Myths about Buying A Property that No One should Believe

Buying a property is a great Indian dream. The once in a lifetime investment is often taken with utmost caution and proceeded with care. But as the prices keep rising in the real estate, it takes an average person to save for years before they can make a voluntary step towards the investment. One of the major road blocks that the real estate faces are the myths and misconceptions about it.

We list down the misconceptions no one should believe in before buying a house:

It is only for the rich and famous

Absolutely not! With the price tag on the properties, it used to be for the ones who could afford it. But now with the efforts by the government with projects like affordable housing, that pushes the agenda of housing for everyone by 2020, the real estate is open to everyone for investment. The builders have also come to the understanding that they need to broaden their scope and invest in the low budget projects as well. Real estate is for everyone who is willing to make the investment and make their dream come true of being a home owner.

RERA is there for you

To utter dismay, RERA has not been implemented as it was aimed to be. Not every project is covered under RERA, only those that have an area of more than 500 sq meters and have more than seven units.

Rent is a better option than buying a house

Paying rent seems like a good option as it saves you a lot of money. But what the people forget is that renting a home does not provide any investment in return.

Interiors are a waste of money

There is a common misconception that interiors are a waste of money and give no return. But according to the experts, the value of the property increases by 10- 15 percent if the interior of the house is good.

Real estate agents are not required

We often consult our families and friends when it comes to matters of buying a house but refrain from hiring an agent. What does one not understand that an agent can help you get the right property at the right price? They will also help you in the documentation process which is very tiring, and everyone cannot understand the technical words in the documentation.

Investing in metros is better

The prices of the real estate across the country are rising so the investment made in any city, be it metro or not, will fetch a good return. Though one cannot look over the fact that the metro cities provide better locality and options, but the scope of development and growth is promising in other cities as well.

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