5 Home Buying Myths Debunked


For people who are new to buying houses, it can be a very exciting yet stressful journey to finally choose and seal the deal for a house. 

For this purpose, buyers start looking for advice and ways that can help them to be aware of the process and the risks involved in it. 

Most people first consult with their friends and families, who offer unsolicited advice for home buying. 

However, such advice may not always be accurate or in line with what you are looking for. Such cases can be very problematic for buyers, especially first-timers who may not be aware otherwise. 

To ease this predicament,, this article debunks all the myths that are associated with home buying and its process. 

  1. Home Inspection Is Not a Necessity

Putting faith in just the property advisor and house is not the way to go, especially when you’re investing such a large sum of money. 

More and more people are now waiving home inspections before buying a house just because they are not willing to spend more money.

What they don’t see is the risk of getting a house that may be severely damaged in its structure, something that doesn’t show up from the exterior of the house. 

When you skip the home inspection for a new home, you are willing to own the house, along with all its existing problems. In such a situation, ask yourself: Will the money saved on home inspection actually be worth it in case the house turns out damaged? 

The answer is no.  

So your best bet is to not opt for this advice and go for a home inspection once you’ve finalised the home you’re going to buy.

  1. The First Step is Always to Look for a House 

Relying on your first instinct and instantly starting your hunt for a home is not a great way to go around things. This is because there are a lot of important steps that you need to process beforehand, and prepare accordingly.

You have to secure your home loan first (if applicable), set aside the money in your account, plan a budget for renovations, decor etc., and get your mortgage or instalments approved. 

All these steps are preparatory so that once you start hunting for your dream home, you can immediately buy it without having to wait. 

  1. Avoid Buying in a Real Estate Seller’s Market

A common misconception in real estate is the hike of property prices in the seller’s market, as the number of buyers is more than the number of houses. This may come as competition for some, but you can take it as a competitive advantage instead.

This is because even though the prices may hike high on bids, some great options do qualify as just the right deal for you. Besides, you might get a deal on low-interest rates and payments which is a great long-term advantage, considering other houses. 

Avoiding seller’s markets altogether is not the option. Instead, it is a great opportunity to look at different homes and deals among which you may eventually find your ideal home such as a house for sale in DHA Lahore  can be your dream home.

  1. Closing Costs Will Be Too High to Afford

If you’re a first-time home buyer who is looking for a house for sale in Bahria Town, Lahore, you might get a little caught up in the mix of all the documentation fees, bids, appraisal costs, home inspections, etc. 

In such a chaotic process, many people are confused that the closing price for a house might be too high to afford.

But this is just a misconception. Generally, closing costs range below or above around 2-5% of the original price. So you can keep a margin in your mind, and save up just in case to finalise the purchase. 

  1. It’s Not The Right Time to Buy a House 

This is by far the most common advice and confusion that comes in the decision-making process for buying a house. 

This is because people are afraid to make such a big investment with their hard-earned money, and eventually, want to wait it out and get the best deal for their money’s worth..

But the truth is, mortgage rates are never reverted. They keep increasing over time, along with the increase in real estate prices. So if you’ve decided on waiting, it might eventually cost you more, which can be a huge problem.

Besides, waiting for the right time in real estate is never an option since the market is always uncertain, and liable to the economic conditions of the country.

These above-mentioned myths are a red-flag when it comes to home-buying facts and practices, which is why you should always conduct your own market research to make the best decisions. 


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