Buying a home is such a major decision that it carries enough weight to have myths and misconceptions surrounding it. Many first-time home buyers believe in these myths and get discouraged despite having the desire to own a home. These myths are usually spread by word of mouth, and they are not supported by facts. They are carelessly created to spread fear in the real estate industry. Many home buyers miss good opportunities because of misinformation and trivial news about developers in Pune.
Let us bust some of these myths and misconceptions:
1. Home search is the first step
The moment a home buyer gets interested in buying apartments in Pune the first thing they do is start looking for online listings of current and upcoming projects. The excitement of owning a home in a new project makes the home buyer emotional. They want to get the look and feel of the new home and imagine what it would be like to live in their new homes. But are they making the right first move? NO! The first step is to determine the budget. Without knowing the budget how can one shortlist projects from the large spread of available homes? The budget decides the size, location, and configuration of the home. This is why determining the budget should be the first step.
2. Rent vs Owning
The common myth is that renting is cheaper than owning 3 BHK in Baner. While another misconception is that owning is cheaper than renting. Both renting and owning have their pros and cons. One should choose to rent or own their home depending on several important factors playing in their lives. Although financing the purchase is an important aspect, one can fund their new home by taking a home loan. By making proper calculations, it is easy to know the downpayment and EMI payouts. Proper financial planning will make owning a home possible. Renting, on the other hand, can save funds which can be invested. If one does not mind moving homes every year or two renting is a viable option too.
3. Home maintenance is expensive
Done either as the homeowner or as the landlord, maintenance does not have to always be an expensive affair. Regular inspections and nipping the problems in the bud will save significant costs. Also, a well-maintained apartment will always attract a higher rent. So, the difference is not significant, and it should not come in the way of owning a home.
4. Big down payment
The myth of a big down payment for buying a home is also busted with many provisions offered by banks for first-time home buyers. Although down payments fall in the range of 10 to 20% of the total cost of the home, it may be difficult for first-time home buyers. Many developers also offer very attractive payment options for first-time homebuyers who can own their home without paying a heavy down payment.
5. Glamorous builders are usually good
During the process of short-listing and finalizing apartments, one comes across many advertisements and flashy deals by builders in Pune that are enticing for inexperienced home buyers. The glitzy commercials and posh frames are the shiny baits designed by con developers which one needs to be vary of. The best way to choose builders and developers in Pune is to do proper research in the market and online. Speaking to the existing residents in projects by the same builder is also a good way to understand if the builder delivers on the promises made.