4 myths related to buying a house in India

by Vivek Choudhary Nice life

Buying a house is a one-time investment that involves huge sums of money and that is why it becomes really important to take the right decision while taking into consideration all the relevant factors. You must put in a great number of efforts in finding the best residential projects such as the upcoming affordable housing projects in Gurgaon. Several myths related to buying a house in India exist that are widely spread and need to be curbed as soon as possible. So, we have curated a list of 4 myths related to buying a house in India, which is as follows.

1. Metropolitan cities are the best places to invest in homes

One of the most common myths that prevail is that houses should only be bought in metropolitan cities. However, the cost of living in these cities makes it tougher to reach high standards of living. Investing in Tier-II cities would give you an advantage of price and growth potential over Tier I cities.

2. Renting is better than buying

It is common for most people looking for accommodation to prefer renting over purchasing as they feel it is more affordable, but renting is only a temporary solution without any return on investment and the chances of being able to afford a house at a later stage are also meek and unpredictable. Hence, it is important to calculate the risks and benefits and observe that if the expenditure on monthly rent is 30 percent or more of the total take-home income, it is better to purchase a property on EMI than paying monthly rent. You would find many ready to move affordable housing in Gurgaon and you can choose the one that suits you the best.

3. Real estate agents are not helpful

Many people, to save some money on brokerage, feel it is unnecessary to hire a real estate broker, but when making a big investment such that of purchasing a property, it is advisable to take professional opinion as they have expertise in this area and may offer you better deals than a builder. They will make you aware of the ground reality which you won’t be able to find out on your own. They will help in price negotiation and providing after-sales services as well, making the brokerage worth it.

4. Purchasing real estate is only for the rich

People believe that investing in real estate is an expensive proposition, reducing their chances of being able to purchase a property. However, nowadays some properties offer different budget brackets making sure that every individual can afford to purchase a house. India is, anyway, headed towards affordable housing, proving that real estate is not only for the rich.

Buying a house is a decision to be taken with the utmost knowledge and care. You should keep your options open. There are a lot of affordable apartments for sale in Gurgaon to start with. Keep exploring and eliminate all the aforementioned myths from your mind!