For most, home buying is a major life goal, a commitment to be fulfilled at least once in the lifetime. It’s something that triggers a mix of emotions- both excitement as well as some apprehensions. After all, it entails making decisions that unfold momentous implications at a large scale.
With the real estate sector being in a constant state of flux, you have to be even more careful while purchasing property. A lot of unsubstantiated theories and assumptions float around, which you must beware of. The same goes in major metropolitans like Pune as well. Sale of residences like 2 & 3 BHK flats in Pune, for instance, have always taken place at an accelerated pace.
Here is a list of seven misleading myths concerning today’s real estate scenario which you should keep at an arm’s length:
1. You need a Great Credit Score
Since most homebuyers opt for home loans to buy residential property, they are afraid that lack of excellent credit scores will affect their chances of getting loans. While your credit score is a reflection of your financial choices and records, most institutes don’t consider high credit ratings as a key factor for sanctioning home loans. It’s advisable to strengthen your credit score consistently, but do not pin all your hopes on it.
Read more - Tips to Decide Whether to Buy a 2 BHK or 3 BHK in Pune
2. Renting is More Cost-effective
Renting property saves you a number of fixed expenses that homeowners have to bear. However, in-depth calculations incurred while renting property indicate that you end up paying more if you live on rent for a long period of time. Even though homebuyers foot more bills, eventually, you’ll become the owner of the property whose rate is sure to appreciate in the coming times.
3. Under-construction Homes are Cheaper and Better
Under-construction homes do come with a number of uncertainties and risk factors. For instance, the pandemic brought about a halt in construction and sale of properties during the lockdown. Homebuyers who’d purchased residences in under-construction projects were faced with delays or inconvenience due to this unprecedented situation. Of course, there is an advantage to choosing under-construction property as it is mostly cheaper or cost effective.
So, if you do choose one, then go for a reputed developer’s project.
4. You must go all out to Buy the Best Property
Home buying is not something that happens every now and then. As a result, a number of homebuyers end up spending astronomically on expensive residential properties in posh locations. However, doing this can exert pressure on your finances and cause inconvenience. Experts opine that it’s better to choose what is within your reach as you can always upgrade your purchase in future.
Also Read - First Time Home Buyer’s Guide for Pune City
5. Projects Advertised Widely are Better
This is a huge misconception that ends up leading homebuyers in the wrong direction. Big advertising campaigns hyping a developer and his/her project doesn’t guarantee quality. Such a project could be facing the same issues that regular ones do. Homebuyers are therefore advised to not fall prey to big advertising campaigns but evaluate the project on the basis of important merits and factors.
If you’re planning to buy a new home, follow these real estate tips and rest assured, you would be striking