Real Estate Myths - What to believe and what not to believe
Whatever we see or hear from our peers or the internet may not necessarily be true. And when it comes to real estate, the myths have become very common and may remain the same for a very long time.
When it comes to selling, buying, or owning a real estate property, myths play a very important role. Good and bad advice, and various other opinions from people add up to the anxiety that you already have.
To make things a little easier for you, here are a list of some myths/misconceptions that have been a part of the real estate industry for ages.
1. Only rich people invest in real estate
This is believed to be one of the biggest real estate myths. No, this is not true. It is not only the economically well-off people who can afford to buy a property. Proper research, a correct home loan, a good builder and a good plan is all you need to buy a property. Any home loan will pay almost 80% of the property value making it only 20% for you to pay the remaining amount. EMIs are always available to make things easier for you. Also, recently with the PMAY Scheme coming into implementation by the government, buying homes has become even more affordable.
2. No agent, better deal
A lot of buyers find their dream homes through internet searches. Something that makes them proud of themselves because they saved the money that would be required to give to the agent. But spoiler alert! Sellers usually pay for both the buying and the selling agent's commission, a contract between the sellers and their agents where both parties mutually agree to split that commission.
3. All agents are the same
Another real estate myth that buyers tend to believe is that every agent you meet is the same. But this myth can turn out to be misleading and can cause a lot of mistakes when selecting a real estate agent who will show you the property of your interest. But in reality, every agent is different having different experiences and skill sets. 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 a property when the market is good
We need to understand the fact that the real estate market is never stable. Waiting for the market to be stable might make us lose other opportunities that are important for investment. Your focus should be on your finances in spite of whether marketing is good or bad. If you have enough money then anytime can become a good time to buy a property.
5. Brand name does not matter
While looking for a suitable property, we usually don’t pay much attention on who the developers are. Our areas of interest include location, amenities, price etc. Another big mistake that might backfire in the long run. Choosing a known developer is always more advisable as it can help you to analyze their previous work. This way it will be easier to judge their quality of work, punctuality, and everything else that can be beneficial in the future.
A huge industry with endless myths. And to be honest, these are just a few of them. Keeping all these myths in mind can help you identify the correct real estate facts and guide you to make better investments.