Buying a home can be a confusing process, especially if it’s your first. There are a few common misconceptions that are associated with it.

The first-time homebuyers often tend to fall prey to them due to their lack of experience in real estate.

To make sure that you don’t buy into those myths, we have come up with a list of 5 myths about buying a house which are completely false.

  • You have to start by looking for a house

People associate buying a house with just simply browsing through catalogs while giving less priority to other crucial factors.

The first thing you might want to consider is the location that suits you the best. Things like surroundings, demographics and the various other conveniences such as educational institutes, hospitals, commercial spaces etc that are available within its close proximity will affect your lifestyle to some extent.  

Another key factor is the budget. As a buyer, you want to look for the houses within a specific budget limit. Going for a house with a higher price tag will provide you with the most luxurious conveniences but it is the budget that one has to consider while contemplating an affordable price range,

Making a proper budget plan beforehand is always convenient.      

  • Avoiding real estate agents

Usually, people directly go to the property developers for the deal. Though there is nothing wrong in that, it’s always handy to have someone who has more knowledge and experience in dealing with property buying.

Agents and brokers offer multiple options that are going to fit in perfectly along with your budget and your needs. You can definitely choose the perfect home for yourself but when it comes down to choosing a specific house based on your budget then it is more sensible to hire someone who can recommend you the best house for your money.

You can consider a real estate agent as a reliable guide to buying homes.  

  • There is no need for a home inspection

You might end up in a situation where you feel that a particular house will make all your dreams come true.

The hype of the moment will encourage you to buy the house immediately because you think that spending time on inspections might result in your house being sold to someone else. The thought of losing your home to someone else that makes you skip the inspection is what the sellers are waiting to capitalize on. Once the contract is signed you might end up buying a house with numerous inconveniences.

Most of these problems aren’t even visible on the surface level. Even though a thorough inspection of the house will require you to spend a decent chunk of money on it, you will save a lot of money in the future. The best way to this is by hiring a professional team that is capable of conducting a detailed inspection of the entire property.  

  • Renting a home is cheaper than buying it

This statement is definitely not true, especially if you are planning for settling in a particular place.

What people don’t realize is that purchasing a house is a long term investment for them, whereas paying monthly rent for a house can end up becoming a livelihood expense in the long term.

Renting a house in metropolitan cities can be an expensive process since the rents are high and they keep on increasing by a significant percentage every year. Saving up for your dream house and paying the EMI cost for it is much more economical than just paying the rent every month.

You also lose your freedom to modify and renovate your house when you are living on rent. And this is why buying a house will always outweigh renting it. It is a beneficial investment in the long run.

  • Making a decision based on the market condition

Wait! Shouldn’t we consider buying a house when the prices are low in real estate? Yes, we should, in fact, it’s the best time to look for a house in the market. But we need to consider our individual affordability here.

Just because the prices are low, doesn’t mean that it’s affordable. On top of that, the decision that you make needs to have some valid research backing it up. You can take help from a financial planner who will help you in planning the monthly installment that you can afford on the basis of your current financial situation that includes a thorough assessment of your income, liabilities, loans, insurance etc.

It’s always good to have a plan instead of just following a trend. Market conditions aren’t that impactful anyways since you will certainly get the returns on the investments that you have made on your property.      

Proper research and a little professional help will make sure that you avoid getting manipulated by those misconceptions. But since we busted some of the most infamous myths about buying a house, you can be certain that you won’t be manipulated by them anytime soon.