First time home buyers that are looking to purchase a single house in Ratchaphruek should be aware of the different real estate myths that could cause trouble. These myths are usually hurting the sellers and the buyers because it spread misinformation. Wrong information can be easily filtered out once a person has gained experience but it might be quite difficult for a first timer in the market.Here are some of the most common myths that people should be aware of when they are planning to buy or sell a property.
According to real estate agent, Susan Leger Ferraro, many first time buyers think that they are require to pay a 20 per cent deposit in order to buy a house. This is not true because there are a lot of programs for first time home buyers that only ask for a 5 per cent down payment. There are a number of housing programs that are even offering buyers the chance to save a few thousands.
Stablegold Hospitality’s real estate agent, AliJamal, said that there is a misconception that single family homes are not very good options for investment. It is true that managing various properties at once can take a lot of time and the ROI can be weak but can be countered easily if the owners know how to be creative. If they are renting out a single house in Ratchaphruek, they can transform it into a vacation rental and list it on sites such as Airbnb which charges daily. This way, cash flow is higher for the specific property.
Sohinshah, a real estate agent of InstaLend, said that one of the most common myths is that homeowners think they can skip the home inspections. There is quite a competition among buyers especially during the bidding process. There are those that are willing to close the deal as soon as possible without going through home inspections thinking that they have scored a deal. Home inspections when buying a single house in Ratchaphruek are necessary because without these, the house will be turned over to the new owner along with damages and issues that comes with it.