Myth vs. Reality: The Untold Facts About Buying A Home
Purchasing a home is a significant decision, but it can also be difficult and provide unique difficulties.
Myth vs Reality- We dispel a few common misconceptions that can impede decision-making in order to make this trip easier to navigate. Many people find buying a home to be an overwhelming task, which has led to a number of myths about hiring a broker or shortlisting properties. Avoid these misunderstandings to ensure a more successful and seamless home investment experience, especially considering the high stakes associated with property purchases.
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MYTH: Renting is less expensive than purchasing
In the short term, paying rent might seem reasonable, but purchasing a home is the better option if you want to reside in the same place for a long time.
This is due to the fact that while rent will increase over time, fixed-rate house loan EMIs (equated monthly installments) won’t. Furthermore, it makes more financial sense to purchase a home now rather than rent one indefinitely, given the yearly increases in rental costs that many cities see.
Myth: Use your funds to make a down payment.
The old-fashioned idea that a large down payment is necessary when buying a property is slowly going out of style. These days, you can finance the down payment with a variety of possibilities, conserving your savings for other uses. Recent fintech developments have also made banks more accommodating when it comes to lending, which has facilitated the application process for personal loans. Currently, most lenders give loans up to 85 to 90 percent of the property’s value, so a sizable down payment is not essential. In addition, the government has launched a number of programmes to assist low-income purchasers.
MYTH: Larger homes are always better
A person’s prosperity is frequently measure by the size of their house. An additional room is also regarded as essential in a house. However, consumers should carefully consider the disadvantages while considering the addition of more space. Even while a larger property could be within your present budget. It’s crucial to remember that larger properties will eventually require more maintenance. Everybody has different requirements when it comes to the perfect size of a home, depending on their budget, lifestyle, and other personal factors. Therefore, it makes more sense to choose a home that meets your needs rather than spending money on extra room.
MYTH: It is not necessary to use a realtor
A lot of people believe that hiring an estate agent or real estate agent is a waste of money. Actually, it’s a measure that benefits buyers. A certified real estate agent streamlines the process of purchasing a house since they possess extensive market information. They can offer purchasers helpful recommendations to assist them locate a home that fits their needs and budget. Realtors are also very important in price negotiations and can help purchasers with the paperwork.
Myth: It is more advantageous buying an under-construction home
Even while real estate costs in under-construction developments might be lower. The timeliness of possession also plays a role in how successful a house purchase is. Choosing a ready-to-move-in (RTMI) home has various benefits in this context. In numerous cases, developers have given up on a project for years on account of a lack of funding. However, the benefit of instant possession is available with RTMI houses. Since all the utilities are already there, potential buyers may evaluate the neighbourhood and living circumstances. This justifies buying an RTMI house as a wise choice.
MYTH: One Can Ignore a Home Inspection
Looks can be deceiving, regardless of how gorgeous and ideal a property seems in person or in photographs. Thus, in order to be sure that everything about the property is in working order. A professional home inspection is required when purchasing a home. It is highly advised that you conduct a home inspection in order to identify any potential problems and evaluate critical elements such as the quality of construction, the amount of natural light and ventilation, and the layout efficiency of the house. During such inspections, a variety of issues, including pest issues, unpermitted structures (not depicted in the floor plan), and water leaks, might be found and looked upon. On this momentous occasion, you can invest safely and securely in your dream home by being aware of the common misconceptions.
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