You’ve probably heard that a house is just a house.
It’s a simple thing to put together, and it doesn’t have much to do with the actual quality of the building itself.
You can buy a home in India for under a million rupees (around £2,000) and the real estate agents will tell you that it will sell for more than that.
That’s not exactly what’s happening here in India.
It doesn’t seem to be that way at all.
What’s happening is that prices are going up and people are starting to think twice about buying a house at all, particularly if it’s not the right one for them.
Read more 1 of 3 Next» Previous» You can see the real-estate agents’ eyes.
“I can see their faces,” says Sharmila Shah, an agent in Hyderabad.
“You get the impression that they’re not buying it for the money.
But the reality is the value is way too low.
This is happening across the country.
People are buying at low prices because they can.
They can get their kids to school.
They don’t have to go to school for an hour a day.
But they are paying for a house that they can’t afford.”
She says this is happening in every state and district in India, and that the people who are buying are mostly poor and minority communities.
“It’s not just urban dwellers,” she says.
“This is happening all over the country, including the rural areas, where the houses are being built in a hurry.”
Sharmilia Shah, owner of real estate agency, Bhatta.
Source: Alamy The problem is that most buyers aren’t looking to pay the full price.
They are buying a piece of land that’s not quite right for them and their family.
And that’s the real problem here.
You don’t get the best deal from a home that you’ve just bought for around 5,000 rupees ($11,000).
This is because the house will probably be sold for more if it has to be rebuilt or if a loan is needed.
“People will say ‘I don’t know what to do,’ ” Shah says.
She says many people will buy a big house in Hyderabadi or Nagpur, and then, when the sale is over, they’ll ask for the loan to help with the cost of rebuilding.
This will not only cost them money but will also cause problems with their family’s financial security.
Shah explains: “If they get an unexpected medical or financial crisis, it can be a lot of trouble.
You need to look after the debt.
You have to make sure that the loan is paid in full.”
Shah says she has noticed that buyers are more concerned about the size of their home than the value.
“They don’t want to pay 5,500 rupees for a piece that’s going to be built at 5,200 rupees,” she explains.
“In fact, they want to be able to buy that much property at 5 lakh rupees.”
If that happens, it’s important to keep an eye on the building site.
You might not be able buy a place in the first place, so keep an ear out for signs that the property is overvalued.
“There is a lot more money going into building a house than just a small one,” Shah says, and this is why she is warning people to be careful about the prices they pay.
There are also a few things to be aware of.
“If you’re going to buy at a lower price than you would pay in the real world, you’re better off taking the mortgage.
You’re paying more for a mortgage,” she adds.
If the house is on a lot less land than you can afford, you should be prepared to pay a bit more in taxes.
The more land you own, the more you need to pay.
But if you have more land than that, then you will have to pay more in tax.
It can be tough to understand these nuances, but when you’re buying a home, be aware that the real costs will be borne by the lender and the buyer.
If you need help, Sharmilah Shah says to get in touch.