Real estate is full of myths, particularly when it comes to buying a home. Check out these five home-buying myths it’s safe to ignore in 2022.
5 Home-Buying Myths to Ignore
If you’re like many people, you don’t buy homes every day. that means you may not be incredibly familiar with all the ins and outs of the process, so check out these five common home-buying myths you should ignore:
- Your credit score needs to be high to buy a home.
- The highest offer always wins.
- Waiving a home inspection might be a good idea.
- It’s cheaper to rent than to own.
- You need a 20 percent down payment.
Scroll down for a closer look at each.
- 5 Bedrooms
- 6 Bathrooms
- 5,748 Sq Ft
- 8.870 Acres
1700 N Newton St. Jasper, Indiana
View Property
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
- 4 Bedrooms
- 4 Bathrooms
- 5,029 Sq Ft
- 2.295 Acres
515 N Weisheit Drive W Jasper, Indiana
View Property
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
- 4 Bedrooms
- 5 Bathrooms
- 3,849 Sq Ft
- 0.557 Acres
4288 W Anya Court Jasper, Indiana
View Property
Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.
- 6 Bedrooms
- 4 Bathrooms
- 3,780 Sq Ft
- 0.570 Acres
4807 Killarney Court Jasper, Indiana
View Property
Listing courtesy of Jake Mauntel from American Dream Mauntel Realty.
- 4 Bedrooms
- 2 Bathrooms
- 3,490 Sq Ft
- 0.353 Acres
307 Newton Street Jasper, Indiana
View Property
Listing courtesy of Tama Stemle from RE/MAX Local.
- 3 Bedrooms
- 5 Bathrooms
- 2,867 Sq Ft
- 0.800 Acres
4180 Timberpoint Court Jasper, Indiana
View Property
Listing courtesy of Melody Faulk from RE/MAX Local.
- 3 Bedrooms
- 2 Bathrooms
- 1,365 Sq Ft
- 0.490 Acres
1443 Dexter Court Jasper, Indiana
View Property
Listing courtesy of Adam Boyd from BOYD REALTY & DEVELOPMENT LLC.
- 3 Bedrooms
- 3 Bathrooms
- 2,564 Sq Ft
- 0.440 Acres
3422 Lakeside Dr Drive Jasper, Indiana
View Property
Listing courtesy of Diana Feuerbach from Key Associates of Rockport IN.
- 4 Bedrooms
- 3 Bathrooms
- 2,577 Sq Ft
- 0.900 Acres
1486 3rd Avenue Jasper, Indiana
View Property
Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.
- 4 Bedrooms
- 2 Bathrooms
- 2,100 Sq Ft
- 0.110 Acres
214 W 9th Street Jasper, Indiana
View Property
Listing courtesy of Ruger Kerstiens from F.C. TUCKER EMGE.
- 2 Bedrooms
- 2 Bathrooms
- 1,266 Sq Ft
903-3 Reyling Drive Jasper, Indiana
View Property
Listing courtesy of Kara Hinshaw from Key Associates Signature Realty.
- 4 Bedrooms
- 2 Bathrooms
- 2,280 Sq Ft
- 0.130 Acres
610 E Fourteenth Street Jasper, Indiana
View Property
Listing courtesy of Ryan Craig from RE/MAX Local.
- 2 Bedrooms
- 3 Bathrooms
- 2,568 Sq Ft
- 0.190 Acres
1031 DORBETT Street Jasper, Indiana
View Property
Listing courtesy of Connie Thewes from HOFFMAN & MULLEN REALTY INC.
- 3 Bedrooms
- 2 Bathrooms
- 2,440 Sq Ft
- 0.920 Acres
1766 W State Road 56 Highway Jasper, Indiana
View Property
Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.
- 2 Bedrooms
- 1 Bathrooms
- 1,146 Sq Ft
- 1.130 Acres
6142 N Old Rd. 45 Jasper, Indiana
View Property
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
Home-Buying Myth #1: Your Credit Score Needs to Be High to Buy a Home
You don’t need an exceptionally high credit score to buy a home. In fact, many people are approved with credit scores in the 640 range. However, you do need to know that the higher your credit score is, the lower your interest rates are likely to be. Lenders are typically more willing to offer favorable terms to people with higher credit scores.
Related: Home office upgrades buyers can’t resist
Home-Buying Myth #2: The Highest Offer Always Wins
contrary to popular belief, the highest offer doesn’t always win. In fact, some sellers aren’t only interested in money; sometimes they simply want someone who can close according to their schedule or who will love and care for the home the way they did. Naturally, you should always put out your best offer – but don’t count yourself out if someone comes along and offers more.
Home-Buying Myth #3: Waiving a Home Inspection Might Be a Good Idea
Sometimes buyers believe that if they waive their right to a home inspection, a seller will be more likely to accept their offer. However, it’s almost always a mistake to waive your right to a home inspection. That’s because the inspection is your one chance to get a good look at everything that may be wrong with the home before you buy. If a home has issues, you can ask the seller to repair them, give you a credit so you can repair them, or lower the asking price. Without an inspection, though, you’ve lost any recourse you had – and you likely won’t find out about the home’s issues until you’re all settled in.
Related: 3 tips to get you higher offers on your home
Home-Buying Myth #4: It’s Cheaper to Rent Than to Own
Although sometimes it’s cheaper to pay rent than to make a mortgage payment, over the long term, it’s usually better to buy. If you plan to live in a home for a couple years or more, you may be better off buying. You should talk to a real estate agent and a lender to find out how much house you can afford.
Home-Buying Myth #5: You Need a 20 Percent Down Payment
Although a 20 percent down payment is the gold standard, you don’t necessarily need that much to purchase a home. In fact, there are loan programs that allow you to buy with as little as 3 percent down – and some with nothing down (such as the VA loan program).
You do need to know, though, that if you put down less than 20 percent (outside some government-backed loan programs) your lender may require you to purchase private mortgage insurance.
Related: How to declutter your home to sell
Are You Thinking of Buying a Home in Dubois County?
Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties, as well as all the surrounding communities. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty, our site is directly connected to our local MLS. We update it with new homes every hour.
Sign up for new listing alerts so you can stay on top of the newest homes for sale – and get price change alerts so you can stay ahead of other buyers and beat them to the hottest deals!
Start Your Home Search Here
Popular Jasper, Indiana Home Searches:
- Homes for sale Evansville, IN
- Southern Indiana homes for sale
- Santa Claus, Indiana cabins
- Homes for sale Newburgh, IN
- Homes for sale Dubois County, Indiana
- Homes for sale in Jasper, Indiana
- Homes for sale in Huntingburg, Indiana
- Ferdinand, Indiana homes
- Homes for sale in Huntingburg, Indiana
- Homes for sale in Santa Claus, Indiana
Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
221 W Stellar Way Huntingburg, Indiana
4 Beds 3 Baths 2,152 SqFt 0.170 Acres
Listing courtesy of Trae Dauby from Dauby Real Estate.
1443 Dexter Court Jasper, Indiana
3 Beds 2 Baths 1,365 SqFt 0.490 Acres
Listing courtesy of Adam Boyd from BOYD REALTY & DEVELOPMENT LLC.
4807 Killarney Court Jasper, Indiana
6 Beds 4 Baths 3,780 SqFt 0.570 Acres
Listing courtesy of Jake Mauntel from American Dream Mauntel Realty.