5 Home-Buying Myths to Ignore
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.
410 Riverside Drive Jasper, Indiana
7 Beds 6 Baths 5,132 SqFt 1.13 Acres
Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.
3289 St. Charles Street Jasper, Indiana
4 Beds 4 Baths 3,906 SqFt 0.595 Acres
Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.
282 Kaywood Lane Jasper, Indiana
4 Beds 4 Baths 3,627 SqFt 0.8 Acres
Listing courtesy of RyanCraig from RE/MAX Local.
4298 W Beringer Drive Jasper, Indiana
4 Beds 3 Baths 1,636 SqFt 0.48 Acres
Listing courtesy of Opal Sermersheim from SELL4FREE-WELSH REALTY CORPORATION.
1479 Martha Drive Jasper, Indiana
3 Beds 4 Baths 3,087 SqFt 0.46 Acres
Listing courtesy of Gary Schnell from SELL4FREE-WELSH REALTY CORPORATION.
1735 W 5th Street Jasper, Indiana
3 Beds 3 Baths 2,719 SqFt 0.82 Acres
Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.
464 Kluemper Road Jasper, Indiana
3 Beds 2 Baths 1,851 SqFt
Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.
375 Daisy Lane Jasper, Indiana
4 Beds 4 Baths 3,274 SqFt 0.31 Acres
Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.
391 Gardenia Lane Jasper, Indiana
3 Beds 3 Baths 2,977 SqFt 0.25 Acres
Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.
4020 N Portersville Road Jasper, Indiana
3 Beds 2 Baths 1,258 SqFt 0.47 Acres
Listing courtesy of Gary Schnell from SELL4FREE-WELSH REALTY CORPORATION.
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.
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Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
455 E Schnellville Road Jasper, Indiana
3 Beds 1 Baths 1,980 SqFt 0.89 Acres
Listing courtesy of Brian Uebelhor from SELL4FREE-WELSH REALTY CORPORATION.
4298 W Beringer Drive Jasper, Indiana
4 Beds 3 Baths 1,636 SqFt 0.48 Acres
Listing courtesy of Opal Sermersheim from SELL4FREE-WELSH REALTY CORPORATION.
1735 W 5th Street Jasper, Indiana
3 Beds 3 Baths 2,719 SqFt 0.82 Acres
Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.