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.
- 3 Bedrooms
- 3 Bathrooms
- 3,878 Sq Ft
- 4.060 Acres
401 E 36th Street Jasper, Indiana
View Property
Listing courtesy of Ryan Craig from RE/MAX Local.
- 3 Bedrooms
- 2 Bathrooms
- 2,940 Sq Ft
- 14.820 Acres
1089 N 400W Jasper, Indiana
View Property
Listing courtesy of Zach Holt from Whitetail Properties Real Estate.
- 3 Bedrooms
- 3 Bathrooms
- 1,776 Sq Ft
- 6.260 Acres
1928 South A Street Jasper, Indiana
View Property
Listing courtesy of Arlet Jackle from RE/MAX Local.
- 3 Bedrooms
- 2 Bathrooms
- 1,793 Sq Ft
- 0.414 Acres
4617 W Cypress Drive Jasper, Indiana
View Property
Listing courtesy of Marissa Goodness from Carpenter Realty LLC.
- 5 Bedrooms
- 3 Bathrooms
- 4,014 Sq Ft
- 1.300 Acres
1091 W 36th Street Jasper, Indiana
View Property
Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.
- 4 Bedrooms
- 2 Bathrooms
- 3,490 Sq Ft
- 0.371 Acres
307 Newton Street Jasper, Indiana
View Property
Listing courtesy of Tama Stemle from RE/MAX Local.
- 3 Bedrooms
- 3 Bathrooms
- 2,734 Sq Ft
- 0.580 Acres
980 S Crestwood Dr. Jasper, Indiana
View Property
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
- 3 Bedrooms
- 4 Bathrooms
- 1,568 Sq Ft
- 1.100 Acres
4667 W Ireland Church Avenue Jasper, Indiana
View Property
Listing courtesy of Marissa Goodness from Carpenter Realty LLC.
- 3 Bedrooms
- 3 Bathrooms
- 1,832 Sq Ft
- 6 Acres
912 E 420 N Highway Jasper, Indiana
View Property
Listing courtesy of Jennifer Stallings from KELLER WILLIAMS CAPITAL REALTY.
- 3 Bedrooms
- 1 Bathrooms
- 1,377 Sq Ft
- 0.720 Acres
3584 Bittersweet Dr. Jasper, Indiana
View Property
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
- 4 Bedrooms
- 3 Bathrooms
- 1,972 Sq Ft
- 0.590 Acres
1477 Worrell Drive Jasper, Indiana
View Property
Listing courtesy of Constance Nord from RE/MAX REVOLUTION.
- 4 Bedrooms
- 3 Bathrooms
- 2,103 Sq Ft
- 1.081 Acres
589 N Truman Road Jasper, Indiana
View Property
Listing courtesy of Cheryl Arnold from CENTURY 21 ARNOLD & ASSOCIATES.
- 4 Bedrooms
- 2 Bathrooms
- 1,250 Sq Ft
- 1.900 Acres
1281 E 2nd Avenue Jasper, Indiana
View Property
Listing courtesy of Keasha Fromme from Carpenter Realty LLC.
- 3 Bedrooms
- 2 Bathrooms
- 1,800 Sq Ft
- 0.208 Acres
891 Giesler Road Jasper, Indiana
View Property
Listing courtesy of Kevin Bayer from RE/MAX Local.
- 3 Bedrooms
- 2 Bathrooms
- 1,560 Sq Ft
- 1 Acres
5362 W Division Rd. 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:
1281 E 2nd Avenue Jasper, Indiana
4 Beds 2 Baths 1,250 SqFt 1.900 Acres
Listing courtesy of Keasha Fromme from Carpenter Realty LLC.
105 E 1st Street Huntingburg, Indiana
3 Beds 2 Baths 2,080 SqFt 0.290 Acres
Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.
210 W Stellar Way Huntingburg, Indiana
3 Beds 2 Baths 1,564 SqFt 0.300 Acres
Listing courtesy of Jennifer Fritz Wahl from ERA FIRST ADVANTAGE REALTY, INC.