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:
- 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.
1895 Gun Club Road Jasper, Indiana
7 Beds 8 Baths 12,729 SqFt 10.370 Acres
Listing courtesy of Brenda Krempp from RE/MAX Local.
938 E Jasper Dubois Road Jasper, Indiana
5 Beds 4 Baths 5,700 SqFt 6.100 Acres
Listing courtesy of Kevin Bayer from RE/MAX Local.
3289 St Charles Street Jasper, Indiana
4 Beds 4 Baths 3,906 SqFt 0.595 Acres
Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.
1928 S A St. Jasper, Indiana
3 Beds 4 Baths 3,376 SqFt 6.258 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
4382 E 300N Jasper, Indiana
3 Beds 4 Baths 4,100 SqFt 1.900 Acres
Listing courtesy of Gina Mehringer from F.C. TUCKER EMGE.
5070 W Alder Creek Drive Jasper, Indiana
4 Beds 3 Baths 4,208 SqFt 1.500 Acres
Listing courtesy of Stephanie Hasenour from RE/MAX Local.
4536 W 150 N Jasper, Indiana
4 Beds 4 Baths 2,986 SqFt 1.482 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
1525 Grandview Drive Jasper, Indiana
3 Beds 3 Baths 4,132 SqFt 0.354 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
3237 Dogwood Drive Jasper, Indiana
3 Beds 4 Baths 4,326 SqFt 0.675 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
247 N Westlin Drive Jasper, Indiana
3 Beds 3 Baths 2,849 SqFt 0.999 Acres
Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.
836 W 20th Street Jasper, Indiana
3 Beds 3 Baths 4,376 SqFt 0.590 Acres
Listing courtesy of Elizabeth Mehringer from RE/MAX Local.
1245 W 6th Street Jasper, Indiana
4 Beds 3 Baths 3,610 SqFt 1.300 Acres
Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.
872 S Countryside Drive Jasper, Indiana
3 Beds 2 Baths 3,498 SqFt 2 Acres
Listing courtesy of Linda Schroering from SCHROERING REALTY.
3255 E State Road 164 Jasper, Indiana
4 Beds 3 Baths 2,944 SqFt 1.024 Acres
Listing courtesy of Zach Holt from Whitetail Properties Real Estate.
1911 S A St. Jasper, Indiana
3 Beds 2 Baths 1,468 SqFt 0.314 Acres
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?
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Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
1420 Leopold Street Jasper, Indiana
2 Beds 1 Baths 1,580 SqFt 0.154 Acres
Listing courtesy of Brenda Krempp from RE/MAX Local.
1659 White Oak Drive Jasper, Indiana
3 Beds 3 Baths 1,449 SqFt 0.350 Acres
Listing courtesy of Brenda Krempp from RE/MAX Local.
4382 E 300N Jasper, Indiana
3 Beds 4 Baths 4,100 SqFt 1.900 Acres
Listing courtesy of Gina Mehringer from F.C. TUCKER EMGE.