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.

$995,000

5 Bedrooms
6 Bathrooms
5,748 Sq Ft
8.870 Acres

1700 N Newton St. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

$469,000

4 Bedrooms
3 Bathrooms
3,020 Sq Ft
0.606 Acres

329 Maplecrest Boulevard Jasper, Indiana

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Listing courtesy of Trae Dauby from Dauby Real Estate.

$417,500

3 Bedrooms
5 Bathrooms
3,404 Sq Ft
1 Acres

1100 N Bluegrass Lane Jasper, Indiana

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Listing courtesy of Kevin Bayer from RE/MAX Local.

$410,000

3 Bedrooms
3 Bathrooms
2,940 Sq Ft
2.530 Acres

634 E Wright Road Jasper, Indiana

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Listing courtesy of Stacey Hurst from RE/MAX REVOLUTION.

$400,000

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.

$336,000

3 Bedrooms
2 Bathrooms
1,502 Sq Ft
0.344 Acres

900 Juniper Court Jasper, Indiana

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Listing courtesy of Dara O'Neil from F.C. TUCKER EMGE.

$287,500

3 Bedrooms
3 Bathrooms
2,070 Sq Ft
0.399 Acres

1622 Sugar Pine Drive Jasper, Indiana

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Listing courtesy of Kathy Rowekamp from RE/MAX Local.

$282,999

3 Bedrooms
2 Bathrooms
1,461 Sq Ft
0.436 Acres

3845 N Portersville Road Jasper, Indiana

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Listing courtesy of Arlene Kluesner from F.C. TUCKER EMGE.

$259,700

3 Bedrooms
3 Bathrooms
2,248 Sq Ft
0.264 Acres

4517 Obing Strasse Street Jasper, Indiana

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Listing courtesy of Stacey Hurst from RE/MAX REVOLUTION.

$238,000

3 Bedrooms
2 Bathrooms
2,201 Sq Ft
0.357 Acres

2603 Brosmer Street Jasper, Indiana

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Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.

$235,000

4 Bedrooms
3 Bathrooms
2,549 Sq Ft
0.124 Acres

612 W 8th Street Jasper, Indiana

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Listing courtesy of Dara O'Neil from F.C. TUCKER EMGE.

$219,000

2 Bedrooms
2 Bathrooms
1,266 Sq Ft

901-2 Reyling Drive Jasper, Indiana

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Listing courtesy of Kara Hinshaw from Key Associates Signature Realty.

$210,000

3 Bedrooms
2 Bathrooms
1,688 Sq Ft
0.600 Acres

468 Schuetter Road Jasper, Indiana

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Listing courtesy of Daniel Hoffman from HOFFMAN & MULLEN REALTY INC.

$208,000

2 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.

$198,500

3 Bedrooms
1 Bathrooms
1,086 Sq Ft
0.360 Acres

4862 N US 231 Highway Jasper, Indiana

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Listing courtesy of Kevin Bayer from RE/MAX Local.

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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