Setting the Fact Sheet Straight - Busting the Common Real Estate Myths

One of the most well-known and widely misunderstood sectors is Real estate. People think it is just about buying and renting property but it is so much more than that. Nowadays there are numerous myths that are circulating around the street. We have compiled some of the most popular myths and have debunked them.

Myth No 1 - Buying a New Home Means Few Repairs in Years to Come

There is something about the current real estate that people need to familiarize themselves with. In an attempt to do more in less period of time. Realtors are finding loopholes that allow them to quickly skim from one project to another.

But always remember that whenever a house is built in the smart city Lahore or anywhere else there are numerous factors that one needs to keep into account. Therefore it is not the right thing to think that buying a new home will not cost you money in terms of maintenance or improvements.

Myth No 2 - No Worries for Schools if You Have No Kids

Buying properties in areas where there are schools can be expensive. According to an estimate, the property value increases with all the available facilities and amenities. So, people are tempted to buy property in those areas.

But let us bust the myth once and for all. No matter how tempting it is, always prefer to buy homes in those areas which offer school districts as well. This is mainly because of the fact that the worth of resale property is also high in those areas. People prefer to buy properties in those areas which offer high life quality.

Myth No 3 - It Is Better to Buy Than Renting It Out

There is nothing more secure than buying a home that you can later use as your own or rent out. This way you are securing two things:

A Space Where You Can Live Yourself
A Space That You Can Use to Rent Out in the Near Future

But it does not mean that renting is not a secure option. With renting you do not have to pay the following things:

Closing Costs
Insurance
Interest
Maintenance

Therefore when you are buying a property in Park View City, you are killing two birds with one stone.

Myth No 4 - Single Family Homes Are More Affordable Than Multi-Family Homes

Yes, it is true that multi-family homes are a bit more on the expensive side but that does not make them any less worthy of investment. It is something along the lines of a once-in-a-lifetime investment.

There are various ways in which one can make good use of the multi-family home. If you think you have extra space you can rent that space out to someone else. This way you are able to secure a place as well as generate more value for the place.

Myth No 5 - Sell Your Current Home Before You Buy a New Home

This is a known fact that real estate is a sector that can generate high revenue in a short span of time. All you have to do is keep a strict check on the things that are working in the market. That is why people often mistake the market trends that they have to just keep one home or property at a time.

The reason for this sort of thinking mindset is that people think that home maintenance is a jarring concept. They often think that home maintenance demands a lot of time and money.

This is how you should do it. When you are buying a new home, you can keep your previously owned property as well. The best way is to rent that out. This way you will have a way to generate more passive income.

Myth No 6 - You Don’t Need a Home Inspection

People often find it a tempting concept to skip the part of the home inspection. Home inspection is a concept in which people hire professionals who then go over the various important aspects to ensure that the home has all the qualities which make it fit for living.

The reality however is that the way a home inspection team will look at your house, no one else can do that. They have years of practice that will come in handy so that they are able to highlight the problems that you might ignore.

Do not skip this point unless and until you have a family member who is an expert in the said field. Make sure to hire someone who has a good reputation and ask them questions about your house as well.

The Bottom Line

We have tried to bust as many myths as possible. Make sure to rely on this information and do your research before making a purchase.