Let us dive straight into it. Debunking home buying myths with common sense and knowledge.

Home search is the first step.

The first thing first time homebuyers do is start looking for online listings of current and upcoming projects. This is a waste of time and homebuyers should follow a plan before starting their homeownership journey. The first step is to assess the financial state and calculate available funds. If a loan finances the purchase, then the EMI payout for the loan and downpayment amount need to be reserved and estimates must be made accordingly. This is a practical approach if the homebuyer is serious about investing in a property.

Rent vs Owning.

Both renting and owning a home have their pros and cons. While renting can save the downpayment amount and a part of the EMI payout, depending on the rent, a home loan will permanently solve the problem of shifting homes and provide the proverbial roof over the head. Also, the rent can serve as an EMI payment if the downpayment can be arranged. This is a scenario where sufficient income makes it possible to pay the EMI and manage other obligations.

Home maintenance is expensive.

Maintaining a home is an investment that every property owner must make. As the property value and rentals appreciate, investment in maintenance to improve the property value is essential. Regular inspections and nipping the problems in the bud will save significant costs. If problems are ignored, then repair costs increase. So, the difference is not significant and it should not come in the way of owning a home.

Large down payments

The common myth is that home loans require large downpayments. This is not true as many banks offer special provisions to reduce the downpayment amount. Builders and developers offer attractive schemes for home buyers which reduces the downpayment amount.

Glamorous builders are reliable

Never judge a book by its cover Advertisements and brochures should not be blindly believed. Many builders are vying for a large piece of the real estate pie but not all of them can deliver. It is important to research builders and their past projects before considering their projects. The information is available online. It can also be obtained by speaking to experts from the industry like brokers, agents etc.

Home buyers and investors who want to buy property in Mumbai must keep the above points in mind.