When you're a property virgin, it's easy to get
caught up in the excitement of buying your first home. But just because you
have a vision of your dream house doesn't mean you're going to find it. And
that's the first myth Realtor and Property Virgins host Sandra Rinomato.wants to bust.
Myth #1: You'll find the perfect home
Don't walk into a home and expect everything on
your wish list, Rinomato says. "Every house is going to have something
wrong with it."
If you find a home that's got 9 out of the 10
things you want, then really decide if not having the 10th thing is a deal
Myth #2: The house has to speak to you
Often, when first-time buyers are walking
through a home, they'll say "this home really speaks to me" or
"this home isn't as nice or good for me as the other one, which really
spoke to me."
Rinomato cautions buyers against relying on this
gut feeling. "More than likely the home was staged for buyers to feel an
emotional tie to the decor," Rinomato says. "You have to see past the
paint and decor to figure out if a home is right for you."
Myth #3: You should never buy a house with an old furnace
Never say never. While an old furnace may be a
pain to maintain or replace, it shouldn't be an automatic deal breaker if the
house in question has everything else you want and need. The same goes for a
house with an old roof, old wiring or anything old, for that matter.
The concern of course is that you're going to
spend a significant amount to fix something, change it or buy a new one-- which
is a legitimate concern for property virgins.
"It's great to identify areas where a home
can eat up your money and put you in debt, like an old furnace," "but
when you're buying a $400,000 home, it doesn't make sense for a $2,000 furnace
to be the only thing to focus on."
Myth #4: You should buy a house you can grow into
First-time buyers are often told to get a lot of
house so they can grow into it. This is a major investment, so why not make the
most of that investment, right?
Not necessarily. For instance, if you're newly
married and plan on having five kids, it doesn't make sense to go out and buy
that four bedroom house now, if it's just the two of you. Circumstances can
change -- you may need to relocate to a new
city or you could lose your job.
"You should look at your needs, not what
you'd like to have down the road," "Buy the space you need that is
affordable for you."
Myth #5: You have to win in the negotiation
First-time buyers often think they have to get
the last word to come out a winner. Not true,
"A fair deal is a fair deal for
everybody," she says. "Don't fight over a stove because it's not
stainless steel or something small like that. Focus on big things and don't
sweat the small stuff."
"People will think 'I'm accepting his offer.
I want him to accept my offer,' and get upset," "Many deals get lost
Remember, this is a business transaction, so
leave your emotions and ego out of it.
Myth #6: Foreclosures offer the best deals
In today's market, first-time buyers are very
focused on price and think they can get a better deal if they focus on
foreclosures or short sales. But that's a myth.
"The easiest home to buy is seller-owned,
where you sit down, offer x, the seller counters, you counter and so
forth," she says. "Short sales are often in bad shape, so you'll have
to pay more to have it fixed."