5 Uncommon Home Buying Myths That Could Cost You Thousands
Buying a home is a big decision, and it’s important to be armed with accurate information before you make the leap. Unfortunately, there are a lot of myths and misconceptions floating around about home buying, and it can be tough to know what to believe. There are also plenty of articles highlighting the same home buying myths over and over again. Today, we’re going over some of the most uncommon myths that cost you big money. So without further ado, here are 5 uncommon home buying myths.
Uncommon Myth #1: You Can Successfully Time the Market
Everyone who has tried to time the market has failed. There are just too many variables involved to be accurate. The best you can do is follow the stats, look for patterns and red flags, and make educated guesses. In general, buy and sell when you’re ready and you’ll always come out ahead. If you have to sell because of a layoff or job transfer, that’s when you can run into trouble. However, over the long run, the market is always going up because they’re not making any more land.
Uncommon Myth #2: You Should Always Look for a Good Deal
More important than getting a good deal is finding a home that fits your lifestyle. If the home is too small, you’re going to wish you paid a little more to get that home with more square feet. If the home is too large, you’re going to be stressing over the high payments.
I purchased my current home in 2018, when the market was higher than it ever was. Worried about a market crash and how that would affect the value of the home, we moved forward for two reasons. The first was it was exactly what we were looking for for our desired lifestyle and we could afford it. The second was that even if the market crashed, we planned on being here at least 10 years so prices would end up above where we started. 5 years later, the home has nearly doubled in price. Now, this won’t always happen this way, but had we decided to save a few thousand dollars we would have lost out on an incredible deal!
Uncommon Myth #3: You Should Make a Checklist of Your Needs and Wants
Don’t get me wrong, you should know what you want. However, it is MORE important to know WHY you want/need that thing. For example, maybe you want a 3 bedroom home because you have animals/kids/or storage needs. However, perhaps there is a 2 bedroom home that can fulfill those needs the same or better because it has a bigger yard. Have you ever been to a home that checked all the boxes, but didn’t feel right? That’s because it didn’t fit your desired lifestyle and the WHY behind the checklist. I can’t tell you how many times buyers have said no on a home that surpassed every checklist desire, only to select a home that barely met any of their checklist items.
Uncommon Myth #4: You Can Save Money by Not Using a Real Estate Broker
This one is actually partially true. As a buyer, sometimes sellers will give you a lower price so you don’t use a broker. Typically, the seller makes a killing off of these buyers because they tend to overpay. Further, because the process is not well known, major inspection items seem to slip through the cracks. Taking it just a step further, there are some real estate brokers that can cost you money because of their inexperience and/or lack of expertise. Most buyers don’t purchase the first house they see, so why should it be any different with the first realtor you come in contact with? Do your research and make an informed decision or you might be better off going it alone!
Uncommon Myth #5: You Should Trust Your Parents
I already know this one is going to get me in trouble, but hear me out. Your parents are trusted advisors, no doubt, but they are biased. This is in general a good thing. However, their sole purpose in helping you make a decision is to keep you from making a “bad decision”. The problem with that is most parents bought a home decades ago and aren’t up to date with current market conditions, norms, and practices.
Further, our parents were taught to scrimp and save and grind until retirement. Their outlook is completely different just as yours will be from your children. I can’t tell you how many times in my decade of experience I’ve had to set the record straight because information provided was so horrifically false. That said, parents are great advisors who have your safety and security in mind, not necessarily your best financial interests. Use them with a grain of salt.
So there you have it, 5 uncommon home buying myths. There are a lot more myths and misconceptions floating around about home buying. By understanding the facts, you can make an informed decision and avoid making costly mistakes.
If you’re thinking of buying or selling your home in the west Lewis County area, contact me today! I’d love to hear from you! Eren Millam – Managing Broker Premiere Property Group, LLC WA License No. 26933
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