In real estate, our decisions are often based on preconceived notions or unfounded hopes. Some truths deserve to be nuanced or even questioned. Expert opinion.
Renting is throwing your money out the window
Staying in an apartment? Pure heresy! One can almost hear the personal financial advisors exclaim. The hundreds of dollars of rent paid each month to get lost forever, they argue, while the same money paid on a mortgage is recoverable on the resale of a home.
The cost of acquiring apartments for sale in Gurgaon can indeed represent several thousand dollars. For example,
For a residence of $ 250,000, the buyer will first have to pay for the inspection fees ($ 550), transaction costs ($ 500), notary fees ($ 1,200) and Property transfer tax ($ 2,250). Possibly, you also need to pay a mortgage insurance premium of $ 5,400 (based on a down payment of $ 25,000). At this initial amount, he must add the property and school taxes (about $ 2,600) to be paid each year.
Total fixed costs after three years: approximately $ 17,500. Except with very few exceptions, the market does not react so rapidly.
The value of a property always increases
Behind the decision to buy rented properties in Noida, there is almost always the certainty of reselling it one day. But things do not always happen that way. It depends on the context and the real estate cycle. There are times when it is very true [that the value of properties increases steadily]. But usually, the market finally catches up with you because it sets up a competition between buyers and sellers.
Show in January attracts buyers
According to some real estate agents in Gurgaon, the month of January is a perfect time to put his house for sale. Posted at the top of the websites, it becomes the flavor of the month with the first buyers who have just sent their notice of non-renewal of lease. Customers know that there are several reasons, not necessarily bad ones, for which houses remain on the market. They may even see excellent opportunities for negotiation. These houses ultimately become attractive to them.
Low-interest rates are a boon
Experience owners and real estate agents in Gurgaon remember the high-interest rates of the 80s and 90s as others evoke the harsh winters of yesteryear. Ah! It was hard at the time. Today, with a rate of 2.5%, young people can buy luxurious houses at bargain monthly payments!
Buyers must take advantage of low rates to acquire mid-range rented properties in Noida and quickly settle their mortgage. Almost every dollar added on their monthly installments would reduce their mortgage balance. But this is not necessarily what people do. They prefer to buy a higher-end house.
We always get the money invested in kitchen
Spending tens of thousands of dollars to remake a kitchen can hurt the wallet. But these funds are recovered mostly from the sale of the house. You can recover a portion of the costs if the renovation is done and you sell the apartment for sale in Gurgaon within ten years. Afterward, the kitchen will be obsolete again. It will not be worth more for the house.