Misinformation in real estate industry hurts the buyer as well as the seller. It is therefore suggested to keep yourself away from myths. However, knowledge about what is myth and what is real comes with experience and hence below are some valuable suggestions from industry experts:
The first and foremost myth in real estate industry is that the first-time home buyer needs to pay cash deposit of 20 percent. Well it is not very true as there are some programs that require just 5 percent of down payment from first-time buyers.
It is commonly said investing in single-family residential home is not good, but if you are creative and know the market correctly you can get good returns out of it too. Instead of renting the house you can convert it into vacation rentals and this will fetch you good money regularly.
Don’t skip home inspection as many may suggest you. You may land in problems. You have the right to get a full, professional home inspection.
Don’t completely rely on demographics and online sites. Those may not always be correct. It is better to have the personal touch. Try to find someone who lives near to the property so that you can get correct information.
It is even said you need money out of pocket to buy a home, but there are several strategies and techniques that can help you get into the game with little money in your pocket.