subject: Buying A House - Busting The Myths [print this page] Just by looking at a house, one can easily judge. However, for those who are planning to buy a house, judging a house just by the way it looks is not enough. There are several misconceptions about buying a house and these misconceptions could result in wrong actions of those who keep them. Below are a few of the most common ones:
Misconception #1: Employing a real estate agent is unnecessary.
If you can get away with buying a house without a real estate agent, that's great. However, a real estate agent is needed especially for those who are buying a house for the first time. These people can get you a good deal. This is their job that's why they have all the necessary information and all the needed connections regarding buying properties. Before you actually seek for their help, they may even have a list of houses ready for you. Do remember to always have a written agreement with them because if you don't, they may suddenly terminate your relationship without any reasonable cause. A real estate lawyer is ideal if you really don't want to get an agent. This is crucial since legality problems may arise, at least you have a professional who can give you an advice on what to do.
Misconception # 2: Real estate agents may cost you a lot.
Actually, you could end up spending more if you bought bought the wrong house due to the fact you acted like a know-it-all. The real estate market depends on the number of buyers who are willing to pay the price on the market. Getting the best deal is the common factor that links both the buyers and the sellers. This is the reason why they price their properties higher that it's actual cost. For instance, if you happen to buy the wrong one, then you might decide to sell it in order to get the house that you really want. If economy is not doing good, you will have a hard time finding a buyer and maybe you would opt instead to put it up for a lower price. Thus, you are putting your house up for sale at a price lower than what you really paid for.
Misconception # 3: Consider applying for other loans through credit.
However, before you apply for a loan, make sure that you don't have existing loans that you need to pay. Banks don't allow this unless you have an inflated bank account or a tangible collateral. They don't allow this because if you are paying the loan by your salary, there is a possibility that you might get laid off or get into an accident and become unable to pay off your loan. Considering the interest rates of most banks these days, you could eventually lose your house as well as the money you have already paid.
Asking for help from people who are recognized as experts in real estate is not a crime. If you seek the services of a real estate agent, you will be guided and you will not encounter problems such as those misguided beliefs mentioned earlier. An agent who has all the necessary skills and expertise who is there to help you with your purchase, you are guaranteed to get the right house for you.
