You might be up with all the information and have engulfed ample of knowledge about investing in real estate but on the darker side, stay apart from those who drape these down. Not to forget, “if there is one to guide, then there are bazillions to misguide”. However, to ignore all the myths and move ahead to buy your dream property, it’s imperative to know them well, as a consequence below mentioned is the list –
- Myth 1 – Success in real estate is decided by luck factor.
TRUTH – To be successful in real estate, one has to have clear knowledge after a vigorous research, market idea and future analysis of all the prospects, rather than having a great luck. Figure out what an expected property should have in all? A good location, growing area, easy connectivity, job opportunities and handsome return on investment are some most wanted factors that an investor looks for and all these can be easily found in Bhiwadi. Thus, a place like Bhiwadi can be found after thorough research rather than just by luck especially with so many new projects in Bhiwadi that are coming up.
- Myth 2 – Real estate investment is not possibly devoid of sufficient cash.
TRUTH – Of course, nothing goes without cash but it’s hard to pay all in one; in fact no one asks for this too. Where will the bank or financial institutions go otherwise? For example – There are numerous financial advisors or institutions present in any real estate hub let us say Bhiwadi – which can offer you mortgages or loans at very cheaper rates because where demand of property is more even these back up providers have various options for the investors. Also, the pre launch properties in Bhiwadi can be booked in advance just by paying a nominal amount as down payment and rest later.
- Myth 3 – Wait for the right time to invest.
TRUTH – “Time and tide waits for none” – let’s extend this more……. “then why wait for time?” Also, the property prices are increasing at a fast pace so what to wait for? As early you invest, the more return you can expect in near future. Even government is now supporting by lowering the pricing and loan criterion further and has named it under affordable housing for all. So hurry up!!!!!
- Myth 4 – No tax saving on investment.
TRUTH – Apart from home loan tax deduction, there are many other deductions based on registration, stamp duty, interest and principal component.
- Myth 5 – Have more money if you are willing to invest in a home.
TRUTH – Ready to buy homes are not expensive but they of course demand for their completion and it’s genuine, so no question to put on. Also, many add benefits like tax savings, rental savings, price hike and risk of loss is aloof fed. Like, if you invest in a ready to buy flat in Bhiwadi, you can save your rent by immediately occupying it however under construction properties are equally promising in the current scenario since the payment terms are more lenient in addition to the rising demand due to the rapid pace at which development is happening.
- Myth 6 – More is the cost of house, more will be the agents’ commission.
TRUTH – Your prime concern is to buy a profitable house rather than finalizing agent’s commission. However, agent’s commission is fix on percentage basis and does not vary according to your house rate.
- Myth 7 – Lesser the commission you pay to sell, more is the money you make.
TRUTH – There might be many agents who promise to cut their rates in order to make your profit but actually they are fooling you. The full time agents have complete understanding of the market and will thus bring best buyer for you who pay you utmost but these agents’ never make fake promises with the seller. Logical reasoning suggests here that, a discount of let us say 5% can never compensate a lower price range of 1%.
- Myth 8 – Agents will misguide you about crime and hi-fi things.
TRUTH – If it’s about area, deal open mindedly, enquire about developments of the area, future prospects and extra amenities for habitual requirement. If we take example of Bhiwadi, one should look forward for the ongoing and as well as upcoming projects in Bhiwadi like GBC project, RIICO project, DMIC corridor, etc. and benefits from those on common people lives has several positive impacts on localities.
Brushing up all, it hardly matters whether you are in a mood of buying only a 2 BHK flat but invest wisely pointing out logics and never on irrational legends.