When you’re a first-time homeowner, it can be intimidating to dip your toes in the homeownership waters. There are a ton of misconceptions and myths about the home buying process in Colorado Springs. These myths have kept some people from buying a home, and from realizing the many personal and financial benefits of owning a home.
Let’s clear up some of these misconceptions.
Myth #1 – It is cheaper to rent than own.
Maybe. But maybe not. There are costs and benefits to both sides of this myth. If you purchase a home in Colorado Springs that is within your budget and you can comfortably make payments, then renting may be more expensive than buying. Owning a home has additional costs not associated with renting, like repairs and improvements, but you’re also building equity when you own a home. There’s no equity when you rent. Your mortgage payment is like paying into a savings account every month. That savings can be used later on as needed or can be turned into a down payment on your next home. Be sure to look at the big picture when you consider this myth!
Myth #2 – The seller has to fix everything on the home inspector’s report.
Nope. Most offers to buy a home in Colorado Springs will allow for a home inspection and the opportunity to negotiate for repairs with the seller. However, the seller is NOT obligated to repair nearly anything – it’s a negotiation! You can ask the seller to fix anything you want, but they can refuse, leaving you with the option of continuing or walking away. It’s unusual for a seller to fix absolutely everything a home inspector notes on their report.
Myth #3 – Your perfect home is out there, you just need to wait a little longer…
Homes are like people – and nobody is perfect. Even a brand new home might have a few flaws. The goal of a house hunt is to make the best choice and find the right one – but the right one is probably not perfect! If you fixate on all the little things about a home that may be wrong, you’ll never find one that is right. A good agent can help you identify issues that should be deal-breakers, and help keep perspective on identifying irritating details from the big picture.
Myth #4 – You don’t need a real estate agent to buy a house.
You also don’t need a contractor to build a house, or a mechanic to repair your car – but you rely on them anyway for their professional expertise! Real estate is the same. Being represented by a licensed, and COMPETENT, real estate agent in Colorado Springs will give you the benefit of their knowledge and experience. They know how to get financing, how to negotiate on your behalf, and how to get deals closed, while always putting your interests first. This is a major investment. You should want to have someone on your side who can help you leave no stone unturned and likely save you money and headaches.
A pro real estate agent can sort the myth from reality and make your first time home buying experience a positive one! Contact us today so we can talk about your needs and how you can become the proud owner of your first home in Colorado Springs.