be greater the lower the credit score, but you can still qualify to buy a house. You will also have a chance to tell the bank what caused your credit to drop.
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