When it comes to homeownership, everyone’s got their own opinions and advice to give. If you’re buying for the first time, the whole process can seem very daunting and stressful, so it’s natural to turn to others for guidance. However, not everyone is an expert, so it’s important to do your homework and be educated on the entire process. Like everything else, there is often a lot of misinformation floating around, so we’re here to help clear some things up. Here are 3 homebuyer myths debunked:
1) Finding the perfect house is the first step
Your first move should be to get pre-approved. It will open up a lot of doors for you (literally). Not only will it show your buyer agent that you are serious, but it will give everyone involved a better idea of what you can realistically afford. Doing this will also prevent you from wasting time viewing homes that are out of your price range and getting your hopes up, especially if you were to bid on a home and have it go into multiple offers.
2) The down payment is the only upfront cost
Nope. Among several additional costs, you’ll need to:
- Purchase homeowners insurance
- Pay closing costs (lawyer fees, etc.)
- Pay for an inspection
- Budget and pay your monthly mortgage payment, as well as utilities, property taxes, regular maintenance and repairs.
3) You don’t need a home inspection
You absolutely need a home inspection. We’ve said it before, and we’ll say it again – you wouldn’t buy a car without test driving it, why buy a home without a home inspection? A home inspector will be able to give you a detailed report regarding any deficiencies in the home you’re looking to buy, including things that need to be addressed right away or things that will need to be replaced in a few years. Do yourself a favour and spend the money on a home inspection. It could potentially save you a lot of time, money, and headaches down the road.
The smartest thing to do is to do your own research and ask an expert. Buying a home is one of the most significant purchases you’ll make in your lifetime, so it’s important to educate yourself before you begin your search. If you want to know more about this topic or have any questions, don’t hesitate to get in touch with us today!