Common Fears Of Homebuyers Debunked
Fear works in mysterious ways. If not for this negative emotion that makes us anxious about almost all things, we won’t be inspired to take any of the steps that shape our lives positively. It is largely because of this fear that one aspires to owning a home. The desire to have a place of your own is more a question of safety ─ physical, mental, emotional and most importantly, financial. While it is good to be afraid as long as it works positively, it is absolutely needless to worry when there is no real reason behind it. It is in this context that we would talk about certain fears that homebuyers commonly face.
Credit is bad
Not so long ago, Indians relied completely on personal finances for property purchase. They would use their life savings and buy a property towards the end of their careers, mostly after retirement. Those who grew up in such credit-averse families find it difficult to live with the fact that they are under a debt, even when they can’t resist the opportunity provided by housing finance companies.
One need not spend their life in a rented accommodation because it would take their entire working life to accumulate the wealth required to purchase a home. Even if the price is in the form of interest to be paid, banks get you a good deal when they assist you with your home purchase. If handled responsibly and with utmost care, credit could work wonders in making your life easy. There is no need to panic for paying EMIs. Avoiding them unnecessarily will only result in you constantly dealing with a landlord and shifting homes.
What if I am making a mistake?
There are no guaranteed answers to that. Get those negative thoughts to work in your favour instead. Right from selecting the property to getting it registered, everything must be done with great precision and utmost care to avoid mistakes. Educate yourself diligently about the various steps involved in the home purchase process. “Since money is a big concern, most homebuyers try to save cost by doing everything on their own. This may result in monetary losses at a later stage. It would be financially prudent to hire a broker or a lawyer or an interior decorator or an architect if you are not well-versed with the work they do. Doing it yourself works only to some extent,” says Brajesh Mishra, a Gurugram-based lawyer, specialising in property disputes.
What if I get fleeced or cheated?
Chances of a buyer getting cheated or fleeced are higher only when they start believing in the 'unbelievable offers.'
“All one has to think is, why would someone offer you a great property at heavy discounts? No sooner than you think about it, you would save yourself from great many problems,” Mishra adds. Such risks would also be low if you pick a reliable brand, follow every regulation and hire a lawyer to make your investment risk-free.
What if the value of my property depreciates?
There are no guarantees about this. Property markets are influenced by several internal and external factors. While this may still be a concern for an investor who intends to flip his immovable asset in order to make profits, a homebuyer who buys a property for personal use must not let fears of this nature creep in.
“Only one in a thousand buyers is hard pressed to sell their property in order to meet other obligations. An end-user tries to avoid that situation at all times. Since such a buyer is not there to earn profit, the idea of price depreciation should not worry them. It certainly is good to see the worth of your property grow with time, but an investor has a bigger reason to worry about this than a common homebuyer,” explains Ankit Solanki, a Delhi-based independent property dealer.