Are you still hesitating to sign on the dotted line due to certain home-buying misconceptions that you harbour? We bust a few myths
When home hunting, you are subjected to many opinions, preferences and advice from people around you. As the economy gets back on its feet, people are willing to invest in homes, even as the real estate market slowly stabilises.
To help make your home-buying decision easier, we clear the air on misconceptions around home purchases and provide you with clarity when you go home hunting.
Myth: Bigger homes for all
While some areas did see an increase in apartment sizes, many believe that one must take this trend with a pinch of salt. For example, Mumbai saw an increase in home sizes, which was worth noticing because of the city’s infamous record of having smaller size units.
Fact: But this might not be true for everyone, say industry experts. Mumbai-based asset advisor Vishal Wadhwani says, “We might have to err on the side of caution with this trend as this was a direct fallout of staying at home. Many offices have restarted at 30 to 40 per cent capacity, and people have begun to head back to work slowly. (However, the exception is the mini-lockdown that has been imposed in Maharashtra due to rising cases). Only when vaccinations are completely done and normal work from office begins will we know where this trend stands.”
Myth: Amenity = Luxury
During the pandemic, we saw home-buyers opting for projects with zero amenities, as projects with amenities tend to be more expensive or were considered a frivolous expense. These amenities were considered a luxury to be bought only by the rich.
Fact: Before the pandemic, if a project had a small or additional amenity, the project would be
categorised as a luxury project. Now, every project is expected to have amenities like a gym or a playing area for kids, and green open spaces for senior citizens. Now, these amenities are the norm as people are aware of the importance of having a safe haven, even during the lockdown. Chennai-based asset advisor Bhadresh Mehta says, “In Chennai, we have seen a shift in the type of amenities preferred by people now. They do not want extravagant amenities, but are more interested in basic amenities like a walking track or a play area for children. I think the pandemic has now blurred the lines between a basic and luxury/semi-luxury home.”
Myth: Launches are high-risk
Due to uncertain economic times, one must not buy a home in an under-construction project as now, more than ever, possession of your home will be delayed.
Fact: While this holds true in many cases, one must understand that choosing a trusted developer goes a long way in ensuring you get your home on time. Do not opt for projects from fly-by-night developers who might offer cheaper homes but are unreliable. Boman Irani, chairman and managing director of a leading real estate company, says, “People want to live in a safe home, now that the pandemic has made them understand its importance. Even developers have understood this demand and are delivering homes that suit their buyers’ needs.”