Misconceptions Home Buyers Have

Manjiri Gaikwad M

Introduction

The very big and basic dream of every human being in India is to stay in his or her own house. Whenever any Indian is looking for a house, a lot of research is done on the Internet, social media, newspapers, etc. A lot of time is also involved in finding a good and promising realtor.

In this process of finding a house, you come across many misconceptions that might make you either own a house or get fooled by the wrong misconceptions.

Hence, in order to avoid this, you must go through the following misconceptions and try to face the reality about it.

Myth 1 – There’s no need for a realtor to buy a house

A Realtor is a very important asset in the home buying process. This is the most rumoured misconception that is considered by a lot of the people in India. When a common man is looking for a house there are many aspects that are unknown to him or her. There are certain financial terms and calculations needed for applying for a home loan.  Also for the current market research of the house, there is a need for a realtor. So for this purpose, there is a need for a realtor for buying a house.

Myth 2 This is not the right time to buy a house

This is the most used statement by Indian families when they are looking for a house. There is no right time to invest in a house. So, don’t fall for the advertisement that says “limited offer or valid only for a month.” This is a rumour. Whenever you are looking for a house you may come across such a scenario, just avoid it, do proper research and then make a deal.

Myth 3 – The house we buy might have a great price in the future

Whenever customers invest in a certain property, there is a certain thought process that makes them believe that this house or property may have a very good value in the future. But in this case, we are talking about the house, so the house price in the future mostly depends on the area, the development of that area, and the facilities that are helping in the development of the lifestyle of that area. Hence, it may happen that the house you buy might have value in the future but you need to consider the above points also.

Myth 4 – Buying a house does not take more time

Buying a house is actually not that easy and fast process. It requires a lot of research and patience. Right from finding a proper realtor to making the actual application for a home loan. This is a myth that it does not require more time. It’s actually considered as a period of four or more months according to themortgagereports.com.

Myth 5 – Real estate is only for rich people

Whenever one sees any small and luxurious house, the first thing especially an Indian would relate is this may definitely belong to an ‘amir party’ meaning rich people. When it comes to real estate the above myth is considered to be the most famous one. Well, actually the reality is different. The middle-class Indian man can also afford or invest in real estate if he has enough savings. What he needs is a proper realtor that can take him on the right path. You can get your budget house if you are in contact with the right realtor. Hence, it is important that you should look for the correct realtor.

Myth 6 – Down payment is the only money needed to buy a house

There are many advertisements on the Internet, on TVs, on social media, and even on mobile phone videos that talk about the home buying process. They say that there is no money involved, just pay for the down payment and the house is yours. Stay away from such things or advertisements. They actually make you fool from such strategies and make you invest more by actually not disclosing the details. There is too much money involved rather than the down payment says rocherrealestateblog.com. Some of them are Real estate taxes, Bank appraisals, mortgage applications, insurance, etc.

Conclusion

In this process of buying a house, you may come across many people that may tell you many suggestions and many things to do. But then it’s your dream home. You don’t have to listen to anybody, maybe you can take suggestions and understand their story.

Be smart enough and stay away from the rumored myths or misconceptions. Take time, do proper research, and then invest because those are the savings of your entire life don’t make it lose it’s the way.

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