Uncovering the Truth About Home-Buying Myths: What You Need to Know Before You Buy
Buying a home can be one of the most significant investments of your life, and it's important to make informed decisions throughout the process. Unfortunately, there are many myths and misconceptions surrounding home buying that can lead you astray. These common myths can be particularly problematic for first-time homebuyers, who may not be familiar with the ins and outs of the process.
In this article, we'll take a closer look at some of the most pervasive home-buying myths and debunk them once and for all. From the idea that you need a 20% down payment to the belief that you can't get a mortgage with bad credit, we'll set the record straight on these common misconceptions. So whether you're a first-time homebuyer or a seasoned veteran, read on to learn the truth about home buying and avoid falling victim to these myths!
Home buying can be an exciting but frightening experience. You may seek advice from friends and family who are homeowners, but beware, not all advice may be accurate. In this article, we will debunk some common home buying myths.
Myth #1:
The first step is looking for a house. Wrong! Before browsing homes, ensure that your credit is in good shape and get pre-approved for a mortgage. This determines your home budget.
Myth #2:
A 30-year mortgage is the best option. While monthly payments for a 30-year fixed-rate mortgage are lower than its 15-year counterpart, you may end up paying more during the life of the loan. Consider other loan plans, including an adjustable-rate mortgage.
Myth #3:
Your down payment must be 20%. No. Many lenders approve loans with as low as 3.5% down, and there are several options for down payment assistance.
Myth #4:
The only up-front cost is a down payment. False. The seller might determine that you're responsible for closing costs, which can be anywhere from 3% to 6% of the purchase price. And don’t forget the fees, taxes, and other costs for inspections, credit reports, insurance, among others.
Myth #5:
You can’t buy with bad credit. If you’re looking to get a conventional loan, having bad credit may not work, but FHA loans require only a 3.5% down payment, and borrowers with low credit scores can qualify.
Myth #6:
You don’t need a home inspection. Don’t do it! Waiving a home inspection means getting the home as is, including any and all problems that come with it.
Myth #7:
The asking price is set in stone. False! The offer you make on a house does not need to be the asking price. If you have nice credit, pre-approval, and a down payment ready to go, sellers might be more willing to negotiate.
Myth #8:
You don’t need an agent. False! Let a trained professional handle the home buying process, from negotiating to finding the perfect home and completing all the contracts and paperwork.
Myth #9:
Schools don’t matter if you don’t have kids. False! The neighborhood you choose matters. Even if you don’t have children, good schools could be a sign of a good neighborhood.
In conclusion, do your research and consult professionals in the home buying process to avoid falling prey to these myths. Don't rush into making decisions and ensure that your choices align with your budget and long-term goals.
What Is Radon? A Complete Guide to Understanding and Testing for Radon in Your Home
Radon is a radioactive gas that comes from the natural decay of uranium found in soil. It can enter your home through cracks and holes in the foundation, where it can build up and potentially cause lung cancer. Testing for radon is essential when buying or selling a home, and if levels are found to be high, mitigation systems should be installed to reduce the risks. Don't ignore the dangers of radon - read on to learn how to protect your family and ensure your home is safe from this hidden danger.
Radon is a radioactive gas that occurs naturally in the environment and is responsible for causing lung cancer in nonsmokers. It can enter your home through cracks and other openings in the foundation, and its presence is not always noticeable without a professional test. In this blog post, we'll explore what radon is, how it can be harmful to your health, and what steps you can take to test for and mitigate its levels in your home.
1: What is Radon?
Radon is a naturally occurring radioactive gas that comes from the decay of uranium found in nearly all soils.
It can enter your home through cracks and other openings in the foundation, where it can become trapped and build up.
High levels of radon have been detected in homes in all 100 North Carolina counties.
New construction homes could also have radon, so it's essential to test for it before purchasing any home.
2: Why is Radon Dangerous?
Radon is the second leading cause of lung cancer in the United States and the number one cause of lung cancer in nonsmokers.
Exposure to high levels of radon can lead to lung cancer, even in individuals who have never smoked.
The risk of developing lung cancer increases with prolonged exposure to high levels of radon.
3: How to Test for Radon
Testing for radon is relatively easy and inexpensive, and it's recommended that you do so before purchasing or selling your home.
Professional radon testing can range from $100 to $250, depending on your location.
A radon detector is left in your home for at least 48 hours to test the levels of radon.
If the test shows a radon level of 4 picocuries per liter or higher, you'll want to take steps to reduce it.
4: Radon Mitigation
If high levels of radon are detected, it's essential to install a radon mitigation system.
The system draws the radon from beneath the foundation and exhausts it outside of the building, far enough away from windows and other openings that it will not re-enter.
The cost of a radon mitigation system will vary, but it should cost less than $2,500.
More information on radon mitigation can be found in the EPA's Consumer's Guide to Radon Reduction.
Radon is a dangerous gas that can cause lung cancer in nonsmokers, and it's essential to test for it before purchasing or selling your home. If high levels are detected, a radon mitigation system must be installed to reduce the levels. Testing and mitigating radon levels in your home is relatively easy and inexpensive, and it's a crucial step in keeping yourself and your loved ones safe.