A home is somewhere your heart is at peace. With the real estate industry is booming with new and better developments each day, things in the Indian real estate industry are now seeing the face of appreciation. With affordable housing taking up most of the room in the Indian reality, the problem of homelessness is now reducing. However, this industry also faces numerous challenges every day for its ever-changing nature. There are misconceptions within people that crop up every time they think of owning their own home. So, before going into those, it is better if we know what affordable housing truly is.
Affordable housing, as the name suggests, refers to the housing units that can be bought by those particular sections of society whose income lies below the median income of the country.
Now, coming to the misunderstood notions, the list is endless. However, the major ones do need a mention. Let’s have a look at them, one at a time:
- Mortgage Payment Is Always Huge: This is one of the biggest misconceptions that prevail in the market and its impact is huge when talking about the effect of sales and the market demand as it is just not true!The down payments do not need to be paid in bulk for enabling loan grant and other legal issues.
- Agents Are A Big No No: They say that you can save a lot of money by not hiring a real estate agent, which is a big lie. Having a realty agent to help you out through the process of looking for a home will help you make sure as to where you wish to invest your hard earned money.
- Renting Is Way More Cheap: The biggest of the many. Renting isn’t just costly but offers considerably less or no security and safety for the people who wish to opt for it. There is no guarantee as to when your landlord would want you to vacate your place and many other reasons that needlessly prove that it is the renting which is more expensive!
- Home Needs Renovation Too Often: Not really. It solely depends on your own choices and lifestyle. Instead of actually going for the hit and trial method, you should, in fact, a study on the trending styles that might work for you on the interiors. It would help you go through a lot of choices, analyze and then decide – which would save you from too many expenses, loss of time and from feeling regretful later.
- Inspection Is Not Needed: which is a big lie. Inspections – be it on a small or big portion of land, the property being new or old, or any kind of major or minor issues that involve a particular property, inspections are always important. They help you actually analyze the pros and cons of the area, the amenities actually provided and a lot more things.
Hence, going for these misconceptions is not a good idea if you think that they might help you make better choices – they won’t. Buying a home needs time, money, energy and a lot of research, make sure it is worth the efforts.