The availability of affordable property in Lucknow has made this destination attractive for property buyers. Since the money you put here is comparatively much less in amount from other cities like Mumbai and Bangalore, you get a long rope to wait for price appreciation. However, before hurrying things up, just note that Indian realty market sometimes reverberates with investment noises, as a result of which, a large group of people get easily misled. You can save yourself this trouble by covering all the bases first. To begin with, take a look at some common myths that are associated with this market and then, duly make your move.

Common Myths of Real Estate

Property prices only appreciate

Many property buying decisions hinge on the assumption that prices will go up fast, whereas the reality is stagnant demands in a particular area can play spoilsport here. Also, not all price appreciation is good. If the value of your property does not rise significantly, you don’t gain anything out of your investment. Why? Because if you calculate the interest rate you paid against your loan during that period, combine it with the sum total of amount you invested in a property and then compare your profit and loss, you will realize either your returns are in negative or have not been impactful enough.

Bigger down payments are better

You can be fooled into believing on account of popularity of opinion that big down payments mean bigger benefits. However, the fact remains if you pay small amount in down payment, you can avail low interest rates on insurance. Another thing is lower down payment give you strength to get rid of the property as and when the need arises.

Offers or cash discounts reduce the total cost

Some builders may offer you cash discounts or offers on the purchase of a property to make their proposition attractive. But, beware of this because the actual cost is ultimately borne by you. How? You can be charged extra in the latter time on the ground that some amenities or facilities have been added. Nevertheless, if you find the deal to be worthy after evaluation, then don’t let the opportunity slip away from your hand.

Enhanced interiors fetch good deals

 If you want to enhance interiors on the backdrop of this thought that it will get you good deal, then drop it. Any new buyer might want to redo the decoration based on his or her needs. So, investing time and money on this may not be useful.

Property is sold for a fixed price always

This is not so. You can bargain with developers who seem to be in hurry to clear their previous inventory and end up securing handsome discount in the deal.

Top floors ask for high premiums

In a city like Mumbai, where people look for flats with commanding views of the surrounding areas, you may have to shell out an extra amount for living on heights. But, this is not so popular in other cities and hence you don’t have to be bothered.

Suburban locations ensure value for money

Regardless of the fact that apartments or lands are available for a cheap price in suburb, the cost of living in those places can still be higher considering the expenses on transportation and other related areas incurred there.

So, these are some misconceptions that exist in the realm of property investments. When you go for investing in an affordable property in Lucknow, try to be reasonable with your approach. To be precise, look through the prism of logic, overcome the biases and make a wise decision.

Summary

This article talks about the common myths home buyers have with regards to property buying.