Top 10 Most Common Real Estate Myths Debunked
Myths and rumors travel faster than the speed of light. They obscure the truth, distort reality, and spread unnecessary concerns. So, the greater enemy of the truth is not a lie, but it is unrealistic and unmindfully persuasive minds that spit out the facts in a skewed manner. Among all sectors, the real estate industry has fallen prey to groundless myths and misconceptions. People are always wary when it comes to dealing with property. The widespread and senseless myths have added fuel to the fire. Now the daunting experience of selling and buying the property has morphed into a nerve-wracking task. All thanks to these bizarre myths!
To worse, unfiltered information circulating on the internet has increased the woes of buyers and sellers. We know that property investment is one of the biggest financial decisions a homeowner makes in his life. In the amid of circulating myths about property, transactions, agents, and payments, people usually feel cold feet and fall victim to the bad advice. Well, Don’t lose hope! The silver lining is that there is still a bright chance of making informed decisions. This blog will debunk the common real estate myths, providing clarity, certainty, and meaningful insights into the dynamic world of property.
Let’s Debunk Common Myths that Don’t Add Up
Knowledge is power. But well-researched knowledge and data is an unparalleled power as they keep you insulated from falling prey to senseless rumors and myths. Given the tremendous power of the research, we have come up with the top most common myths and the hidden realities that remain obscure. Let’s debunk these myths altogether!
Myth # 1: You Will Only Get a Dream House When You Have a Stash of Money
According to the old school of thought, a 20% down-payment was necessary to buy a home. Luckily, the time has changed. And 20 downpayment is not strictly applied to all property cases. Even, a down-payment varies between 5% to 10%. The good news is that various home loan programs have diluted the need for down-payment and made homeownership more easy and accessible. Just search for reliable home loan programs and buy your dream home.
Myth # 2: You Can Perform the Duties of Real Estate Agents
Maybe you have better negotiation skills than a real estate agent. The extensive knowledge about the property industry and market value and years of experience a real estate agent can bring to your table is worthy of hiring a property agent. They can also negotiate the deal, navigate the complex paperwork, and help you set the justified price of property according to market value. So, don’t consider them unnecessary!
Myth # 3 All Agents are Interchangeable
Human beings are different! Why would we expect the agents to be the same in their behavior, approach, and resourcefulness? Aren’t they humans? Real estate agents have different personalities, so they come with their distinctive set of negotiation skills and resilience, resourcefulness, and agility. Some have a law background and some have expertise in transactions. Hence it proves they are not interchangeable and the myth is successfully debunked. But the main thing is to choose an agent according to your property requirements.
Myth # 4 Only Professional Real Estate Agents are Worth Considering
Being new to any field does not mean that you cannot learn and thrive in that field. All the successful and renowned real estate agents have started from scratch. Look, where they have reached the pinnacle of success. So, don’t underestimate the power of being a novice. Like in any job, it’s a skill and a can-do attitude that matters the most.
Myth # 5 Getting Pre-Approved Before Finding a Perfect Home is a Waste of Time
This is a common misperception that getting pre-approved before looking for your dream home holds no importance. This is not true. If you are not mindful of determining the price range through pre-approval, it means you are wasting your time. How would you feel when you find your dream and at the next moment you come to know that you cannot afford it? Disappointment Right? Besides, pre-approval not only saves buyers from disappointment but also helps in a bidding war. So, prioritize pre-approval.
Myth # 6 Renovation and remodeling always appreciate the value of your home
Undoubtedly, renovations elevate the aesthetic value of your home. But it’s not always necessary. Only those renovations are likely to bring a hefty return on investment that caters to the needs of potential buyers and aligns with the market trends. Psychologically, every potential home buyer has his taste. So we cannot de-emphasize the needs of buyers.
Conclusion
The real estate sector, undoubtedly, gives financial stability to many homeowners. On the downside, it fills potential buyers and sellers with fear due to widespread circulating myths that have plagued this industry for many years. But, these unfounded myths will not exist anymore. This blog has comprehensively exposed the common real estate myths and come up with myth-busting to give homeowners certainty and confidence.