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06-09-17

General Myths and Realities about Buying Home


Buying or Selling Home has become one of the most troublesome businesses. This is the most expensive investment you made unless you are not a CEO of some multinational business company. Even they would think thrice to before making any sound decision to buy their home. Many baseless misconceptions regulate in our society which has been generally accepted as a solid fact. Every investment has their own myths, and Real Estate is not an exception to it.

Every Investor should do a substantial search before making any approachable decision. So it’s imperative that one should be cognizant of the trends of the market.

Such myths have caused other to have an intriguing life since they are afraid to move out their fear of losing their money. So it is imperative to address such myths.

MYTH: RENTING WILL COST YOU LESS AS COMPARED TO BUYING.


REALITY: Above Statement might stand true if you are looking to stay in a place for the short term. You can meet your expenses, if lucky, might save some bucks. You don’t have to worry about its insurance, taxes and its renovation. Apparently, it looks preferable option if you are running on fumes and can’t afford the price.

But in the longer run, It would be both economical and wise to buy it. This would help you save money, which otherwise would be spent on paying the rent. According to a survey carried out in America, Renting a house for 7 years has cost people 38 times more than the actual price of the property.

Snitch in times saves nine would be a sagacious choice. Is it not?

MYTH: 20 % of Down payments are nearly impossible to pay.


Reality: Like I mentioned before, many fallacious talks are usually accepted as fact since people don’t have credible sources to trust or support their theory.

Down payments are much lower than people speculate. It varies from loan to the type of payment. There are many down payments assistance program that reduces or removes the down payment for qualified borrowers.

Myth: Investing in Real Estate can be Risky.


Reality:

So can be going to the bathroom as well. You might step on the wet floor and fall on face.

Every investment comes with its risk. It depends solely on one‘s extensive knowledge to deal with risks. Stock Market, Gold, funds are even more volatile than the Real estate. Real estate’s prices are usually on the upswing or remain stagnant. Things can go ugly if your country is going through devastating financial crises, but at those times, every investment seems deceptive.

Myth: BUSINESS CAN BE DONE ON LAPTOP. NO NEED TO HIRE AGENT.


Reality: Even Life partners can be found on the internet, but, ultimately you have to go to the church to attend your wedding and hire the services of the father to say grace.

Same goes for real estate market, many well-resourced websites can get you the home you want to buy. You can even talk to the client on the internet but at the end of the day, you will need an agent who can negotiate the price for you or make sure that transaction actually gets to settlement.

It's better to let the professional do their work.

Myths: All agents are fraud and want to loot you of your hard earned money.


Reality: Agents are working on commission.It would seem that they are buying the property at a higher rate, but it is not the fact.The reputation is at stake. One deal gone wrong can end their career as they will not be trusted again. Many agents are getting work because of the contact they had from the previous dealing.

They will make sure that you chose your property and be content about it. Only then you can recommend them to others.

These are the few myths we have touched and there are countless. It is wise to do ample research before making any decision.


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