While buying a house is everyone’s dream, it is a difficult financial decision to make.
Buyers often consult many people and end up being confused and rumors and myths get instilled in their minds.
Realizing how misconceptions about real estate are spreading like wildfire, here we have listed 5 of them to offer you some clarity.
RERA is Unreliable
While some real estate agents claim that RERA is completely unreliable and useless, it is surely a misconception. Through RERA, buyers are safe and can be assured of transparency and accountability of the real estate project.
The Government of India is taking all necessary steps to successfully enforce the Act.
Investing in Interiors is a Waste
During the decision-making process, you can possibly be told by people that investing in interiors is futile and would get you no returns.
However, experts believe that investing in developing the interiors of your home can offer a hike of up to 15% in terms of the overall value of your house.
Now that’s reason enough to spend on good interiors for your home!
Buying a Property is Expensive; Renting Isn’t
Renting can prove to be a more rational option, but not always. In order to deduce it for yourself, you’ve got to do the Math.
Find out your income in proportion to the amount of your rent. In case the amount of rent exceeds 30% (approximately) of your income, purchasing the property would be a more rational decision to make.
You can always pay the amount that you had to pay as rent towards the EMI for your own house.
“I don’t earn enough to own a property”
It is often casually said that real estate is only for the rich. Because of this common misconception, a lot of people end up paying huge amounts on rent, when purchasing a house instead would actually be a better option.
Steadily, the real estate industry is shifting towards affordable housing and there are plenty of projects such as the ones by Gulshan in Noida, where you can find a property with world-class amenities within your budget.
The Returns in Tier-II and Tier-III Cities aren’t Lucrative
People often believe that there is negligible return on investment in real estate in Tier-II and Tier-III cities.
This notion has proved to be false in the recent times. While there are better facilities in Tier-I cities, the growth prospects are much higher in Tier-II and Tier-III cities.
These aforementioned misconceptions about real estate are the most common ones and need to be eliminated.
We hope this article has helped bust some of these myths and will help you navigate your way better to invest in property.