First-time home buyers are often faced with a mix of stress and excitement. The prospect of owning your very own place is appealing, yet the challenge of finding a place, acquiring financing, and following the buying process perfectly to meet deadlines can prove to be a lot to handle. Hiring a real estate agent can prove to be a tidy answer for these concerns. Skrabut Realty is happy to be your team of local Realtors in Michigan, delivering results that are sure to exceed your expectations. When it comes to buying a house in Oakland County, nobody works harder to deliver a better experience than our real estate company!
We aim to help clients through every step of the house buying process. Today, we’ll continue to discuss real estate myths that often prove to be more discouraging than anything else. When ready, be sure to contact us to learn more!
Income is King
Many people enter the home buying realm thinking that their income is the top factor in determining their purchasing power. It’s important to know that your overall debt and payment histories can come into play as well. Someone who pulls in six figures a year may have a harder time qualifying for a $250,000 house if they have a lot of debt, whereas an individual with little debt can be a better candidate while only making $75,000 a year. Every situation is different, and only by taking a closer look at your financial picture can our Realtors help to paint a better picture of how to best strategize your home purchase.
Sellers Cover Costs
Part of buying a home consists of concessions and price agreements. Many people enter this process with the belief that the sellers will cover the closing costs out of their one-time income source. Don’t assume this is the case! Depending on the market conditions, many sellers will opt to split the closing costs associated with their home. In some cases, sellers will opt to cover all fees while others may leave it to the buyers to cover those costs. This stage of the process is crucial for utilizing a real estate agent that can negotiate closing costs on your behalf. If repairs need to be done to the property, for example, they can be leveraged in the negotiations to provide the buyer with a better outcome. Whether people choose to pay for the repairs before selling or they discount the end price, representation and planning can prove beneficial when closing.
Renting Over Buying
With property taxes and upkeep costs, owning a home may seem like a costly venture. Many people opt for renting, as the lack of ownership equates to more cost-efficiency throughout the years. While leasing a home does have its inherent benefits, the long-term productivity of buying a home actually makes purchasing a very attractive option. Based on your market, rent prices are often higher than an actual mortgage. Renting also consists of you as the tenant paying a landlord’s mortgage every month. While your money is gone and never heard from again, the process of paying a mortgage helps to boost your personal assets. Many homeowners view home buying as an investment, where your time and money placed into the house should end up being profitable when all is said and done. Be sure to speak to your real estate agent to determine which choice is truly the best for your property market and personal goals.
While buying a house in Oakland County may sound like a challenge, the process can be made much simpler by working with a local real estate company. Skrabut Realty is proud to take on your task, providing all of our Realtor services in a way that makes buying a home as seamless as possible. The world of real estate is rife with myths and inaccuracies, all of which should be dispelled for everyone’s benefit. Contact us today to see how we can help you find a place in Michigan!