Friday, January 22, 2016 / by Chad Schwendeman
When it comes to real estate factoids, we’ve all heard our fair share of information from friends, relatives, and the media, but it pays to stop and think: how much of that is true, and how much of that is hearsay. Today we’re here to separate fact from fiction and debunk some of the most popular real estate myths. Read on to get the scoop!
Myth #1: Make sure to cover bright paint colors with a neutral shade when preparing to sell your home.
Truth: Why old school wisdom may suggest that you need your walls to be blank slates in order to not turn off potential buyers, don’t rush for the white paint too quickly. You can save yourself the trouble of painting your entire home by simply adding some neutral accessories to offset the bold colors. Depending on the color you’ve chosen, it may even make the home look cozier and more attractive, so buyers can actually visualize themselves living there.
Myth#2: When buying a home, always present your lowest offer first.
Truth: While real estate markets can vary in their competitiveness and sellers can vary in the amount of over and underpricing that they do, you want to make sure not to offend them by offering an amount that is ludicrously small. While basic bargaining teaches us to start low and end up in the middle, when it comes to home buying, you want to be reasonable with your initial offer, so you don’t risk losing out to someone else who offered a more appropriate number.
Myth #3: Once you sign your home buying contract, it’s officially yours.
Truth: Even if you have a specific closing date in mind, it may be months before you are actually moving into the property. There are all sorts of roadblocks that can happen along the way, both on your side and the seller’s side, so make sure to have a place to stay while you wait for the home to be truly yours.
Myth #4: Pet-Friendly is an all-encompassing term.
Truth: Depending on your specific landlord, the term pet-friendly can mean a lot of different things. For some management companies, it means anything goes, and for others it means cats and small dogs. Some places even expect you to weigh your pet with them so they can ensure they don’t exceed a certain size limit. There is also the possibility that you will have to pay an annual fee to have a pet, whereas other places won’t charge you a cent. Make sure to double-check that before you move your pets in.
Myth #5: When your rental period is over, you will get your security deposit back straight away.
Truth: When you enter into a rental agreement, each management company has their own set of standards when it comes to the usual wear and tear of an apartment. If your landlord is particularly strict, you may find yourself getting into a heated debate about some of the issues they discover in the unit. To avoid an ugly situation, simple photograph the entire apartment when you first move in, so that you can’t be blamed for any scratches, holes etc. Also, be prepared to wait a bit longer even if your apartment is in tip top shape come moving day. It can take anywhere from 30-90 days for you to have that money back in your account.
If you are looking to buy or sell a home in Brainerd, MN and would like to learn more about the top myths to look out for, we would love to hear from you. Visit us online today to get answers to all your questions! We can’t wait to help you along on this exciting journey.