In today's era of 2021, the real estate market is surrounded by the mix and match of reality and expectations. There is a lot of confusion caused by this intermixing of the reality of real estate with expectations. For this reason, we need to bring out people from the world of delusions to a factual world.
This blog provides a complete guide to the people who are detached from reality, as far as the real estate market is concerned. Read out the full blog for more facts and figures.
Future Worth Of The Location Misunderstood
There is a common belief among the people, that opting for an option of a home in any location will prove to be worthwhile in the upcoming years. This needs to be corrected, as it's not true in every other situation. In some of the circumstances, a certain location might be of high value in the current time. But the consistency of the price of location may not remain constant over a period.
The reason behind this is that the area may have some of the inbuilt problems, which the authorities have overlooked. That is why the price, which is significantly increasing today, can suffer from a major decline in the time that is yet to come. Besides that, price trends of the real estate market are changing rapidly, with the development of newly purposed factors.
Another deceiving point regarding the real estate market is that the property investment will dig you a gold mine. To make this belief become a reality, there needs to be put endless efforts and experience in this field. Without experience and hard work, it is impossible to excel in real estate. The Following points need to be considered to become a billionaire in the real estate market, in a true sense:
- For first-time buyers, there should be sound knowledge of real estate investments and ongoing trends.
- A survey can be carried out by visiting various real estate agencies.
- Brainstorm all the facts that you collected during surveys and research.
- Make your investment through a trustworthy real estate agent.
- Make frequent visits to some of the real estate housing projects, according to the suitability of your location.
Yes, The House Is All Set
Several people opt for a furnished home, relished with all sorts of amenities because it is believed that such homes don't need further renovations. It may come to you as a shock, but the truth is that the houses that look good on the outside, actually need more cost in terms of repairing and maintenance.
The reason behind this is that the owners just want to sell their home, without going into the details of their house, which has turned outdated. Furthermore, this tactic is used to misguide the buyers regarding the utilities like water, Sui-Gas, and electricity supply. That is why proper research should be done, without finalizing a deal of your home.
I'll Make A Bargain
One of the other expectations includes that there will be a bargain in the deal of a house. The buyers indicate their financial status to the seller of the real estate market and then expects that he will be provided with an easy payment plan. Sellers, just for the sake of finalizing their deal, may promise to make a bargain, but later on it can turn into serious consequences. The consequences can include a claim of a heavy amount of payment by the seller who was deceiving you from the start through the term bargain.
The reality also sheds light upon the fact that an offer of discount may be available from the real estate housing projects, but bargaining does not have a place in this field. This is because most of the real estate projects come up with a final payment plan inclusion of 15-20% of the down payment. So, the authorities may not be in a position of making such bargains. Also, some discounted packages are available, but again having their requirements.
It's As Easy As ABC
Another commonly perceived idea regarding the real estate market is that buying a property is not rocket science. The correction to this belief is that, either you are a buyer or a seller in the real estate market, you will need a lot of homework. Discussing the buyers point-of-view:
- The buyer must know the total budget he is capable of bearing, which includes the expense of the down payment to the cost of maintenance.
- Look for an authenticated real estate company, that might help you potentially.
- To make sure you are not misguided regarding the home, do investigate either by physically going to the location or constantly question every single factor that helps to shape the physical factors of the land.
- Another thing to ask that the NOC is approved or not? It might save you from future suffering.
To talk about the seller's side, they expect that it's as easy to sell like anything. To add, they also have believed that just through their convincing communication skills the sellers will buy a property. Instead, the opposite is true. You may finalize a deal for a property by providing false statements to the sellers, but later the realities you have to go through is:
- The buyer can charge you for your deceiving statements, leading to the court orders.
- You may lose your reputation in the real estate market.
- Your history may not allow you to hold your position as a seller in real estate, anymore.
In a nutshell, the suggestion to the sellers and the buyers is that, lower down your expectations and know the ground realities. This will help you achieve something bigger, at the same time requiring you to indulge your endless efforts. Due to these reasons, the real estate market also has been controversial. If together we work to differentiate these realities from expectations, we can take our economy to a higher level. Because most of the economical gains are driven by the real estate market in Pakistan.