Admit it, you’ve watched at least one episode of a home renovation television show. If you have, you know they portray a fast-paced, project-filled, home-flipping and buying or selling experience in what appears to take place in little to no time at all. Walls come down, paint goes up, finish it off with décor and have your open house and before you know it it’s sold.
These shows can curate how a person may think about the home buying and selling process. While they are not all wrong, there are many things that get thrown around as truths when, in reality, they’re simply common real estate myths. We’ve listed them out for you below and debunked them one by one.
Myth #1: Get your wallet, you need to make a 20% down payment
Not true! While many first-time buyers might be under the impression they need to fork over a 20% cash down payment to buy their dream home, there are actually many programs that only require a 5% deposit. Take some time to do your research and you may come out saving quite a bit of money upfront.
Myth #2: There’s only one way to buy or sell
You can forget that, as there are a variety of ways to go about the home-buying and selling journey. Everyone’s process can be tailored to their unique needs. While there are plenty of tips to help you prepare for home costs, stage your home to sell, find the right neighborhood, the process is all about what works best for you and your family!
Myth #3: Skip the inspection
The home-buying and selling process can be a long one with every emotion you can imagine. While it may be tempting for buyers to speed up the entire procedure by skipping inspection, it will still cost you more in the end.
Myth #4: Renovate before you sell
Okay, so this one may have a bit of truth to it. Renovating your home before you sell has the potential to add value to your home, however it is not a must in order to sell. Especially since you aren’t guaranteed to earn back the money you put into the projects. However, renovations could speed up the buying process by attracting more potential home-buyers. There are pros and cons, but it usually isn’t an essential step in the process. Sometimes potential buyers prefer to put their own personal touch on their new home.
Myth #5: Large homes are best
Homes come in all shapes and sizes and can fit the needs of so many unique individuals. There is no “one size fits all,” home. Picking the right home, and home style, for your family all comes down to space and layout preference. Larger homes often provide better spaces for entertaining and allow the space needed for a growing family. However, smaller homes are often easier to maintain and tend to cost less to heat and cool.
Myth #6: Save money and forego a real estate agent
Finally, if you’re wanting to save money, going without a real estate agent isn’t the solution. The perks of having a real estate agent by your side throughout the journey will become more obvious the farther you get into your buying or selling journey. From their expertise, honesty, money-savvy tips and connections, you’ll be glad you hired one.
Were you surprised by any of these myths? Perhaps you found that you actually believed one or more of these to be true. While there’s a lot being talked about in the world of real estate, the one thing you can count on is Fazendin as your go-to real estate company. Our agents will walk the entire home-buying or selling journey with you every step of the way.