When it comes to buying a home, there is a wealth of advice available from experts in the field. However, not all tips are reliable, and some commonly touted advice may not be as crucial as it seems.
We created a list of three home buying tips that you can safely ignore, according to The Hill, citing Realtor.com chief economist Danielle Hale and The Varsek Team lead real estate agent Chris Varsek.
Staying in Your Home Forever
One of the timeless pieces of advice often offered is to buy a home with the intention of staying in it forever. While the sentiment behind this advice is to promote long-term stability, the reality is that life is unpredictable. Job opportunities, family circumstances, and lifestyle changes can all influence the need to relocate.
Instead of fixating on a forever home, Hale suggests only living in a property for up to seven years to "recoup home buying costs."
Passing Over the First Home You Look At
Many homebuyers are advised not to settle for the first home they see and to explore multiple options before making a decision. However, overlooking the initial property that captures your interest may mean missing out on a hidden gem, according to Varsek.
"What if the first house you look at is the best fit for you, but you passed on it just because you went there first?" he said. "When you find the house that fits that vision - buy it!"
In addition, Varsek recommended requesting a buyer consultation with a reliable real estate agent. Typically, realtors will explain how the real estate market works, the contracts used, and the home buying process during a consultation.
Paying a 20% Down Payment
Traditionally, a 20% down payment has been seen as the gold standard for homebuyers. While a substantial down payment can offer advantages such as lower monthly mortgage payments and increased negotiating power, it is not always a mandatory requirement.
There are a range of mortgage options that home buyers can get even with a down payment of as low as 3.5% or 0%. Exploring all offers and choosing the ones that fit the needs and the financial capability of the buyer is recommended.
