Top 7 Home Buying Myths (Busted)
There are plenty of sayings, myths, and misconceptions that are heavily circulated amidst the real estate industry. Spread commonly through word of mouth, most of these are even thrown around with the supposed gravity of “facts”, which they actually aren’t.
Being the single biggest purchase of your life, there would be immense pressure upon home buyers (especially first-time buyers), once they have stepped onto the search of their dream home or dream apartment in Kerala. And therefore, even a trivial careless or misinformed decision could end up costing you a lot in the long run.
And, if you’re looking for an apartment in Kochi, there is no doubt that you might have already come across a bunch of such pieces of information. But beyond the air of claims, which contributes to the anxious state of mind of most of the home buyers, what do these myths actually hold?
We Veegaland Homes, the most trusted builder in Kerala have done the reality check for you.
1. “The first step is looking for a house!”
Once the thought of buying a new home or apartment in Kochi hits the head, the average buyer has the immediate habit of start searching various online listings, and even scheduling visits to houses. But is the first step before buying a home really- to go looking for one? Definitely not.
Buyers tend to start right away perhaps because they want to get a feel of their dream home. And these random searches often conclude with the risk of buyers falling in love with a house, which completely falls out of their financial range. So, the first step is definitely not to go looking for a house. Instead, it’s to do a bit of research and identify your budget.
Therefore, determining your affordability and financial planning is what is to be done prior to walking floor plans, visiting models and available homes.
One of the often heard saying in the real estate industry is that “It’s cheaper to rent than own.” Many of the home buyers even believe that buying an apartment in kerala is a better financial decision than renting. Whereas, in reality, deciding whether to buy or rent depends on a lot of factors, including credit and the length of time you plan to live in your new home.
Therefore, according to one’s circumstances, this belief regarding renting and owning can go either way. That is, if a buyer is going to be living in a home for a year, the smartest financial decision is to rent, whereas, if they are planning on living there for a longer period, it’s wise to consider owning it.
However, the buying v/s renting debate is not just regarding the period to be spent in a home, but also in light of other factors including the price of the property, insurance, maintenance, your credit score, mortgages, etc.
3. “Home maintenance is expensive”
Another commonly heard saying is that “home maintenance is expensive” or the “repairs are costly”. Aligned with the ‘renting better than owning’ perspective, this one compares the buyer’s situation under both these circumstances. When you are living on rent and there are some fixes to be made, the landlord will arrange for it and the expense won’t come out of your pocket. Whereas, when it’s the home that you own, you are the sole person responsible to make the necessary fix.
While there are some bits of facts associated with this particular belief, in the present day scenario, home maintenance isn’t expensive as it was before. Purchasing a home warranty is an ideal measure to protect the home buyer’s budget against such mishaps. The warranty will instantaneously make it possible to repair or replace a home’s failed systems or appliances and save the homeowner from having to pay a lot.
Maintenance, repairs, or replacements also increases a home’s value. Whereas if it’s your landlord who did the upgrades, it would reflect in your next month’s rent. Therefore, home maintenance doesn’t have to be expensive with a home warranty.
4. “Your credit score needs to be perfect”
When it comes to buying a home or apartment, your CIBIL score or credit score “does not” have to be perfect. Yes, you read it right. An individual’s CIBIL score or credit score is not just a calculation of the bills or credit lines one has, rather it is an aggregate of multiple factors.
There’s no doubt that a perfect credit score can tune-up things for you. But that does not mean that the one’s with low credit scores should forgo their home-buying dreams. There are some alternatives for such individuals with a less-than-stellar credit score.
A higher down payment: Probability of having enough cash to put down more than 20%, the higher down payment can help individuals with lower credit scores be less risky for lenders.
A co-signer: Having someone with better credit to co-sign the loan-keep in mind that if you don’t make the payments on time, the co-signer will be financially responsible (and the credit will also have implications)
Check on your credit report: What if your credit isn’t that low after all. Collect a copy of your report from the major reporting agencies/banks. If there’s any inaccurate or old information, ask the agencies to rectify it.
