10 Home Buying And Selling Myths Busted!
Buying or selling a home is a major decision, and advice can come from all directions. Don’t believe everything you hear, as some information could be misleading or inaccurate. Take your time, trust your instincts and do your own research.
Let’s debunk 10 common myths or misconceptions about buying and selling a home.
Buying myth #1: New builds are more expensive.
Building a new home is a large investment, no question. However, it’s important to consider the long term implications, not just the initial price. A new home is just that – new. You’re starting fresh with all the components, including the roof, insulation, heating/cooling system, and appliances. These state-of-the-art elements won’t need repairing or replacing for a long time, in contrast to an older home with more wear and tear. Today’s new homes also have eco-friendly and energy-efficient technology, helping you save on utility costs in the long run.
Buying myth #2: A new home takes too long.
The construction of a new home takes roughly 4 to 8 months. The good news is, you don’t necessarily have to wait that long. If you need a home that is move-in ready, consider a Quick Possession home: a brand-new build that is fully (or nearly) completed. These homes have plenty of advantages – for example, they come with a full warranty and reflect the latest trends in home design. Best of all, they’re ready for you now!
Buying myth #3: A new home in a developing community will be in the middle of nowhere.
At Qualico Communities, we understand that you need access to convenient amenities for shopping, dining, recreation, health care and education. As a land developer, we purposely build new communities in areas where economic growth is expected (or has already begun). Each of our community websites offers a handy Convenience Map (under the “Explore Our Community” tab) to illustrate the existing commercial amenities in the area.
Buying myth #4: Bigger is better.
When shopping for a new home, many prospective buyers instinctively seek out homes with the highest square footage. In fact, this may not be the most efficient use of your budget. It is more important to consider your family’s requirements (such as the desired number of bedrooms and bathrooms) both now and in the future. At Qualico Communities, we offer a variety of Home Styles to suit your needs. Sometimes, it’s not the amount of space that matters — it’s how the space is distributed. For example, maybe you’d prefer a floor plan with a home office area instead of a formal dining room.
Buying myth #5: I don’t need to know all the technical terminology.
Buying a home is a complicated process, and there is a significant amount of real estate jargon involved. In this case, ignorance is not bliss! As an educated home buyer, you’ll be better equipped to navigate the process and advocate for yourself. Start by familiarizing yourself with some key terms – for example, do you know the difference between a “buyer’s market” and a “seller’s market”? There are also excellent resources available to first-time buyers that can assist with your planning and help save you money.
Selling myth #1: It’s best to sell at a specific time of year.
Certainly, there are busier times of the year for buying and selling homes, but don’t let that limit you. Selling your home outside of peak season can have unexpected benefits. Any realtor will tell you that there are prospective buyers looking for homes during every season, for every reason. So, list your home when it makes sense for you, not at a time you imagine it’s the “popular” thing to do.
Selling myth #2: Pricing high will result in a high selling price.
Every seller wants to get top dollar for their home, but starting with an ambitiously high price can work against you. First, you need to remember that prospective buyers are looking at multiple homes, not just yours. If your price seems inflated compared to other homes with similar specifications, that will be a turn-off. In addition, a home that is priced on the higher side may take longer to sell. As time passes, this can lead buyers to wonder why the house is still on the market, and if there is something wrong with it. Your best bet is to consult an industry professional and choose an appropriate price for your listing.
Selling myth #3: I can sell my home “as is.”
Of course, you love your home the way it looks right now, but if you’re selling, the goal is to appeal to a broader audience. Investing in a few key improvements can potentially result in a higher price and a quicker sale. Be strategic with upgrades that will have maximum visual impact, in areas such as the front yard or the kitchen. You can also follow some basic home staging tips to help your house present well to prospective buyers.
Selling myth #4: To sell my home, all I need is a lawn sign or an open house, right?
Real estate surveys have found that most home searches start online. As a result, it’s vital that your home has an online listing, with professional-grade photos that showcase your home’s best features. Placing a sign on your front yard and hosting an open house are still excellent strategies, but if you’re not promoting your home sale online, you’re missing a big piece of the puzzle.
Selling myth #5: Anyone can sell my house.
You can sell your home privately or with an independent consultant, but for a transaction of this magnitude, you may want to rely on a real estate professional licensed by the Real Estate Council of Alberta (RECA). A licensed realtor will have the credentials and experience to effectively sell your home, in accordance with industry laws and best practices. In addition, consumers who choose to work with a licensed real estate professional are protected by the RECA’s Consumer Protection Fund, which compensates consumers who suffer a financial loss as a result of fraud, breach of trust, or a failure to account for money held in trust.
As you can see, there are many factors involved in selling a home, and you don’t want to be led astray by false information. After you do your homework, we recommend consulting trusted builders and accredited real estate professionals to guide you through the process.
For more information about Qualico communities in Edmonton and the surrounding area, please visit our website.