Real Estate Myths- Believe it or not to believe it
Whatever we see on the internet or hear from our peers may not necessarily be true. And when it comes to real estate, the myths have become way too common and may not change for a very long time.
When it comes to selling, buying or owning a real estate property, the myths play a very important role. Bad advice, good advice, various opinions from people may all add up to the anxiety that you already have.
To make things a little convenient for you, here are some myths/misconceptions that have been a part of the real estate industry for ages.
1. Only rich people can invest in real estate
This is considered to be one of the biggest real estate myths. No, this is not true. It is not that only economically well-off people can afford to buy a property. Just a correct home loan plan is all you need to buy a good property. Home loans pay almost 80% of the property value which makes it only 20% for you to pay the remaining amount. EMIs are always there to make things easy for you. Also, now with the implementation of the PMAY Scheme by the government, buying homes have become even more affordable.
2. No agent, better deal
Many buyers find their dream homes through internet searches. Something that they think they should be proud of because they saved the money that would be required to give to the agent. But spoiler alert! Sellers generally pay for both the selling and the buying agent's commission, a contract between the sellers and their agents where both the parties agree to split that commission.
3. All agents are the same
Another common real estate myth that buyers tend to believe is that every agent you meet is the same. But this myth can be misleading and can lead to a lot of mistakes when selecting a real estate agent who will show you the property as per your interest. But the truth is that every agent is different with different experiences and skillsets. A real estate agent who has worked for 2 years will not have the skills of a real estate agent who has worked for 20 years in the field. Choose wisely!
4. Buying property only when the market is good
We have to understand the fact that the market is never stable. To wait for the market to be stable, we might lose out on other opportunities that are important for an investment. Your focus should be on your finances in spite of the marketing being good or bad. If you have enough money then anytime is a good time to buy a property.
5. Brand name does not matter
Unfortunately while looking for a suitable property, we don’t pay much attention to who the developers are. Our areas of interest include price, location, amenities, etc. Another big mistake that can backfire in the long run. Choosing a known developer is always more advisable as it can help you to analyze their past work. This way it will be easier to judge their quality of work, punctuality, and a lot more that can be beneficial in the future.
A Huge sector with endless myths. These are just a few of them. Keeping these myths in mind can help you identify the correct real estate facts and guide you towards a good investment.