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5 Common Real Estate Myths that Plague Buyers

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The real estate market is one of the most dynamic and complicated sectors of the economy.

 

Individuals do not buy and sell homes that frequently, hence they sometimes get out of touch with the industry. Most people’s understanding of the industry is based on the perspectives of their family members and friends. This gap in knowledge has facilitated the spread of numerous myths. Such dogmas are hurtful to the sector because buyers are likely to keep off from purchasing new property. Potential sellers could also be forced into keeping the property they intend to retail. 5 Common Real Estate Myths that Plague Buyers

 

Despite the fact that we are living in a digital age, myths that date back to preceding generations about buying and selling of property continue to be propagated.

 

Even though the Internet has caused a paradigm shift in the way real estate is advertised and traded, a lot of information on the web is even more confusing and contradictory. Information found on this platform could be helpful but again confusing. The following are the common fallacies that prospective buyers are subjected to.

 

Agents are not important

 

The most common falsehood that buyers are subjected to is that they can get a superior deal devoid of the services of agents. The truth is that if the property is registered with a selling agent, the agency fee is always included on the selling rate. Buyers are often told to avoid such properties because they are likely to cost more, which is not true. In any case, prospective home owners ought to use representatives since they have an enormous portfolio of properties to choose from. In addition, these experts can offer sound advice concerning the best home mortgages available.

 

The Value of Property is always on the rise

 

Many buyers are made to believe that the market is constantly on an upward trajectory. This makes them make panic buys with the notion that they will not afford to get cheaper bargains if they keep waiting. This is not the case because there have been numerous cases of the market experiencing meltdowns, which always cause a decline in the value of homes. Customers therefore ought to exercise patience and but when there is a slump in the economy.

 

Make Sure the Bathroom and Kitchen are renovated before buying

 

Purchasers do not need to bother about such minor facilities. Their renovations can cause a further increase in the price of the house. The buyer might want to personalize these facilities to suit his or her needs. Purchasing a house with renovated facilities, which do not meet the new owner’s preferences means having to pull them down, which is costly.

 

Quote your Price Lower than what you Expect to get

 

Numerous buyers have been pushed into believing that quoting a lower price for a piece of real estate than the price they hope to purchase at will make them get a good deal. This is not the case because most of the seller's quote a fixed price, which is based on the valuation done. Being too stingy could make one miss out on a reasonable priced deal. Only desperate sellers can accept a measly amount for what they are selling.

 

Never buy old property

 

Most people have the misconception that ancient property should not be bought because most of them are often infested with bugs such as termites, fleas, wasps and moths. Buyers should however keep in mind that these are the best bargains because they are relatively cheap. Restoration is not that expensive. In addition, once the property is bought, one can use kitchen cabinet refinishing to test bugs. This not only destroys their breeding ground but also restores the appearance of the cabinets. Pathogens such as germs and airborne bacteria, which could have accumulated due to disuse, can also be removed through in-depth disinfection.

Buying is an easy process because once the myths are addressed, the buyer can have the requisite information about making the transaction at the most appropriate time. No more buyers ought to suffer from prejudices associated with buying real estate.

Greg Dastrup is a world traveler and professional writer with a passion for learning new languages. He’s spent most of his career consulting for businesses in North America.

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