Real Estate Myths: We all want to buy our dream home and what’s better than New Year? But real estate investing requires a significant commitment. But it has frequently been observed that myths about this industry cast a shadow over all the knowledge you have obtained.
To help you make informed decisions about your property, we’ll expose some prevalent real estate myths in this post.
Myth No. 1: Invest in half-bedroom projects now because builders won’t provide this option later
FACT: Boman Irani, president-elect of CREDAI national said, “Home aspirants are seeing their friends and family buy a home with that extra half-a-bedroom or more space and they do not want to compromise on this aspect of homebuying anymore. As a result, numerous variations will be launched in the market by developers across the country and the buyer will have their pick.”
Therefore, wait for the next round of launches that provide more features like the extra bedroom, facilities, or even a creche if you want that flexibility rather than rushing to acquire a house in a project just because it offers that extra half-bedroom at a fair price.
Myth No. 2: Anyone can purchase a home online
FACT: You can take a virtual tour of the property from the comfort of your home thanks to virtual reality (VR) technology, but the decision to buy is still made after individuals visit the site and approve the project. Therefore, stay away from making important judgments online and instead utilise it to help you select a house that you have a good concept about in terms of how it will work for you and your family.
Myth No. 3: Within the next two years, inflation will be stopped, and property prices will decrease.
FACT: Niranjan Hiranandani, national vice-chairman, NAREDCO says, “Developers have already incurred a price hike of nearly 10 per cent on average across the property markets. This will make a price dip highly improbable.” Therefore, it is unlikely that home prices will decrease even if inflation is kept under control and the costs of raw goods like cement, steel, and iron are controlled.
