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.
You need luck to be successful in real estate investment
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.
You need a lot of cash before buying a property
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.
There is a good time to buy property, and one should wait for it.
“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.
There are not many tax benefits when one invests in a property.
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.
Eco-friendly homes are expensive.
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.
Ready-to-occupy homes are comparatively expensive.
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.