Buying a home can bring up many ideas about real estate either logical or their own perception. Many of the homebuyers think that there are some truths about process that can be believed straightforwardly as they are unquestioned.
Real estate is very common conversation in families nowadays. In this section we are listing some of the myths that are prevalent in buying a property.
- Only wealthy can meet the expense of investment
Truth: Our country is one of the developing countries in the world. That means the opportunities are infinite across budget.
As people hear and read about the trends and pricing of property in urbanized areas, they develop this misconception. In fact, all you need to do is more digging in the area of research and be more active.
- Selling a house yourself will save you money
Truth: However, selling a house by yourself obviously save you real estate agents fees. While you can certainly sell your house yourself, real estate agents have a toolkit of conciliation skills, marketing strategy and expertise that can get your property sold quicker and for a better price.
With the right real estate agents, you will find that the final price you accomplish on your property overcompensates for the fee you pay.
- RERA covers all the projects
Truth: RERA is Real Estate Regulation and Development Act, 2016 and has come as a big liberation to home buyers.
Home buyers actually believe that every project is covered under RERA and thus is safe. But that’s not the truth. RERA covers projects with 500 sq. meters or more area or eight or more units. For a project to be RERA acquiescent, the builder needs to list it with the authority.
RERA makes it obligatory for all commercial and residential real estate projects where the land is more than 500 square meters or eight apartments to register with the supervisor before the launch.
- Subvention scheme helps cut cost
Truth: Subvention plans or no EMI till possession plans ever fail to draw attention of home buyers.
Under such schemes, a developer asks home buyers to pay around 10-30% of the amount upfront. The balance is paid by a bank to the developer as a loan under a three-way agreement between the developer, the buyer and the bank.
While the project is under construction, the developer pays the interest rate on the loan to the bank. The bank disburses money to the builder as construction progresses. The buyer’s EMIs start only after he gets possession.
- All real estate agents are the same
Truth: Just to save on brokerage, many homebuyers do not feel the need to hire real estate agents. But professional advice comes handy when making such a big-ticket investment.
Before you lump all real estate agents in the same basket, take the time to get to know your potential real estate agents.
While there are some real estate agents who will offer a pretty standard approach to selling your property, there are others who are committed to delivering an excellent service and result based on a unique approach.
For example: Free from the constraints of real estate franchisees, we’ve created an approach to real estate that is holistic, unique and individually crafted.
We link the emotional element of real estate with a world-class strategy to consistently exceed market expectations and take you an inspired journey to a premium outcome.
- Simply listing your home will bring hordes of homebuyer to your door
Truth: Unfortunately, real estate agents don’t have a hoard of buyers just waiting behind a hidden door to be unleashed on your property.
While some real estate agents will have a database of buyers looking for a property in their local areas, a good agent will work hard through a unique marketing and sales campaign to attract the right homebuyer to your property.
- Renting is better than buying
Truth: There is no straightforward formula to arrive at an answer for this, since it depends on individual preference and time-frame.
If you’ve planned to live in one city for the rest of your life, buying a home could be a more suitable option for you. It would be better to pay EMI than monthly rent.
So, these are some of the enlisted myths regarding real estate. If you have any further questions give us a call or leave a comment in comment box’s
Give us a call on 7035703521 or email us on [email protected] for free real estate consultancy.