For some reason, many people assume they know everything about real estate. This is especially true for people that have ever sold or bought a home, even if that was two decades ago. What people do not know is that the sector is constantly changing, and what was true fifty years ago may not be right now.
Could it be that you are holding on to these three myths in real estate?
The agent gets to keep all the commission
Agents play a huge role in real estate here in Donnybrook. For their troubles, they are legally paid a commission by the side they are working for. However, the agents themselves do not receive the entire percentage of the amount paid as commission. Their brokerage firm gets to keep a part of it.
An inspector passes or fails a home
When you are buying a home, one of the things you will want to do is have it inspected by an experienced professional. Their work is to give you a report that shows the condition of the house, including the age of the HVAC, plumbing and other key components.
They also estimate the economic life of these systems. However, only you have the responsibility to decide what to do with the report.
A down payment is the only upfront cost
Many first time homebuyers are so concerned about raising the typical 20 percent down payment that they forget about any other upfront costs. In truth, the down payment does not cover other crucial expenses such as home inspection, closing costs and so on.
It is thus best to set aside some additional money to cover such costs.
There are many erroneous assumptions when it comes to real estate, some of which may appear true. Debunking such myths can help you better understand how the industry actually works.