When it comes to buying a home, selling a home, and real estate agents, there are a lot of misconceptions out there. Many people believe that real estate is super straightforward and simple — and in some ways it is. However, there are nuances and other aspects of real estate that can create headaches for new home buyers if they aren’t working with an experienced real estate agent like ours at Robert Bourne Real Estate, LLC in Miami. In today’s blog, we explore some of the more common real estate myths that our team has encountered over the years. Keep reading to learn more and reach out to one of our real estate agents to start your Miami real estate services!
You Need A Large Down Payment
One of the most common real estate misconceptions we hear at Robert Bourne Real Estate, LLC in Miami is that you need loads of cash to buy a home. While you definitely need some money when buying a home, it’s actually much more reasonable than you might think. In past years, you needed to put 20% down or more to buy a home. But nowadays many people are discovering they can buy a home for as little as 5% down in some cases. That means that with reasonable credit and diligent savings, you too can be a homeowner! Ready to get into your first or next home? Get in touch with one of our real estate agents today.
Your Only Monthly Cost is Your Mortgage
Another real estate myth we hear all the time is that the only monthly expense you need to worry about when buying a home is the mortgage. While your mortgage is certainly an expense you have to account for, there are other things that you would be wise to budget for as well. Some properties have an HOA, some loans require private mortgage insurance, and you can’t forget about utilities like trash and water. Also, depending on the home, there may be maintenance costs you should keep in the back of your mind as well. These can include things like filters, repairs, and other regular home maintenance. At Robert Bourne Real Estate, LLC in Miami, we want to set you up for success and make sure you’re as well-prepared as possible! Be sure to get all the details about your monthly expenses from your real estate agent so you know exactly what to inspect once you move in.
Don’t Buy a Vacation Home
Here in Miami, Florida, there are quite a few properties that are used as vacation homes. Some people don’t think it a wise investment. But, if you manage it properly, buying a vacation home can be an excellent decision for your fun and for your wallet. During the winter months, there is no better way to thaw out than soaking up some of the Miami sun! And, while you are at your main residence, your home can be making money for you. Not only is it likely to steadily gain equity over the years, but you can rent your vacation home out to have it pay for itself. When done right, vacation homes can be a great real estate investment opportunity — especially here in Miami.
You Don’t Need to get Pre-Approved Until You’ve Found a Home
Perhaps one of the most frustrating misconceptions for homebuyers and real estate agents alike is the thought that you don’t need to get pre-qualified until you find a home you want. Good homes move quickly. The last thing you want is for you to miss out on buying your dream home because while you were arranging your prequalification someone else swooped in and purchased the home. Getting prequalified has only positive effects. It shows sellers that you are serious, it helps expedite the process by getting the leg work done early, and it gives you the ability to make a move on the right home at the right time.
Robert Bourne Real Estate, LLC
At Robert Bourne Real Estate, LLC in Miami, we are happy to help you get more information about selling and buying a home! Don’t hesitate to reach out to our professional real estate agents anytime with any questions you may have. And, when you are ready to invest in your next home in Miami, Miami Shore, Miami Beach, Aventura, or Bal Harbour, contact our real estate agents at Robert Bourne Real Estate, LLC!