Buying a home is already a confusing process, yet there are a lot of myths circulating in the real estate market that makes it even more difficult. If you’re currently in the market for a new home, it’s time to dispel your belief in these persistent myths to have a smoother buying experience.
Look for a House First
Your first inclination may be to just head out and start viewing houses. After all, how harmful can this really be? Very harmful, actually. When you do this, you run the risk of setting your heart on a particularly piece of property. This only sets you up for a fall because that property may get sold or not pose a good fit for you and your family’s needs. You also run the risk of searching in markets that are simply out of your price range.
Another risk you run is popping into an open house where a listing agent is sitting and waiting to make you their customer. They may not try to sell you that house, but chances are, they have other listings they will try to push you towards. Only by hiring your own exclusive buyer’s agent are you protected from situations like this.
Rather than scatter-gunning your approach, start putting your finances in order. Build your credit and create a budget so you know how much money you have for the down payment and the necessary closing costs. The more research and planning you do, the happier you will be with your selection.
Get a 30-Year Mortgage
A lot of homeowners believe that longer mortgage terms equate to lower monthly payments. It may be a better option to go for a 15-year mortgage rate, though, because they often offer lower interest rates. It also doesn’t take as long to pay them off, freeing up your financial resources to make other solid investments. This option is ideal if you have a steady source of income and can stay within a set budget.
An adjustable-rate mortgage may be another option for you to consider, as it features lower rates and payments early on in the loan term. They are great options for buyers who don’t plan on living in one place for an extended period of time.
Down Payment is the Only Upfront Cost
If you believe the down payment is the only upfront cost you’ll have to pay, you are mistaken. You are also responsible for closing costs, including the appraisal free, survey, homeowner’s insurance, and loan origination fees. These fees average around 2% of the purchase price, so you’ll want to make sure you include these costs in your budget.
Looking at homes for sale in Dayton, Ohio doesn’t have to be as confusing as it seems. Just take into account these common myths and consider hiring an experienced real estate agent who can help you make smart decisions, even if you think you know a lot about real estate. Call Buyer’s Corner Realty today for more information on Dayton, Ohio homes for sale at 937-433-6838. We are exclusive buyer’s agents and guarantee to protect your interest when buying any home in the area.