A Guide To Informed Home Buying: Myths 

Purchasing a house gets a choice after looking through builder websites and consulting with family and friends for several months. But the little morsels of advice that well-wishers offer may not be based on complete facts that are unknown even to them. Here, we debunk a few of these beliefs to make it easier for you to effortlessly select your ideal property. The greatest properties on the market are what we can work with at 3SA Estate.

Purchase a home in a city for a profit

The cost of living in metro areas makes it harder to find cheap real estate. Inertia in the market and price stagnation are other issues that might prevent your home from appreciating. The outlook is significantly better in rising micro-markets, where startups and international corporations are proliferating. Property may be purchased at comparatively low costs, and as the city grows, land values will rise, providing you with high returns over time.

Take advantage of your real estate agent’s offer

Many estate agents work in tandem with conveyancing firms and provide their clients with a unique two-for-one bargain. It is an allure to use the conveyancer they recommend rather than making a significant effort to discover one yourself. They might not have made the ideal choice for you, though.

You will probably incur unforeseen conveyancing expenses like referral and processing charges. It’s in your best interest to conduct your research, as was already said. Compare the prices provided by your estate agent with those of three or four different conveyancers. Making your own well-informed decisions is crucial. Take advantage of your real estate agent’s offer.

Finding a home is how you begin the process

One of the biggest misconceptions about purchasing a home is that you must begin by looking for a suitable property. However, this might not be in your best interest because you may confirm a house only to find out you do not qualify for the required mortgage amount. In this case, you will need to begin the house-hunting process again, already wasting valuable time. To buy a property, you should ideally make sure that your finances and credit are in order. After that, you apply for a mortgage pre-approval. Find residences in accordance with your qualification amount once you know it.

Green buildings produce green returns

The real estate sector is still too young to have much information regarding value appreciation due to the trend of greenhouses. The 3SA Estate depends on the future buying sentiments of home buyers and the sale of the current green properties in the market. 

However, government policies are increasingly pushing for green architecture – electric vehicles, new technologies, and green homes. So, it gets safe to say that green will become the norm in the coming years, tipping the buyer sentiment in favour of greenhouses. The green properties have the potential to appreciate much faster than regular properties in the future.

You do not have to make a 20% down payment

There are now lending programs created specifically with first-time house purchasers in mind since times have changed. Even though you get prepared to put down a deposit, it can be in your best interest to consider all of your possibilities. Apply for down payment assistance. Check with state and local agencies.

They can offer grants or loans. To qualify, you don’t have to be a first-time home buyer! Use gift money. Just as it sounds, it gets money you receive as a gift. You send copies of your most current bank statements, the most recent statements from your donors, and cashier’s checks.

A project is reliable and trustworthy if it has attractive advertisements

It is not unusual to see extravagant, full-page advertisements for impending projects. Keep in mind the saying, “All that glitters is not gold.” Avoid being misled by eye-catching newspaper advertising or commercials with celebrity endorsements. Make sure you conduct your research instead. Additionally, never miss on-site visits to determine the condition of a project. Examine and evaluate every aspect of the project, including the common spaces, services provided, etc. 

If you have student loans, you cannot purchase a property

Student loan debt should not bar you from applying for a home loan; what matters instead is whether your earnings cover all debt obligations (housing loans as well as student loan debt). Your debt-to-income ratio (DTI), an indicator that measures how much of your monthly income goes toward paying down debt payments, must also be carefully scrutinized; you can calculate this figure by dividing monthly debt payments against gross monthly income and multiplying by 100 to get this figure.