Several Misleading Ideas First-Time Homebuyers Often Believe

Posted on: 1 December 2016

There are few experiences that will be as exciting or memorable as buying your first home. Yet, the process of buying a home is highly complicated, and it is important to understand some of the more common misconceptions surrounding the process.

Myth: It Will Save Money to Skip Hiring a Real Estate Agent

The amount of money required to buy a home can be intimidating, which can cause individuals to want to save money through cutting any unnecessary expenses. Unfortunately, it can be common for individuals to forgo retaining an experienced real estate agent. Yet, this can prove to significantly add to the cost of buying a house. This is due to the fact that a real estate agent will have a more thorough understanding about the current homes that are available in the local market, and they will be able to greatly help with negotiating for the best possible price for any homes you are considering.

Myth: The Seller Is Always Legally Required to Pay for Problems That Are Discovered after the Sale Closes

It is a common misconception for new homeowners to assume that the seller will be responsible for the costs of repairing structural problems that are discovered once a deal is made. Yet, this is not the case for most jurisdictions. As a result, it is essential to perform thorough due diligence prior to committing to buying a home. This due diligence will involve having the property professionally inspected so that these issues can be discovered before you make a legally binding bid for the property.

Myth: You Can Opt out of a Homeowners Association

It is common for homeowners to want to own a house that is free of the restrictions that can be imposed by homeowners associations. Unfortunately, some people assume it will be possible to opt out of these organizations. This is not the case, as homeowners associations are often a part of local zoning laws and regulations. As a result, their jurisdiction can be legally enforced. For this reason, you should always make sure that you find the rules of any potential homeowners associations acceptable prior to placing a bid.

Buying your dream home can be an intimidating process, but it can be more than worth the stress and inconvenience that it can pose. For those that are starting this process, knowing that a real estate agent can help to save you money, knowing the importance of having a property professionally inspected, and understanding that it is not possible to opt out of a homeowners association will make this process easier to navigate.