You are already aware of the common home buying myths that easily influence people in our blog Home buying myths in India. It is crucial for the home buyers to know about all the other most influencing myths. In this article, we will be debunking another majorly spread myths while buying a house. Maybe this article will help you understand how easy or beneficial it is to buy a home.
Let’s discuss about 5 common home buying myths:
1. It’s better renting a home rather than buying it
Well, buying a property will definitely require a huge amount of your savings, but your massive investment is worth the uncountable benefits that come along. Renting a property won’t provide you the lifetime security that your own property can assure. Buying a home will always give you a comparably better amount than that of investment. The rate of rent keeps fluctuating, which may affect your plans and savings while investing once will never require you to worry about such fluctuations. A rented home has its terms and conditions, made by its owner; but your own house will allow you to live freely without such conditions.
Moreover, if you sum up the amount paid for rent the whole time, it will seemingly be equal to or higher than the amount required to buy a house. Buying a house is a permanent solution to a lot of issues that one suffers in a rented one.
2. Buying a new property is a lengthy process in India
The RERA (Real Estate Regulation Act) has made its rules and regulations quite clear. The rules are specially made for the home or property buyers to avail security and to understand the legal rights while buying a home. RERA has made strict mandatory rules for the property builders. RERA also covers the project completion registration as well as the occupational certificate. A buyer is allowed to file complaints to the RERA Estate Authority. It can be said that RERA has made sure to avail all the possible convenience to the home buyer while buying a home.
Additionally, the housing loans, EMI schemes, etc by the Indian government and private sectors make it easier to invest in a new property.
3. The present-day market position is not beneficial for buying a home
Buying a property will mostly bring you benefits, regardless of the market situation. Though the market situation has slowed down these days, it won’t harm the homebuyers but the property builders. The reason behind this is, the prices of homes along with the interest rates seem to drop; the dropping rate of the same is a profitable time to make investments for the homebuyers.
One of the best options that real estate property provides is you can always use it for renting purposes or keeping a tenant and earn. If you have such low-budget properties on your list, you are recommended to invest in those before the prices rise up. Such investments never put you at a loss if you have a proper plan.
4. Even after availing of the home loan, you need to spend a hefty amount on interest
When it comes to taking a home loan, people are mostly worried about the interest charges that may end up being higher than the principal investment. But in order to ease out your worries, the government now offers reasonable down payment options and EMI schemes for investments in Residential Real Estate investments. The lower interest rates and the tax-deductible real estate will ultimately help you in saving a lot.
The Non-Banking Finance Companies offer a higher elevated amount of loans for even lower interest rates. Nonprofit organizations or house finance organizations offer loans at zero interest rates. There are a lot of options available these days for making a smooth home investment; good research will definitely get you acquainted with such facilities.
5. It’s not worth spending much on the interiors
In accordance with the opinions of many, spending much on the property’s interior is not worthwhile; but in reality, a good interior designer will help in repletion of your home’s value if you ever plan to put it in rent or resale. A well-equipped house easily attracts the customers and buyers, for the people don’t have to be worried about the future interior task.
Hopefully, this article will remove your blindfold of home buying myths and you will find it uncomplicated buying a home.
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