From house-hunting and securing a mortgage to closing day, there’s a lot to consider when it comes to purchasing a home – especially your first home. And often, advice will pour in from all sides from well-meaning friends and family. But unfortunately, fiction and misconceptions can negatively affect your homebuying process, and you could end up making costly mistakes. To help you with that, here are three common myths you should completely ignore when buying your first home in Tampa Bay:
Start by Looking at Homes
A prevalent myth is that you should start by searching for homes, even if they’re priced lower or higher than you expect to spend. That’s never a wise idea. You might end up falling in love with a home but fail to secure the mortgage amount necessary to purchase it. So, instead, the right first steps should be looking at your budget, getting preapproved for the mortgage, and contacting your Tampa Bay real estate agent to help you in your search for relevant homes.
You Must Make a 20% Down Payment
This is probably the most common homebuying myth, but you actually don’t need 20% down. In fact, a study has shown that the average down payment paid by first-time homebuyers is 6%. More so, veterans and active-duty military can benefit from VA loans that don’t require down payments at all. Rural homes are also eligible for USDA loans that have minimums of 0% down. Moreover, you could qualify for the FHA loans that have minimum down payments of 3.5%.
A Home Inspection Isn’t Necessary
Some buyers agree to waive home inspections in a hurry to nail down a deal. But skipping the inspection can be a costly mistake. Far from being a mere formality, it’s an excellent way to uncover issues with a property before completing the sale.
Need Help Buying Your First Home in Tampa Bay?
Tall tales and outdated assumptions can often affect your homebuying experience. But don’t let these myths deter you from buying a house! To find out more about homes on sale in Tampa Bay, contact our real estate experts at 813-773-5888 now! We’d be more than willing to help you find a home suitable for your taste and preferences.