Buying a new house often accompanies stress, anxiety and uncertainty. There might be numerous questions in a buyer’s mind as soon as they begin the hunt for their house. Amidst all these arises some common misconceptions among the buyers regarding purchasing their dream home. There is a lot of information available to the house buyers. The source of this information may be the internet, friends, relatives and others. A major fraction of information is often bad & irrelevant gives rise to a number of misconceptions among home-buyers.
Such myths revolving around buying real estate may deter the decision of the buyer and can create problems throughout the process of buying and afterwards, states Annuj Goel Pune. Hence, it becomes important for the investor to avoid believing such misconceptions at all costs.
What Are The Common Myths Of Real Estate Buyers?
Here we have enlisted the various misconceptions people rely on while buying a home. The pune based Goel Ganga Development owner, Annuj Goel Ganga is busting all the misconception of real estate buyers
Myth 1 – You need a lot of money to buy a home
It is a prevalent misconception among buyers that it requires putting down a lot of money to buy a home. A major fraction of the population believes a big part of the requirement is a 20 percent down payment which is not true. People may often buy a house for no or little money. Though a large amount of money is not required for the down payment of a property, people still believe a down payment is the only amount that they need to pay.
There are a number of charges that are involved in the buying of a new property. These include
- Real estate taxes
- Mortgage application fees
- Bank Appraisals
- Attorney Fees
- Underwriting fees
- Other inspection fees like home inspection tests and radon tests
There are many national and state-wide programs that will help you cover these charges of purchasing a house or property but never get trapped in this misconception of spending a lot of money while buying a home.
Myth 2 – Hiring a real estate is not important
Although it is possible to buy a home without the assistance of a real estate agent, why would one do that? A buyer will not be paying their real estate agent. Moreover, having the guidance of a top-notch agent can reduce the hassles and make the process much easier and stress-free. But it is equally important to choose the right agent for your purchase because not every buyer’s agent is the same, as suggested by the Goel Ganga Developments Owner.
Myth 3 – The value of your house will keep increasing in future
It is not easy for a home buyer to hear that the value of their house has not been increasing all these years because there is a strong misconception that the house bought is going to increase in its worth in the coming years that doesn’t happen. Everyone needs to know that every house is unique in its features, location, amenities and its desirability. It can be a possibility that a buyer buys a house at top-notch market value and after years if the same buyer attempts to sell their house, its worth might be the same or even decreased.
A buyer must have researched properly regarding the amenities and locality of the property before investing lest he/she can face disappointment finding out that their property has decreased in its value.
Myth 4 – Buying a home is a quick and hassle-free process
Buying a home comes with its hurdles and pitfalls throughout the process. Though these can be overcome, it is not justifiable and hence a myth that the process of buying a home is easy and stress-free.
Buying a home involves a number of processes and several parties involved. Some of the factors that make buying a home not that easy a process.
- Mortgage issues
- Low home appraisal issues
- Hiring an agent
- Coordination with buyer, seller and attorneys
Myth 5 – A few repairs is all it needs in coming years
Home builders nowadays with profits and incentives in their mind build houses quickly and at their least expense which can be problematic for the buyers in the forthcoming times. Such quick-build homes become an example of low-quality craftsmanship and important details get overlooked.
A reputed real-estate entity, Goel Ganga Developments suggests that it is important for a buyer to employ a home inspection team to inspect the potential risks in the property before investing in it.
And the list goes on, there are numerous and endless myths regarding home buying in the market and believing these myths can be harmful to the buyers. Either these misconceptions persuade buyers not to purchase a home or end up having a bad buyer experience. So it is better to avoid falling for such myths.