Real Estate Myth-Busting: Separating Fact From Fiction

It's no wonder that real estate is one of the most popular topics among professionals and The Best Real Estate Agency Ferntree Gully alike. When it comes to investing in homes, properties, and other assets, everyone has an opinion on what's valuable and what isn't. 

That being said (pun intended), there are so many misconceptions about real estate that it can make even the most seasoned investor question whether they're doing everything right or not. 

In this blog post I'm going to take a closer look at some common myths about real estate investing so you know how to separate fact from fiction!



Myth #1: You Need a 20% Down Payment to Buy a Home

The first myth is that you need a 20% down payment to buy a home. In reality, the down payment is the amount of money you pay upfront when you purchase a home. It's usually 5% of the purchase price, but can be as low as 3%. 

You can also put no money down at all and instead take out an interest-only mortgage (where only interest payments are made) for several years before converting it into an amortising loan--with principal payments added in later--that allows you to keep paying lower monthly instalments while saving up for other expenses like furniture or appliances.

Myth #2: Real Estate Agents Make Huge Commissions

The second most common myth is that Real Estate Agency Ferntree Gully make huge commissions. The truth is, they only get paid a percentage of the sale price--typically around 6%. This commission is split between the buyer and seller and can be negotiated by either party. 

As a homeowner looking to sell your home, you have some control over how much money goes into your pocket at closing; if you negotiate with an agent who's willing to work with less than standard rates (which are already low), then more of your hard-earned cash will end up in your bank account.

Myth #3: Renovations Always Add Value to a Home 

It's true that renovations can add value to your home. They can also be expensive and time consuming, however, so make sure you know what you're getting into before starting any renovation project. If you plan on doing the work yourself or working with an affordable contractor, remember that it's important for them to be licensed and insured before starting any work on your home.

If the reason behind your renovation is purely aesthetic (i.e., changing out fixtures), then consider hiring someone who specialises in these types of projects instead of trying it yourself--even though they may cost more than doing everything yourself would've been!

Myth #4: The Housing Market Only Benefits Sellers

This is a common misconception. While it's true that in a healthy market, sellers have the upper hand and can command higher prices for their homes, buyers don't need to be left out in the cold. In fact, they may find themselves with a better deal than they could have imagined!

Think about it--if there are more buyers than there are sellers (and this happens frequently), then competition drives down prices for everyone involved and makes them more affordable for those who aren't ready or able to pay top dollar yet. 

That means that there are plenty of deals out there if you know where and how to look for them; all you need is an experienced Realtor who knows how these things work so they can help guide your search through these waters safely while still getting great results!

Conclusion                                                            

In conclusion, we hope that this article has helped to debunk some myths about Real Estate Agency Ferntree Gully. While there are many misconceptions out there, it's important not to be swayed by them. 

Whether you're looking for your first home or planning on selling your current one, keep these tips in mind when making decisions about what type of property best suits your needs!

 Source By : Real Estate Myth-Busting: Separating Fact From Fiction

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