Buying your first home should be an exciting endeavor, but it can be otherwise if you are misguided. Many people assume that it’s simply a matter of hiring a realtor, getting a home loan and moving into the new home. However, this is not the case. Here are the myths and facts.

1. 1. You should have a 20% down payment before purchasing the house

Many first-time home buyers are of the idea that 20 percent down payment is the standard amount while that is not the case. Although this was partly true a few decades ago, the tides have now changed. Some lenders ask for more than this while others demand less than 20 percent. Do your research and get accurate figures.

1. 2. You can save money by not hiring a real estate agent

While it’s true that you should pay the agent for their services, having an expert around as you make such a significant decision will come in handy. They will guide you through the best listings in the market and help you bargain fair prices. The agent might require a 3 percent discount on the price of a home, which is usually remitted by the seller.

1. 3. There is no need of getting home inspection on new homes

As surprising as this may seem, even new homes require home inspection. Home builders also make mistakes. Some use the wrong methods so that they can save time and money. Therefore, to avoid getting in your new house and realizing that some things aren’t working like they should, consider hiring an inspector.

1. 4. All you need is money for the down payment

Home buyers who fall for this myth end up with several unexpected expenses that they can’t shoulder. Consider saving more money for things like inspection, appraisal and moving. You also need to maintain the home.