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Home buying myths to stop believing in

On Behalf of | May 20, 2019 | Residential Real Estate |

There are many myths that home buyers in California and elsewhere may believe to be true. For example, many believe that they need a 20% down payment to buy a home. However, it is possible to get a loan without making a down payment at all depending on what type of mortgage a person uses. Some also believe that they have to buy a home for the maximum amount that a lender allow them to borrow.

The truth is that buyers should only spend what they can afford. They are encouraged to discuss a reasonable price point with their financial adviser before beginning the search for a mortgage. It is usually a good idea to look for properties with the help of a real estate agent. He or she may be invaluable when negotiating with a seller or when issues arise with a home prior to closing.

Real estate agents may also help buyers temper their expectations when looking for a home. While everyone wants their dream home, it may not be feasible to do so at the moment. However, it doesn’t mean that individuals should buy a fixer-upper in hopes that it will become their dream home. In some cases, that property could cost more to remodel than simply purchasing an existing house in better shape.

When buying a residential property, it is generally in a buyer’s best interest to find a home that is affordable and in good condition. Sellers typically must disclose any problems with the home prior to closing. Buyers may want to seek the advice of an attorney and other professionals prior to making an offer on a home. This may help them make an offer that meets their needs and helps them feel more confident about the transaction overall.