Remember to research and consult with real estate professionals to navigate these myths and make informed decisions when buying your first home!
#1 Myth: You need a 20% down payment
Fact: While a larger down payment can be beneficial, many loan programs allow for much lower down payments, sometimes as low as 3-5%. It’s essential to explore your options and find a down payment that works for your financial situation.
#2 Myth: You should buy the most expensive house you can afford
Fact: Buying a home within your budget is crucial. Consider your monthly expenses, future financial goals, and potential unexpected costs like maintenance and repairs. Don’t overextend yourself financially.
#3 Myth: The listing price is non-negotiable
Fact: Most sellers expect some negotiation in the home-buying process. Skilled negotiation can often lead to a better deal for the buyer.