Urban legends run ramped and can be quite costly if you base a purchase or sale decision on something that you heard that turns out to be false. This article will attempt to dispel some of the legends out there. But this is only the tip of the iceberg, the best thing that you can do is speak openly with a real estate agent that you trust.
Legend! As a purchaser your agent always acts in your best interest.
Reality! Unknown to most home buyers your real estate agent, can offer you two forms of representation. Your real estate agent could be working directly for you in a buyer brokerage arrangement or they could be working in the vendor's best interest if it is a sub agency arrangement.
Legend! MLS gives you all the accurate and complete information necessary to find and purchase a home in Toronto's real estate market.
Reality! MLS is a website that is open for the overall public to search therefore there are limitations to the available information. This is necessary to protect people's rights to privacy. The information that is available can be 24-72 hours out of date. For complete and current information you can hire a real estate agent to help you get the information you need.
Legend! You can find your dream home by visiting open houses on your weekends.
Reality! Facts show that very few home buyers purchase a home that they visited as an open house. Once you know the areas that you would like to live, ask your real estate agent to search everything that is available and email or present his/her results. Now you can spend your time visiting the homes that really interest you.
Legend! In order to buy a house you must have a large sum of money to put down as your deposit.
Reality! With the wide variety of financing options available,you can now get away with 5% or even less.
Legend! Hiring a real estate salesperson is complicated and expensive.
Reality! Actually, it's a free service for home buyers. The sellers pay a commission to the listing agent and he or she pays the buyer agent a commission to bring and negotiate an offer.
Legend! You should buy a home that looks good and is nicely decorated.
Reality! A lot of homes that are on Toronto's real estate market are professionally decorated. They are 'fluffed' to help increase the property's value, or to distract you from flaws and awkward rooms. You should consider using a home inspector even if it looks good.
Legend! Always purchase the smallest house on the nicest street.
Reality! It's a good strategy but there is nothing wrong with buying a larger house on that very same street.