5 Home-Buying Myths to Ignore

Published On: April 10, 2022|Categories: Blog, Home Buyers|Tags: , |

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:

  1. Your credit score needs to be high to buy a home.
  2. The highest offer always wins.
  3. Waiving a home inspection might be a good idea.
  4. It’s cheaper to rent than to own.
  5. You need a 20 percent down payment.

Scroll down for a closer look at each.

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!

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Popular Jasper, Indiana Home Searches:

Newest Homes for Sale in Dubois County

View the newest homes listed in Dubois County in the last 10 days:

Classic 3 Bedroom, 1 Bath home on Jasper's southeast side. Offers .89 acres and a full basement. $195,000 Pending

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.

This Elegant All-Brick Home offers 4 Bedrooms, 3 Baths, a RARE Walkout Basement, 2 Car Attached Garage, all Nestled in a peaceful setting. The beautiful kitchen, designed for both style and functionality, seamlessly connects to the open dining area, leading to a walkout deck—perfect for entertaining and grilling. A convenient main-floor laundry adds ease to everyday living. The master suite serves as a tranquil retreat, featuring a walk-in closet, double vanity and a beautiful walk-in shower. The modern walkout basement enhances comfort and entertainment with a Wet Bar with Island and Dishwasher, basement also includes a full bathroom, bedroom, and a theater room, complete with screen, seating, and projector. Step onto the tranquil patio, where a charming creek provides a serene backdrop, inviting you to unwind and embrace the peaceful surroundings. $420,000 Pending

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.

This beautifully maintained 3-bedroom, 2.5-bath split-bedroom home is sure to impress. A charming covered front porch welcomes you into a spacious living room, which opens seamlessly into an expansive kitchen and dining area. The kitchen boasts abundant cabinetry, a breakfast bar, a walk-in pantry, and brand-new hardware and appliances. The oversized dining area is perfect for hosting large gatherings and offers picturesque views of the private backyard. The freshly updated walkout basement features new flooring and trim in the rec area, playroom and half bath.  The cozy woodburning stove, during the cold season, will be much appreciated.  The laundry room and storage rooms completed the basement.   Step outside to relax on the covered deck or patio—both overlooking the expansive backyard. Additional perks include a storage shed and a basketball goal by the front driveway, 2 car attached garage.  Some Recent Updates: 2025 most basement with laminate flooring, trim, front wall B-Dryed, Sump Pump. 12/24 Kitchen Appliances, Cabinet Hardware, HVAC 2023, Water Heater 2020 $359,700 Pending

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.