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.

$949,000

3 Bedrooms
3 Bathrooms
3,878 Sq Ft
4.060 Acres

401 E 36th Street Jasper, Indiana

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Listing courtesy of Ryan Craig from RE/MAX Local.

$724,900

3 Bedrooms
2 Bathrooms
2,940 Sq Ft
14.820 Acres

1089 N 400W Jasper, Indiana

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Listing courtesy of Zach Holt from Whitetail Properties Real Estate.

$575,000

3 Bedrooms
3 Bathrooms
1,776 Sq Ft
6.260 Acres

1928 South A Street Jasper, Indiana

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Listing courtesy of Arlet Jackle from RE/MAX Local.

$389,900

3 Bedrooms
2 Bathrooms
1,793 Sq Ft
0.414 Acres

4617 W Cypress Drive Jasper, Indiana

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Listing courtesy of Marissa Goodness from Carpenter Realty LLC.

$369,500

5 Bedrooms
3 Bathrooms
4,014 Sq Ft
1.300 Acres

1091 W 36th Street Jasper, Indiana

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Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.

$360,000

4 Bedrooms
2 Bathrooms
3,490 Sq Ft
0.371 Acres

307 Newton Street Jasper, Indiana

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Listing courtesy of Tama Stemle from RE/MAX Local.

$319,900

3 Bedrooms
3 Bathrooms
2,734 Sq Ft
0.580 Acres

980 S Crestwood Dr. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

$309,900

3 Bedrooms
4 Bathrooms
1,568 Sq Ft
1.100 Acres

4667 W Ireland Church Avenue Jasper, Indiana

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Listing courtesy of Marissa Goodness from Carpenter Realty LLC.

$299,900

3 Bedrooms
3 Bathrooms
1,832 Sq Ft
6 Acres

912 E 420 N Highway Jasper, Indiana

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Listing courtesy of Jennifer Stallings from KELLER WILLIAMS CAPITAL REALTY.

$275,000

3 Bedrooms
1 Bathrooms
1,377 Sq Ft
0.720 Acres

3584 Bittersweet Dr. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

$275,000

4 Bedrooms
3 Bathrooms
1,972 Sq Ft
0.590 Acres

1477 Worrell Drive Jasper, Indiana

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Listing courtesy of Constance Nord from RE/MAX REVOLUTION.

$250,000

4 Bedrooms
3 Bathrooms
2,103 Sq Ft
1.081 Acres

589 N Truman Road Jasper, Indiana

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Listing courtesy of Cheryl Arnold from CENTURY 21 ARNOLD & ASSOCIATES.

$219,000

4 Bedrooms
2 Bathrooms
1,250 Sq Ft
1.900 Acres

1281 E 2nd Avenue Jasper, Indiana

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Listing courtesy of Keasha Fromme from Carpenter Realty LLC.

$211,500

3 Bedrooms
2 Bathrooms
1,800 Sq Ft
0.208 Acres

891 Giesler Road Jasper, Indiana

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Listing courtesy of Kevin Bayer from RE/MAX Local.

$169,750

3 Bedrooms
2 Bathrooms
1,560 Sq Ft
1 Acres

5362 W Division Rd. Jasper, Indiana

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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.

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.

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.

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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