When you’re buying a home, there’s endless amounts of information available at your fingertips. From articles, advice from family and friends, social media content and more, everyone has well-meaning advice to offer as you begin your home search. However, while this advice may come with the best intentions, some may need to be verified. Read on for some of the most common homebuying myths debunked.
Buying a fixer-upper will be a lower investment
If you buy a fixer-upper with the intent to gut the property and renovate, you’ll have a brand-new home at a fraction of the price of new construction, right? Not always. Even with a thorough inspection, you won’t know a fixer-upper’s flaws until you remove walls. Before you offer a fixer-upper, it’s worth touring the property with licensed contractors so you can gauge the project’s estimated cost. While the contractor won’t be able to see in the walls, they can give you an idea of what the renovation may cost.
You can buy a home on your own without a broker
Representing yourself when you’re buying a home may seem straightforward. However, it could end up becoming a costly and time-consuming endeavor. Especially in the luxury home market, working with an experienced agent can introduce you to properties you may not otherwise see and be highly skilled at negotiating the price and other variables most effectively.
Fall and winter are bad times to buy
While spring is the most common time of year to buy a new home, it also offers the most competition. This competition can increase prices and result in limited inventory. Buying a home in the fall or winter means fewer buyers competing for the same properties. Sellers who list their homes in the fall and winter may also be more motivated to sell, which means a price that is in your favor and a faster home sale.
It’s important to wait for perfect market conditions
There is no such thing as the perfect housing market. If you wait for the market to improve, you may find yourself waiting too long and missing out on your ideal property. The housing market will always fluctuate. Home prices, inventory levels and mortgage rates are constantly changing, so the best time to buy is the time that makes the most sense financially and aligns with your timeline.
A condo is a better value than a single-family home
If you’re in the market to buy a home in the city or as a vacation home, you may be debating between a condo and a single-family home. While the cost of a condo may be more appealing, it’s important to calculate the HOA costs, assessments and other special fees that you may have yet to consider. These fees can add a generous sum every month.
You have to offer the asking price in competitive markets
In competitive markets, homes often sell above the asking price. While this is common, it’s not every instance. There are different ways to negotiate to appeal to the seller’s needs, such as catering to their timeline, offering a rent back or covering the cost of issues on the inspection report.
