Buying property is one of the biggest decisions you’ll make in your life. Unless you go on to become the president or find the cure for cancer, that is.
But then again, even the president needs to live somewhere if they get bored of the Rashtrapati Bhavan.
Property tops our list of must-haves in life because of the lifelong perks that come with it.
You don’t have to pay rent ever again.
Renting out residential or commercial real estate is great for your bank account.
You’ll have a home to call your own!
It’s a substantial investment that has the potential to work out well for you. But on the flip side, it also has the potential to go wrong if you’re misinformed. Luckily for you, it’s pretty easy to separate the nonsense from the hard facts.
If you’re unfamiliar with the real estate market, friends, family, and colleagues will fall over themselves trying to give you snippets of wisdom. In their sincere attempt to help, there’s a decent chance they might give you information that they aren’t too sure of themselves.
Here are a bunch of common myths that you might come across after you make the decision to buy a house.
1. Myth: “It’s Just Too Risky!”
Reality: What about shares, mutual funds, gold and bank deposits? They’re not 100% foolproof either.
The truth is that all investments have their own risks, and real estate is perhaps the least risky since property prices are usually on the upswing. People are always going to need somewhere to live, so unless you happen to buy a house on the moon, you have a reasonable level of security.
Of course, it still has its risks, but so does getting out of bed every morning. Or even sitting on a swing…
2. Myth: “The First Floor Can Get Noisy.”
Reality: Most well-wishers will advise you against buying a house on the first floor because “it’ll get too noisy during the day.”
Living on the first floor is the best deal you can get! You won’t have to deal with long, awkward silences in the elevator because the stairs start to look convenient.
If you’re concerned about the noise, put up a few acoustic panels to keep noise from entering and enjoy your low-effort trek up the stairs.
3. Myth: “Agents Are Cheats!”
Reality: People genuinely believe that every real estate agent is a criminal and will try to swindle you out of your hard-earned money.
This is far from the truth – cut the agents some slack!
Most agents rely solely on word-of-mouth and referrals to market themselves and their business. They’re probably going to try to get you a sweet deal so you can tell all your home-buying friends about it.
A real estate agent with a bad reputation isn’t going to survive too long in the market, and they’re aware of it. If you’re still apprehensive, do some digging and find out everything you can about the agent to put your mind at rest.
4. Myth: “Start Low & Negotiate.”
Reality: If you think that being the first to submit an offer will give you more leverage with the builder, you’re usually wrong.
Most home buyers, when they notice that no one else has made an offer, will offer the builder a lower price in the hope that they can start negotiating upward from there.
But this is not like negotiating for palak at the corner store. The builder is probably going to decide to wait till another buyer comes along with a more attractive offer and you end up losing out.
Don’t put off the seller – Start at a reasonable rate and try to work your way towards the figure you want.
Don’t completely ignore what your friends and family are saying though. Just take it with a pinch of salt (sometimes a whole jar). As long as you remember to do your own research, you should be fine.
While you might have to take a home loan to buy that dream apartment, you’ll have a place to call your own and the peace of mind that comes with it.