Don’t get into the trap of being misinformed either if you are buying a property or selling one of yours. Misinformation hurts the buyer as well as the seller, especially to the one who is purchasing a property for the first time. Experience means a more in such situation and that too in the real estate market. You may not have experience and so it is suggested to take the help of one who knows the industry very well. Try to remain away from floating myths. Below are some of the myths explained. Do check these.
20% deposit for first-time buyers
Most of the first-time buyers believe they need to make a cash deposit of 20 percent to buy a home, but the fact is that many programs for first-time home-buyer asks for just 5 percent deposit.
Single-family residential homes not strong investment
Well, this is technically not true. If you are creative, you can make good returns from it too. If you convert such home into vacation rentals, you will earn more compared to renting it. You can enlist on VRBO and Airbnb on a daily rate and you will see good cash flow coming in from the property.
Home inspections can possibly be skipped
Buyers are more competitive when the market is high and so home inspection is necessary so that you don’t get into any problems with it.
Focus mainly on demographics and online stats
Don’t believe that all the stats or demographics are correct. Use your personal touch to find the actual figure. If someone is living nearby to the property, you will get more accurate information.
Process is a headache
The real estate market is much organized and support is granted from agencies at every step. Hence it is a clear myth that the process is a big headache.
Require money out of pocket, credit to get involved
This is not true. There are several techniques that can help you to get in the game even if you have very little money in your pocket.
Correct way to sell or buy
The traditional real estate market mostly does not exist. In recent time there are technology-driven real estate brokerages and offers new ways to either sell or buy property.
Similar to reality TV
Do take a note that the home-buying process is not glamorous. Get pre-approved first from your lender and then work with property agent.
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