When it comes to Buying or Selling a property in South Delhi, often it seems difficult to differentiate the myths from reality. There is so much bad inaccurate information hovering around, and even the positive advice doesn’t always fit every location or type of property. Here are some of the popular real estate-related myths that we would like to clarify.
Popular Myths About South Delhi Real Estate :
Myth: You Need a lot of liquidity to Buy a Property
If your profile fits for a good loan, even with a 30% downpayment you can buy a property in Delhi by taking 70% of the amount as a home loan from private as well government financial institutions.
Myth: Real estate agents are paid a salary
There is no salary for the time, effort and money Real Estate Agents put on towards a client. A realtor often tries to solve a problem for a client, show properties on weekend, research market for great opportunities for client and often spends his capital on costly advertisements and maintaining office and staff. So one should always be kind and good-hearted towards paying a real estate agent for the hard work put on towards your dream home in South Delhi.
Myth: It is not necessary to get the services of a Property Dealer in Delhi
New Property buyers are often new to a particular colony in South Delhi. A professional real estate broking firm like SouthDelhiFloors.com often lives and breathes their local South Delhi property market. Due to our great decades-long tie-ups with best builders in South Delhi, Often we might know about an upcoming project or penthouse/swanky duplex in booking if before it hits the local market. So we can get you your dream home even before anybody can give its buying offer.
Myth: Real Estate Is a Predictable Market
Real estate in Delhi is anything but predictable. This is one of those property buying-selling myths that make us wonder to hear. A few years before the monetary crisis, some thought real estate was stable. Then the property market crashed badly, and everyone said never to invest in it again. Now, the market is gradually growing again. So, change is the essence of real estate. As soon as you acknowledge the reality that somethings is going to change, you’ll be a lot better off in your life.
Myth: Property Consultants are Always Late for Appointments
Every person is different, There is no excuse for frequent delay among professionals. We have always earned respect by being on time. The property consultants I know are always on time.
Myth: When Selling a Property, Set the Price It To Leave scope For Discussions
Correctly valuing a house/flat in Delhi is one of the most important things when selling a home. Setting the price higher so that there is scope for negotiations with a potential buyer. This property buying-selling myth might lead to a stage where a property sits on the market for a long time. Best way going forward is to understand today’s market scenario. Due to the vast knowledge available on the internet, Buyers are more knowledgeable and educated than ever before. A buyer will not waste their valuable time looking for a property that is way overpriced and may pass on looking at your home.
Myth: Realtors earn bucks the easy way
This is completely misleading as there is nothing like easy money to be earned in any field and unquestionably not real estate. This is a viewpoint floated by people who haven’t seen the hard work that goes into making income as a real estate agent. There are often times when a property agent has to face difficult times, They don’t get paid anything for showing a flat/house – they get their commision only when a deal matures.
Myth: A property dealer’s transport and other advertisement expenses are reimbursed
The endless trips to show a property buyer properties every time a new property hit the market. All the trips, photography, advertisements, office expenses none of it is paid for by anyone but the realtor.
Myth: It’s Your Home, You Can Do What You Want!
Often, People think that when they own a property they can do whatever with it. The reality is that we have to take into consideration local municipal rules and regulations. If you own a flat in a building, it is not possible to change the structure as there are other homeowners too in the building. It is a very good point that some home improvements will enhance the future value of your property or might even make it difficult when it’s time to sell.
Myth: Your Loan EMI Payment is Your Only Cost
Many property owners ignore the fact that there are holding costs involved in owning and maintaining a property. There are ongoing expenses like electricity, water, taxes, ongoing repairs and this may take new buyers by surprise. Before buying home, prepare a list of upcoming regular expenses you should expect, and budget accordingly.
Myth: Multiple Property Buying-Selling Offers Can Bring a Price Up
You probably think that many offers can bring up the rates of the property. It might happen but not always. You should meet the buyers to understand payment terms and genuineness of there offers before making a decision.
Myth: Don’t Skip the Home Inspection of your property
You absolutely should not skip the home inspection of your property as you must be knowing the best and most about your home. By being there you can answer all the questions of a buyer which will expedite the sale process.
Myth: The Property Price is Fixed
It is a usually saying that Property Market Swings Back and Forth. Every property seller has their terms and conditions. The property price in South Delhi doesn’t come with an M.R.P, Every home is unique in terms of location, construction quality etc. So it is safe to say that there cannot be a fixed price of a property.
Myth: You Can Time the Property Market in South Delhi
It is very difficult to accurately predict the real estate market, All those buyers who at some time bought a piece of real estate thinking about windfall were disappointed. It is much safer to think about long-term appreciation of a property instead of expecting to win a lottery.
Myth: The Lowest Interest Rate is Always the Best Home Loan
A home loan is a complex process, Many things can go regarding that. there are many things to consider while choosing a home loan such as prepayment charges, processing charges etc.
Myth: Buy the Biggest Property You Can Afford
You should buy a property keeping in mind the exact size requirement for now and near future. It should not be too small and too big a property which is difficult to maintain.
Myth: Weekend’s buyers are the most genuine ones
The most serious property site visits tend to happen during the week. If you are serious about buying a property, take out your valuable time during the week also but it is sold to someone else.
Myth: When making a buying proposal for a home, you should start with a low offer
Being Indians, we tend to believe that we should start negotiation with a really low price for a property. One should research the market well before giving an offer, as a low offer might irritate the seller leading you to not receiving any counteroffer for the same property.
Myth: Property Dealers just want to do the deal and vanish
We at SouthDelhifloors.com believe in lifelong relationships. We have a proven record of long extended after-sale customer service.