Orchard 126 HIRA Registration No. - HIRA/P/NOR/2018/000236

Posted On August 25, 2019

Debunking Common Fears and Myths related To House Buying

 

Debunking Common Fears and Myths related To House Buying

 

Isn’t buying a new house, super exciting? The phase when you actually are ready to become a homeowner from a renter! This situation is overly emotional than it looks like. Buy a home means buying comfort, personal space, satisfaction, expecting physical, financial, mental safety, and so on. Also, it can be a daunting task to match your needs with your budget, various trips of house hunting, legal paperwork, price negotiations, etc. And this is just the starter pack! While it’s all natural to feel this way, don’t let this phase overpower you in a negative way.

People believe that buying their second home is a bit less fussy than their first. Well, sorry to burst your bubble, but there is no such thing like that. Likewise, there are many such pre-conceived notions, fears and myths associated with home buying. We have curated a small list aiming to help you through your purchase decision process! Here we go –

#1 Am I making the right choice?

 

making the right choice

 

This though can bug you again and again for sure. Although, it can’t be avoided, we can surely take a few precautionary measures for it. Simply make a wish list about all your needs and features you want your house to inherit. Thoroughly research all the necessary procedures required for house hunting and buying. The more educated you are, the less stress it’ll create. Look for what you will be expecting in the current market at your price range. This can also help you decide whether you want to wait and raise more funds. It’s advisable to find houses that won’t exceed your finalised budget, to avoid regretting later. Also, don’t get tired of visiting various options, twice if necessary to finalise your buy! Prepare yourself diligently about all the stages so that you will know what to expect next. Take a professional advice at this stage if needed.

#2 What if I don’t like the bought property later?

 

the bought property later

 

This is termed as Buyer’s Remorse. Especially for first time buyers who pit in all their dedicated wishes and finances. Almost 3/4th of the buyers experience this in their pre-buying phase. You’ll have several aligning questions regarding your neighbours, your locality, etc. But, once you start residing there, you settle in comfortably. You grow attached to your new home and start making fond memories!

#3 Your Down Payment must be 20%

 

Down Payment

 

This is the most common myth of all times. Although, 20% is the standard rate of Down payment, but not a compulsion. Many lenders offer houses on a lesser percentage too. And therefore, it is not impossible to get a house at a lesser down payment.

#4 I don’t have enough credit score.

 

credit score

 

Surely, Credit scores display your reliability to the lender, but contrary to the popular belief, lenders don’t require an over the top credit score. It is an important document in the mortgage process. But if you have a lesser credit score, other options and alternative credit sources are taken into consideration.

#5 I don’t need any real estate agent!

 

I don't need any real estate agent

 

Many believe to go on a solo house hunting quest to avoid additional charges with regards to an agent. And with online portals offering personal help, people at times give up on the idea of hiring a real estate agent. This is a similar mistake we sometimes make while online shopping. It is always best to get help with the industry experts who charge a fair commission for their consultation. A real estate agent will assist you with flexible options pertaining to your budget and needs. He helps you throughout the entire process right from house hunting to legal settlements.

#6 What if my house value depreciates?

 

house value depreciates

 

Well, that’s a guarantee no one can give. The house value and real estate prices fluctuate because of various reasons. Namely the economy, degradation of neighbourhood, climatic changes in an area, landfills, etc. Even the deep rooted professionals cannot entirely predict such a situation.

To conclude, there will be some or the other compromise one needs to make as no house is technically perfect. But don’t let this doubtful scenarios restrict you from buying your dream house.

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