Home Buying Myths In India – 2021

home buying myths

Buying your dream home is one of the greatest moment in your life that you want to share with your loved ones. People in India sometimes get heavily influenced by what their friends and relatives have to say on buying a new home and some home buying myths, which fends them from getting the essential factual information leading to unexpected repercussions. But you could only wish buying a home is as easy as buying a cake; you need to do a lot of research in order to avoid unwanted circumstances in future.

A lot of factors such as home loans, down payment need to be taken care of while buying a new house, but the myths related to buying the same may risk your safety and your hard-earned money. So here we debunk the top home buying myths and to enlighten you with the facts hidden behind such myths.

1. RERA makes it convenient to buy a home without doing much research

  • RERA stands for Real Estate Regulation Act, enforced in the year 2016. It is popular among homebuyers for it regulates the sales of real estate along with protecting their rights. But to your kind information, RERA doesn’t protect all the properties; only the projects covering the area larger than 500 square meters along with eight or more than eight housing units are protected under RERA. Additionally, the builder is subjected to be registering itself with RERA Board.
  • You must cross-check if the builder of your new home or the project is registered with the RERA Board of your respective state in order to enjoy its protection.

2. Subvention Schemes help in reducing the purchasing cost

  • Subvention schemes are one of the attractive schemes, developed by property developers. These schemes ask you to pay for the EMI once you acquire possession of your new home.
  • Well mostly the subvention schemes offer comparably less discount and the payable EMI amount is nearly equal or higher in such cases.
  • You should go for in-depth research and stick to the regular trustworthy methods instead of falling for unworthy strategies.

3. Real Estate Agents are overrated

  • If you are buying a home for the first time, you must go for professional assistance rather than going with your limited knowledge of the area.
  • Channel partners and Real estate agents have a better knowledge of the areas of properties and allow you to choose your dream home from multiple options.
  • The real estate agents also help in the negotiation of the home-buying price. All you need to do is to search for a reliable and well-reputed channel partners and real estate agents.

4. Investing in metro cities have comparably better-guaranteed returns

  • The metro cities definitely offer a higher rental income to the home-owners, but these cities already have a wide range of rental options, limiting the scope of your growth.
  • Secondly, the rate of investment is quite higher in metro cities. You can invest at a the lower rate in the cities that are on their way to become developed, as they provide a promising rental income and growth.
  • According to the Anarock Research, the number of Tier-I cities will fall down to 155 by the year 2030, and the number of Tier-II, Tier-III, and Tier-IV cities will be much higher. This research may indicate the home buyers make investments in the later mentioned cities for significant benefit and growth.

5. Ready built houses are expensive than the under-construction homes

  • Well the already built houses or the ready-to-move-in houses provide better value to your investment, while the under-construction homes are quiet cheaper but lack complete safety.
  • The ready-to-move-in houses stand true to their promised amenities, while in the case of under-construction houses, the availability of promised amenities post completion of the project is not certain.
  • If you are not well-aware of the builder of the under-construction houses, the decision of buying this house has a possibility of causing a backfire. You must go with reliable and trusted builders while buying an under-construction home.
  • Ready-to-move in houses offer certainty on what you receive along with clearing your doubts. Investing money in such houses is preferably safe and worthy.

Conclusion:

With all the home buying myths mentioned above, if you do your homework on buying a new home, you will surely find your dream home at the right price. Buying a home is not a regular decision; it should be taken with minimum possibility of future risks. Hopefully, This article will help you in clearing your vision and to take the right decision.

Have you ever got influenced by home buying myths? Share your experience!

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  • Common Home Buying Myths – Part 2 – Propryte

    […] 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 […]

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