10 Common real estate myths Realtors Tell New Buyers in Guwahati
November 13, 2023
Purchasing a home constitutes a substantial investment, underscoring the importance of conducting thorough research and comprehending the process before arriving at any decisions. In India, numerous myths encircle the home-buying experience, often causing confusion and offering misleading information. In this blog, we shall closely discuss 10 real estate myths and facts associated with the process of buying a home in India.
Myth 1: A Big House is Always Better than a Small One
When determining the size of your home, it should be based on your needs, budget, and lifestyle. While a larger house might hold initial appeal, it is crucial to factor in the long-term expenses associated with its upkeep and cleaning. Opting for a smaller home can result in greater affordability and ease of management, particularly if you are a first-time homebuyer.
Myth 2: A Higher Down Payment is Always Better
While a larger down payment can potentially secure a lower interest rate and lead to reduced monthly payments while buying properties, it is not an absolute requirement. Numerous banks and financial institutions now provide home loan options with more flexible down payment terms. It is advisable to select an option that aligns with your specific financial circumstances and objectives.
Myth 3: A Home Loan is a Burden and Should be Avoided
Opting for a home loan presents a valuable means to realize your dream of homeownership. Numerous banks and financial institutions extend flexible repayment plans along with competitive interest rates. This not only facilitates better financial management but also aids in accruing equity in your home.
Myth 4: You Should Always Choose a Pre-Built Home
Although pre-built homes offer convenience, they may not always align with your needs or budget. Opting to construct a custom home emerges as a superior choice, as it empowers you to tailor it precisely to your unique requirements and preferences. Also, if you genuinely want the home and it's reasonably priced, consider offering it close to or at the listed price. In some cases, especially in competitive markets, you might even want to offer above the list price to increase your chances of securing the home. A knowledgeable agent can guide you in creating a winning offer strategy.
Myth 5: You Don’t Need an Agent To Buy a Home
When purchasing a home, real estate agents can prove invaluable. They possess insights into the local market, the ability to access properties that might not be available online, and expertise in facilitating more favourable negotiation outcomes. A well-prepared agent for buyers will guarantee that all your paperwork is in order and guide you through the process smoothly.
Myth 6: The Location Doesn't Matter as Long as the Home is Good
When purchasing a home, it's crucial to give significant weight to the location. A favorable location can enhance your property's value and grant convenient access to essential amenities like schools, hospitals, and shopping centers. Moreover, there are other amenities, like being closer to the center of the city and the airport or metro station.
Myth 7: You Don't Need to Inspect the Property Before Buying
This is one of the most believed real estate myths. Before making a purchase, it is crucial to conduct a thorough inspection of the property to verify that it aligns with your expectations and is in satisfactory condition. Engage the services of a professional home inspector who will evaluate critical aspects, including the structure, plumbing, electrical systems, and other essential features.
Myth 8: Buying a New Home Means Few Repairs in Years to Come
It's crucial to conduct a thorough property inspection before making a purchase to confirm it aligns with your expectations and is in good condition. Engage a professional home inspector to evaluate the property's structure, plumbing, electrical systems, and other vital features.Also Read: 5 Home Repairs You Really Should Know How to Do Yourself.
Myth 9: Getting Preapproved Will Hurt Your Credit
When you get prequalified, it's a soft hit on your credit, causing no significant impact. However, applying for mortgage preapproval involves a hard pull on your credit, which does have a slight impact on your score. Moreover, keep in mind that hard credit inquiries can decrease your score by one to five points. By initiating all preapprovals within a two-week timeframe, you can lower the chances of multiple inquiries affecting your credit report and minimize the impact on your score.
Myth 10: The Price Quoted by the Builder is Final
Always strive to negotiate for a better deal, as the builder often allows room for negotiation in the quoted price. Additionally, you can enhance your decision-making process by comparing the prices and features of different properties to ensure you get the best value for your money.
Purchasing a home in India may seem daunting, but with proper research and understanding of the process, you can distinguish between myths and facts. This will enable you to make an informed decision and discover the ideal home for you and your family. Furthermore, there are several real estate myths that exist when buying property that make the entire process seem super difficult for aspiring property buyers. Therefore, thorough research and a clear understanding of the process empower you to differentiate between real estate myths and realities. This knowledge equips you to make a well-informed decision, ultimately leading you to find the perfect home for you and your family. BB Constructions, an esteemed real estate company in Guwahati, offers some great deals when it comes to buying property. Check their website out.Also Read: How to Start Real Estate Investments?
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