30 Nov Myth busting in the property sector

Just like most industries, real estate is surrounded with myths that are not only wrong but can cloud your judgement and decision-making. Not to mention, add lots of stress. So, as your Manchester property experts, we’re finally shedding light on some of the most common myths about buying and selling properties in our latest blog. 

Myth 1: A 20% deposit is needed to buy a home

Years ago, you did need around a 20% deposit to get a mortgage to buy a home which is probably where this idea has come from. But today, there are plenty of other options available including government schemes and first time buyer initiatives that require a much smaller upfront payment. There’s even 100% mortgages which require no deposit at all! Of course, the larger the deposit you have, the more amount of money you’ll likely be able to borrow so it’s important to weigh up your options. 

Myth 2: Spring is the best time to sell a property

In reality, every market is different and properties sell throughout the year. The best way to look at it is to focus on your own timings and circumstances, and ensure your home is presented as best as can be. 

Myth 3: Renovations always increase the value of your home 

There’s no denying that if your property has an outdated bathroom or kitchen that upgrading it could put a few more pounds onto the value of your home. However, bear in mind that some renovations offer a better return on investment compared to others. If you’re worried about it then it pays to get in touch with an estate agent, like us, to understand what upgrades will yield the best returns in your area. You might quite like underfloor heating but it might not impress everyone… 

Myth 4: The asking price is non-negotiable 

The truth is, an asking price is simply the starting point for discussions. As long as you approach any negotiations with knowledge and care, there’s no harm in offering slightly lower. Just be mindful that you need to consider the local area and demand, and a strategy behind your price can help to prevent insulting the sellers. 

Myth 5: You can’t buy a property with a bad credit score

While a good credit score is beneficial and will help you to get favourable mortgage options, there are alternatives for those with poor credit scores. A financial advisor or mortgage broker can help you to improve your score and also find options that work for you. Plus, at Kaytons, we have a contact in the industry who can help so don’t hesitate to get in touch. 

Myth 6: Private deals without an estate agent are best

Navigating the property market can be daunting and complex which is why an estate agent can provide invaluable advice and support. This includes guidance on property areas within budget, offers and even legal responsibilities which can give you that much-needed peace of mind. 

That’s exactly where our team of property professionals comes in. Not just helping you to enjoy a more stress-free and seamless experience but differentiating fact from fiction and myth busting in the property sector . So if you have any questions or need some help, contact our team at Kaytons Estate Agents today.