Debunking the Common Myths of Homebuyers
Aug 21, 2019 Home Trading Steps
Buying a house is the biggest purchase for most of us. It is understandable why most first time homebuyers feel anxious and nervous while taking a step towards it. Most home buyers do a lot of research online and offline to make sure they are doing it right. However, there are some myths that one succumbs too.
We discuss them here and debunk all the myths:
1. Debt is not required:
Not long back, people used their entire life savings to buy a house after their retirement. They did not rely on home loans or any other means of debt to furnish the home buying or construction. Most of us have grown up in such families, and some still have the same outlook.
This is a common myth that being under debt for so long is a wrong way to approach the home buying. But this is not true. At his age and time, one does not need to wait until retirement to fulfill the dream of buying a house. Living in rented accommodation for the entire life may sound like a good idea, but in the end, it is not fetching you a good return. Buying a house with a loan and paying it back with interest is a good option. Banks not only help you buy the property but also assist you in making sure all the penny you are putting in will reward you at the end. Buying a house will also save you from changing your home every year and having to deal with the landlords.
2. Second thoughts:
It is normal to have second thoughts while buying the house. One often worries if they are making the right investment or not. There is no right answer to this. However, if you are not able to land a decision, it is better to hire an agent who will not only help you in finding the right property but will also guide you through the entire property purchase.
3. The depreciating value of the property:
The value of a property is determined by a lot of factors, both internal and external. People who buy properties as an investment worry about the depreciating value of the property. However, if you are the end-user of the property and the property itself is not going to generate any income until you sell it off, there’s no need to worry about the depreciating value of the property.
4. What if I get duped?
While buying a property, one needs to be clever and not fall for the fake promises of the sellers. A buyer must do their proper research to make sure that the offers the builder or seller is offering are not unrealistic. If you are stuck in a bad situation related to your property, then there are authorities set up to address and resolve them for you.
We discuss them here and debunk all the myths:
1. Debt is not required:
Not long back, people used their entire life savings to buy a house after their retirement. They did not rely on home loans or any other means of debt to furnish the home buying or construction. Most of us have grown up in such families, and some still have the same outlook.
This is a common myth that being under debt for so long is a wrong way to approach the home buying. But this is not true. At his age and time, one does not need to wait until retirement to fulfill the dream of buying a house. Living in rented accommodation for the entire life may sound like a good idea, but in the end, it is not fetching you a good return. Buying a house with a loan and paying it back with interest is a good option. Banks not only help you buy the property but also assist you in making sure all the penny you are putting in will reward you at the end. Buying a house will also save you from changing your home every year and having to deal with the landlords.
2. Second thoughts:
It is normal to have second thoughts while buying the house. One often worries if they are making the right investment or not. There is no right answer to this. However, if you are not able to land a decision, it is better to hire an agent who will not only help you in finding the right property but will also guide you through the entire property purchase.
3. The depreciating value of the property:
The value of a property is determined by a lot of factors, both internal and external. People who buy properties as an investment worry about the depreciating value of the property. However, if you are the end-user of the property and the property itself is not going to generate any income until you sell it off, there’s no need to worry about the depreciating value of the property.
4. What if I get duped?
While buying a property, one needs to be clever and not fall for the fake promises of the sellers. A buyer must do their proper research to make sure that the offers the builder or seller is offering are not unrealistic. If you are stuck in a bad situation related to your property, then there are authorities set up to address and resolve them for you.
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