Misinformation hurts both home-buyers and sellers, especially when looking to purchase a house for the first time. There’s a wealth of “common knowledge” out there that everyone believes, and not enough people who can recognize how those tales will steer them wrong.
Experience helps when identifying bad information. That’s why members from Forbes Real Estate Council have collected some of their least-favorite myths about real estate that they wish would fade away completely. Here are some beliefs you should watch out for when buying or selling a home:
1. First-Time Buyers Need 20% For A Deposit
Most first-time home-buyers we speak with have been informed they need 20% cash deposit to purchase a house. Many first-time home-buyer programs require only 5% down. There are also many housing programs that offer first-time buyers an opportunity to save up to $5,000 and will match one to two times the deposit, which is non taxable savings. – Susan Leger Ferraro, Peace, Love, Happiness RealEstate