5. “You need a big down-payment to buy a house”
No, you do not need a big down payment to buy a house/ apartment. Based on the price of your property, you can avail of a home loan for 80-90% of the payout. While paying around 10-20% as down-payment on your home is considered fitting, it’s not realistically possible all time.
Changing times have brought forward loan programs designed with first-time homebuyers in mind. Even if you are ready to make a large down payment, it still may be in your best interest to consider all options.
Today’s flexible banking industry along with several revolutionary initiatives by the government have made ‘home’, a possible dream for the ones who don’t have sufficient capital to realize it.
Other alternatives are submission of other properties or lands that you own as collateral to raise the required down-payment funds, availing a personal loan to raise the amount for the down-payment, using a credit card, and converting the amount spent into EMI.
6. “Glamorous ads means a reliable builder”
Right from the moment you have decided to buy an apartment in kochi, you will come across several advertisements from your regular newspapers to large hoardings on the roadside. While these ads will definitely look glitzy and promising, you just have to recall the age-old saying: “All that glitters is not gold.”, whenever you come across them.
Smart steps to take at this particular phase, instead of falling for these magnified ads would be to do your research and go for on-site visits or sample apartment visits. Evaluating and inspecting all the areas of the project, including the common floors, amenities offered, etc, and visiting the completed projects of the builder would also help in forming a better understanding of the builder’s credibility. Choosing reliable builders in kerala is a very important thing which we need to consider before buying an apartment.
7.“The builder doesn’t matter while choosing Homes”
Coming to the final myth or saying among the most popular ones we have compiled, this one is less heard and therefore the most trivial one. Yes, if the builder doesn’t matter, what exactly is important while choosing a home?
Deciding on a builder who is not at all customer-centric, can lead to a lot of frustration for home-buyers right from the moment they step on with them. And such a miscalculated decision comes at the cost of everything in between cost-effective construction methodology and delayed delivery of your dream home.
Therefore, considering the increasing cases of delayed or stalled projects and other irregularities, it’s crucial that you choose a trusted builder, with a good track record, who has a solid reputation for delivering high-quality projects within the promised timeline.
Now that we’ve busted some of the most prevalent myths in the real estate industry, you may be feeling more confident in purchasing a new home. Led by the business magnate and philanthropist Kochouseph Chittilappilly, since it’s inception, Veegaland Homes has proven competence in delivering dream apartments in Kochi, built with state-of-the-art construction ideas and world-class amenities. Being one the most reliable builders in Kerala, along with the class, our flats in Kerala ensure safety and security for you and your family.
Having introduced the true implementation of quality and luxury beyond words, into its flats in Kochi by adhering to the standards defined by real estate governing bodies and organizations, Veegaland homes has garnered several awards. A national safety council award for safety in apartments in Kerala, Kerala state pollution control board award, outstanding luxury project award, and green habitat award are the major ones.
Successfully accomplishing the construction of 4 major apartments in Kochi, Veegaland Homes’ flats for sale in Kochi were rapidly sold out and delivered on time, strengthening the significance of the status of being the most trusted builders in Kerala.
Veegaland homes have 4 apartments for sale in Kochi and 1 in Thrissur. Starting at 44.3 lakhs, Veegaland Apartments have world-class amenities, safety and security above all. Veegaland Zinnia at Kakkanad and Veegaland KingsFort near Vyttila have sample apartments ready, so you can visit, see if they match your requirements.
Veegaland's all ongoing projects are K-RERA registered - KingsFort | K-RERA/PRJ/031/2020, Zinnia| K-RERA/PRJ/038/2020, Exotica | K-RERA/PRJ/039/2020, Thejus | K-RERA/PRJ/040/2020, Bliss | K-RERA/PRJ/115/2020