Top 10 Myths That Trip Up First-Time Home Buyers

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 we’re 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: You need a 20% down payment.

Plenty of buyers purchase homes with down payments well below 20%. We can refer you to a mortgage professional who can review your financial situation, discuss your options, and help you deter-mine how much you’ll need to save.

Myth #2: Real estate agents are expensive.

An agent is with you every step of the way throughout your home buying journey, so they’re probably expen-sive, right? Well, not for you. Buyers usually don’t pay a real estate agent’s commission. Their fee is paid for at closing by the seller.

Myth #3: Don’t call a real estate agent until you're ready to buy.

The reality is, the earlier you bring in an agent to help, the better. An agent can help you set realistic parameters for your home search, identify the best time to start looking and create a plan to help you reach your real estate goals.

Myth #4: Fixer-uppers are more budget friendly.

Sometimes, homes that need a lot of work also require a lot of money. If you’re interested in a fixer-upper, get some quotes from contractors before you buy so you know the real cost of the renovations.