Buying a house is not something we do every day. One may do it once in a few years, once in a decade or two, or even only once in a lifetime. Despite the fact that investing in real estate is not a frequent occurrence for most of us, we generally know how it works, mostly based on our family members’ or friends’ experiences.
We do know that buying a property is indeed a big decision as there are many things that need to be considered before buying a property, apart from the financial investment. However, there are always a lot of myths that surround the whole real estate concept. We have compiled some of the most common myths, which are completely untrue.
Myth 1:
You need luck to be successful in real estate investment
Truth:
To be a successful investor in the field of real estate, you need insight, research, and some instinct. No matter whether you are a recurrent investor or a one time buyer, you need to depend on your skills, instinct, and knowledge than on your luck.
Myth 2:
You need a lot of cash before buying a property
Truth:
Of course, you need some money to start with, but to buy a property, you need not have the entire cash in hand. You can apply for home loans or invest in pre-launch properties. When you invest in pre-launch homes, you need to give only an initial down-payment to book your apartment or villa, which will be very nominal. Furthermore, these properties will provide you a lot of time to organize your finances.
Myth 3:
There is a good time to buy property, and one should wait for it.
Truth:
“Strike while the iron is hot;” this proverb holds good if you are planning to invest in real estate. Prices of properties are increasing a lot, these days. Therefore, the sooner you invest the better.
Myth 4:
There are not many tax benefits when one invests in a property.
Truth:
Apart from the tax deduction on home loan interest and principal components, there are several tax-efficient ways to buy a home. For example, you will have deduction on stamp duty and registration charges, deduction on interest component, deduction on principal component, etc.
Myth 5:
Eco-friendly homes are expensive.
Truth:
Investing in eco-friendly homes add hardly 10% to the original cost, which also could be recovered over time. Alternatively, you can customize your homes to environment-friendly after buying. Furthermore, setting up terrace gardens and maintaining them are quite inexpensive.
Myth 6:
Ready-to-occupy homes are comparatively expensive.
Truth:
If bought from a credible builder like Casagrand, ready-to-occupy homes are affordable and rightly priced. In fact, ready-to-occupy homes have several benefits like tax exemption, rental savings, limited risks, price appreciation, etc.
