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.

$775,000

5 Bedrooms
5 Bathrooms
5,596 Sq Ft
0.890 Acres

3265 Foxridge Drive Jasper, Indiana

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Listing courtesy of Brenda Krempp from RE/MAX Local.

$724,600

3 Bedrooms
4 Bathrooms
4,319 Sq Ft
1.600 Acres

1015 W 15th Street Jasper, Indiana

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Listing courtesy of Caroline Gobert from ERA FIRST ADVANTAGE REALTY, INC.

$624,900

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.

$624,000

4 Bedrooms
4 Bathrooms
3,906 Sq Ft
0.595 Acres

3289 St Charles Street Jasper, Indiana

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

$399,000

3 Bedrooms
2 Bathrooms
3,076 Sq Ft
1 Acres

3515 Villa Drive Jasper, Indiana

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Listing courtesy of Leanna Graves from RE/MAX REVOLUTION.

$399,000

3 Bedrooms
3 Bathrooms
2,650 Sq Ft
0.780 Acres

3264 Lakeside Dr. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

$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.

$340,000

4 Bedrooms
4 Bathrooms
2,961 Sq Ft
0.294 Acres

333 Daisy Lane Jasper, Indiana

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Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.

$325,000

3 Bedrooms
2 Bathrooms
1,650 Sq Ft
0 Acres

614 W 34th Street Jasper, Indiana

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

$319,900

5 Bedrooms
3 Bathrooms
2,377 Sq Ft
0.346 Acres

1780 Sweet Gum Drive Jasper, Indiana

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Listing courtesy of Amanda Childers from Hawkins & Root Real Estate.

$315,000

3 Bedrooms
2 Bathrooms
3,232 Sq Ft
0.520 Acres

3508 N 600 W Road Jasper, Indiana

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Listing courtesy of Caroline Gobert from ERA FIRST ADVANTAGE REALTY, INC.

$309,000

5 Bedrooms
3 Bathrooms
2,730 Sq Ft
0.680 Acres

580 Riverside Drive Jasper, Indiana

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Listing courtesy of Jud Collett from Key Associates Signature Realty.

$289,000

3 Bedrooms
2 Bathrooms
1,648 Sq Ft
0.340 Acres

4130 N Portersville Road Jasper, Indiana

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Listing courtesy of Gina Mehringer from F.C. TUCKER EMGE.

$274,900

3 Bedrooms
3 Bathrooms
2,172 Sq Ft
0.460 Acres

1244 W 14th Street Jasper, Indiana

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Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.

$269,900

4 Bedrooms
2 Bathrooms
2,168 Sq Ft
0.200 Acres

319 E 5th Street Jasper, Indiana

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Listing courtesy of Seth Yates from Key Associates Signature Realty.

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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