If you’re thinking about buying a home, you’ve probably received your share of advice from family and friends. Add to that the constant stream of TV shows, news segments, and social media posts that over-simplify the home buying process for easy entertainment.
With so much information to sift through, it can be tough to distinguish fact from fiction. That’s why I’m revealing the truth behind some of the most common home buyer myths and misconceptions.
Buying a home is a big decision, but it doesn’t have to be a scary one. If you arm yourself with knowledge and a qualified team of support professionals, you’ll be well equipped to make the right choices for your family and financial future.
DON’T FALL FOR THESE COMMON HOME BUYER MYTHS
Myth #1: Estate agents are expensive.
Your agent is with you every step of the way throughout your home buying journey, and he or she spends countless hours working on your behalf. It sounds like having an agent is expensive, right? Well, not for you. Buyers usually don’t pay a real estate agent’s commission. Your agent’s fee is paid for at closing by the seller of the home you’re buying. The seller knows to factor this cost into the property’s total purchase price.
Myth #2: Don’t call a real estate agent until you’re ready to buy.
The earlier you bring in an agent to help with the purchasing process, the better. Even if you’re in the very early stages of casually browsing Daft, a real estate professional can be a huge help.
Speaking with an agent as soon as possible can help you set realistic expectations for when you actually start the house hunting process. I can give you guidance on where to start the process and help you identify the right area for your search.
Myth #3: Fixer-uppers are more budget friendly.
We’ve all watched the shows on TV that encourage people to go after a house that needs fixing up because they’re more affordable and allow buyers to eventually renovate the home to include everything on their wishlist. But, this isn’t always the case.
Sometimes, homes that need a lot of work also require a lot of money. Big renovations, like extensions or a total kitchen makeover, take a lot longer than it looks on TV. If you’re really interested in a fixer-upper, ask me to recommend you a mix of newer homes and older homes. If you fall in love with an older home that needs a lot of work, get some quotes from contractors before you buy so you know the real cost of the renovations and see if you can work them into your budget.
Myth #4: It’s all about location.
You’ve heard the phrase. Location, location, location is basically the real estate industry’s motto, but we’ll let you in on a little known secret: It’s not always true. Yes, location is great to consider when it comes to schools and commute times, but you also need to think about how the home will function for you and/or your family’s lifestyle. If a family of five is choosing between a two to three bedroom apartment in the bustling city centre and a 4-bedroom home out in the suburbs, the latter is probably the best, most functional choice for them. Also, by buying in a less sought after neighbourhood, you’ll get a lot more property for your money.
Obviously, you might still want to choose an area with great resale potential, and this is something that your agent can speak to you about. I’m very knowledgeable experts in your city and are constantly monitoring buying and selling trends.
Myth #5 If you look hard enough, you’ll find a home that checks every box on your wishlist.
You’ve seen those famous house hunting shows. And while we have our suspicions about how real they are, the one thing they get right is that almost every buyer needs to compromise on something. Yes, the perfect house that meets every item on your wishlist is probably out there, but it’s also probably double or triple your budget.
A long wishlist can be a great starting point for figuring out what you want and don’t want, but I recommend narrowing that wishlist down to the top five things that are important to you in order of priority. I also recommend noting on your wishlist what your absolute deal breakers are, like “must have a garden for our dog,” and noting what you can live without, like “heated bathroom floors.”
This is a great list to discuss when you first start talking to an agent. A good real estate agent will be able to look at your list and find properties that might work for you. By coming to that first meeting with realistic expectations and knowledge about home buying rather than a bunch of myths heard here and there, you’ll be able to start the process off on the right foot and be in your new house in no time.
I’M HERE TO HELP
Whether you’re a first-time buyer or a seasoned homeowner, there’s no reason to go through the home buying process without an advocate on your side. I’m here to answer your questions and do the hard work for you, so you can spend your time dreaming about your new home. Call me today to schedule a free, no-obligation consultation on 085 281 0246 or email diarmuid@ringpropertyconsultants.com.