Misconceptions to Discard While Buying a Property in India
Buying a property is a huge step in one’s life. But how do you make sure that you are making a safe and secure decision while selecting a home? The first step is to verify any rumors that you may have come across with regards to the luxury independent houses in Hyderabad real estate scenario and rules in India.
Here are a few misconceptions to discard while buying a property in India:
1. The “affordability” misconception: The most prevalent misconception is that you need to be born with a silver (or rather a golden) spoon in order to afford a home, especially luxury villas in Hyderabad in gated communities. In reality, all you need is just 20% of the total cost of the house for the down payment while the rest of the 80% can be taken care of smoothly with the help of a loan. In case of an under-construction venture, the down payment can be further reduced to just 10-15% of the total cost.
2. The “value of the house is the final cost” misconception: While planning and arranging for their budget, most people only keep the market value of the house in mind. A buffer of at least 5 lakhs to 10 lakhs should be part of your budget planning (apart from the purchase value of the house) for inevitable expenses like maintenance deposit, amenities charges, registration, stamp duty, etc.
3. The “We don’t need an agent” misconception: Often hiring a real estate agent is viewed with skepticism and as an unnecessary expenditure. Think again. Reliable brokers can actually save a lot of your time and reduce your frustration by narrowing down on property options as per your needs and specifications, along with scheduling your meetings with the builders in a hassle-free manner.
Also, real estate agents can prove to be helpful during the price negotiations process. Thirdly, they are the ones who can provide you with thorough information about the pros and cons of not just the builders but also of locales and their prevailing conditions.
4. The “renting v/s buying” misconception: It might seem lighter on the pocket to just rent a house but what you are actually doing is spending your money on something that is not yours. Instead, adding just a little bit more to your current rent amount can cover your home loan EMIs, the payment of which yields to the profit of you owning a house for real!
5. The “investing in furnishings is tarnishing” misconception: Some buyers skip the stage of getting the interiors (in-built cabinets, cupboards, etc.) done in order to save money. But a fully furnished house results in more income, both at the time of renting out or reselling as compared to a non-furnished one.
Don’t let misconceptions make you miss out on good opportunities. Here’s another way of safeguarding yourself from misconceptions and false claims – choose a reputed and trusted builder like Levonor whose luxury villas in Hyderabad for sale are built with the clear vision to fulfill your dream home mission. Download the brochure now!