Myths About Owning a House: Part 2

Table of Contents

Myth 5 – Selling a House Without a Real Estate Agent Will Save You Money

Buying a home is one of the most important decisions in life. This process involves a lot of money and you just can’t afford to not have a real estate agent on your side to help you in that process. Real estate agents get commission, but the commission is usually part of the selling price. A real estate agents use their expertise and experience to help you get the lowest purchase price. They are experienced in understanding those long and difficult contracts, something which the average consumer will find it difficult to comprehend by himself. In addition, there are other aspects to examine when buying a house that the average consumer may not be aware of, and the agent knows them in depth. Bottom line is, not using an agent will just stress you and make you waste time, money and energy.

Myth 6 – It’s Cheaper to Buy a Home That Needs A lot of Renovating

People think that if they buy a really cheap house and renovate it into their dream house, it will cost them less money. In reality, taking down walls and renovating the kitchen, the bathroom and the living room is really difficult and expensive. If you plan to buy a house, buy one that you already like, and not one you will have to tear down completely to make it a house that you like.

Myth 7 – You Should Buy the House if The Bank Approves the Maximum Mortgage

The bank approved a loan up to $350,000, but that doesn’t mean you should go out and buy a $350,000 house.
The fact that the bank approved you the maximum mortgage, doesn’t mean you can afford it and pay the payments. Do the calculations yourself to see if you can afford it or not. It is recommended that you should not spend more than 30% of your monthly income on housing or rent.

In conclusion, Buying a home is a goal that many people have and dream about. This is not a simple process and there are quite a few myths\ misconceptions about buying a home. Just make sure you understand all the other options you have before making that decision.

MLS Acobir, is the most preferred property list in Panama. Please contact us for all of your Panama relocation and real estate needs.



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