Forward Bank

Jim and Suzy Homebuyer just found their dream property for $50K and fixed it up in three weeks.

Stories like this have skewed viewers' expectations of real estate reality. Shows about home buying and renovation projects can be fun to watch, but we may not realize that they often don't depict the realities of buying, selling, and owning a home.

Here are three common myths popularized by today’s TV lineup.

• "Three homes will do."
• On TV, a couple looks at three homes and is able to find the property of their dreams. This isn't how things work in the real world. The number of homes buyers must look at before finding the right one for them differs in each situation. It's not uncommon to look at 20 homes. It may even work out that you look at just one (but it's not likely).
• "I can afford that."
• Shows that depict real estate purchases and renovations rarely reflect prices that are realistic for viewers. We may witness a bargain deal on TV and assume we could get something similar.
• The fact is, markets vary greatly. The price of a home or a remodel in the area where the show is filmed may be completely different from what we can expect in our home town – either much higher or much lower.
• "This will be a cinch."
• While some DIY projects can be completed quickly, the amount of time most renovations take is longer than TV would have you believe. Homeowners shouldn't expect to dive into a basement remodel on Friday and wake up Monday morning with the project behind them. Even if you hire professionals, they may encounter unexpected delays or simply need more time to do the renovation right.

If you're considering buying, selling, or renovating, the more information you have, the better prepared you can be. Contact our Mortgage Team for some professional input – we'd be happy to help.