People do a lot of research before buying any new property and especially when they are a first home buyer. In the initial stage of home buying, many people create or get wrong and bad information about the difficulties in searching, investment, deposit and agent of their new homes.
There are many misconceptions in the market which are preventing home buyer to take the first step towards home buying. These are the common misconception that comes in the initial stages of the home buying process and stick throughout the process.
#1. Don’t Buy or Sale on Spring Season (FALSE)
In the most region of Australia, autumn and winter seasons is the best time to search home and property for home buyers. A home buyer can measure the home specification, sunlight, natural and artificial property feature. Agent and builders get tough completion at this time.
#2. Deposit Can Be a Big Trouble (FALSE)
Previously many financial companies are offering 100% amount to the borrower the on the purchase price. But later on, some lenders want at least 20% as a deposit amount of the total property cost. Currently, the ratio of down payment has decreased to 5%, and their borrower can easily invest the small amount in their new house without any hassle and extra financial effort.
#3. Hiring an Interior Designer Is Good (True)
A full furnished home catches the eyes of the agent as well as home buyers. Fully furnished homes required fewer changes and therefore, less effort and low modification price. Hiring an interior designer gives your new home a new fresh feel and bright looks. You can consult with your interior designer for latest home design and decoration ideas. If you have some extra budget then gives your home a fresh new look before selling.
#4. All Real Estate Agents Follow Same Rules
Many people believe that real estate agents are always cheating with home buyer and seller. Some common misconception about real estate agent are like too expensive, high commission, hiding necessary information, etc. But before hiring any real estate agent always do proper research such as company history, past sales experience, office address and commission. Choosing a right agent may help you to sell your property at the right price and hassle free.
#5. Always Sell before Buying (FALSE)
It is not always necessary to sell your home first before buying a new home. Before selling your existing home make sure secure your new home first. It is always recommended to maintain the documentation properly before buying and selling your new home so that you don’t have to wait so long for preparing documents.
#6. Buying New Home Is Quick & Simple
It is not always too hard and too simple of buying any new house. If you have clear thoughts and ready with the checklist, then you can start searching your dream home. Few things you need to ask first like property title, locality, mortgage, home appraisal, etc.
#7. Lowest Interest Rate Are Always Best Option
Actual price is completely different your expected amount. You might need to pay some extra money in various area such as home insurance, closing cost, appraisal and inspection cost, property taxes, utility bills, etc. Considering these cost can help you to plan better budget plan.