Skip to main content

Myths BUSTED about buying a home

Courtesy of The Chris Fritch Real Estate Team ~ Anoka County Residential Real Estate Specialists Myth #1 - "It's Cheaper To Rent Instead Of Own" If you buy a property that is within your budget and your mortgage terms allow you to make comfortable monthly payments, the cost of rent can often be higher than mortgage payments. Sure, there are other expenses associated with owning a property that you wouldn't be responsible for if you were renting, but one thing that many people forget is the fact that renting does not allow you to build equity. The ability to build equity into a property that you own is like paying into a savings account, if you buy a home for $200,000, and pay down your mortgage to $175,000 in 5 years, you'll have $25,000 in home equity that can be tapped into later if you need a lump sum of cash to pay for other large expenses. Myth #2 - "The Perfect Home Is Out There - I Just Have To Wait For It" Buyers have a tendency to focus too much on all the little things that may be wrong about a house rather than on the majority of the big things that are right. Homes are much like people - they aren't perfect. Even brand new homes might have a few minor flaws.The goal of a house hunt is to find the perfectly acceptable home - one that may have a couple of quirks that you can either live with or fix, but is otherwise ideal. An experienced buyer’s agent can help you identify issues that are deal-breakers, and help keep some perspective by separating irritating details from the big picture. Myth #3 - "I Don't Need A Real Estate Agent To Buy A House" Without the proper team behind you - especially if you're a first-time homebuyer - you could potentially find yourself in a compromised position. Many buyers don't take the time necessary to shop for an agent who can best represent them in their purchase and help them along the way.Think about it this way… Would you perform surgery on yourself? Do you feel comfortable filing your own income taxes, or do you opt to use the services of an accountant? Being represented by a licensed real estate agent will give you the benefit of professional skills and knowledge, including the ability to find financing and close the deal with your best interests put first. The answer to those questions is most likely, no.It’s always in your best interests to have an experienced, knowledgeable agent representing you in a home purchase. With such a major investment on the line, you want to have someone who can help you complete a purchase leaving no stone unturned, and ultimately saving you money - and a lot of headaches. A professional real estate agent will be able to sort the myths from the reality and make your first home-buying experience a positive one. Thank you for reading The Chris Fritch Real Estate Team ~ Anoka County Residential Real Estate Specialists blog, "Myths BUSTED About Buying A Home".

Comments

Post a Comment

Popular posts from this blog

Personalize Your Entryway With These 8 Budget-Friendly Ideas

WRITTEN BY LISA FREDERICK, HOUZZ CONTRIBUTOR POSTED ON THURSDAY, 03 AUGUST 2017 19:13         It's always tricky to prioritize decorating dollars, and I tend to funnel most of mine  to interior improvements: furniture, fabric, tchotchkes. But lately  I've been thinking that the outside of the house - and especially my front entry - deserves its share of the love. The entry may be the first impression of a home, and my entry is best described as mousy . Fortunately, jazzing up a front entrance doesn't have to cost a fortune. Try these eight strategies to create a showstopper entryway without blowing your budget. 1. Create a mini room . Here a bench with cheery outdoor pillows, a hanging paper lantern and a framed chalkboard combine to turn a plain entrance into a sitting space all its own - all without breaking the bank. Mix and match furniture to suit your home's architecture and style. 2. Spell out a welcome . A stencil, a can of spray pa
Post a Comment
Read more

How to buy your first house in this crazy market! #firsttimehomebuyer

Do you have questions about buying a home? If you are a first time home buyer, the info contained here is a great start! Q: What’s the first step of the home buying process? A: Getting pre-approved for a mortgage. Unless you are able to pay cash for a house, you’ll need to get a mortgage. In order to know how much you can afford for a home, you will need to get pre-approved for a loan. This should always be the first step in the home buying process. Q: How long does it take to buy a home? A: The average time of closing on a home is around 30-45 days. The timeline is going to vary from person to person but once you find a house and get your offer accepted, it usually takes about 30 days to close. Q: What does a Realtor do and do I need one? A: A realtor is going to be your most valuable asset when it comes to buying a home. They are going to be there to walk you through every step of the home buying process. They will represent you in the transaction and be
Post a Comment
Read more

10 Things Nobody Tells you About #BuyingaHouse

10 things that only Real Estate agents like us will tell you! Buying a house can be a very exciting time and you need to be prepared. Our agents are well versed in this process and are ready now to show you the way! 1. The average person looks at 15 properties before making an offer. That doesn’t mean that some people don’t fall in love with the first home they see and make on offer on that one. For others, it may take up to 40 houses, but trust us when we say you’ll know when you’ve found the right one. 2. You don’t pay your real estate agents commission . Luckily for the buyers, it’s the sellers that pay their commission. There may be some other fees that are tied in, but your agent will be upfront with you about that. 3. Even though you told yourself you shouldn’t and wouldn’t, you’re going to end up looking at homes out of your price range. Whether you’re just browsing online or out and about, you’re going to find homes that aren’t in your price range and you’ll pro
Post a Comment
Read more