FOMO in Real Estate
Real Estate is no doubt is one the best asset class in India which have given quite a good returns in the last decade or so. And that's why more and more people are actually trying to get into the real estate. Some are buying land, some are buying apartments and some are buying farm lands. And that's why people are getting into the loans too to create the asset.
PC: Pixabay.com
But the problem is in Real estate there is a lot of corruption involved as well as a lot of black money and that's why the prices remains inflated always. For example, if someone has a black money they can get into the real estate, sell it and make it white without giving much tax on it. But as a Salaried Individual you are already paying the tax and whetever is coming to you, you are saving and then buying the real estate. And that's why people having huge money mostly black invest in real estate and inflate the prices.
And the FOMO I.e. Fear of Missing Out is quite real in real estate. Especially in metro cities people tend to buy whenever they have some money for down payment as well as take a home loan. And when some collegues buy it, others feel jealous and then they buy it too. And that's how the FOMO works. And that's how the prices remain inflated. The prices of real estate didn't fall in 2020 because of Corona but after that it has gone upto 1.5 to 2x in just 3 years.
I am not saying that you should not buy, but don't buy overpriced unit for which you have to pay the loan for whole life. Get a decent one even if it's small because having real estate is good and it mostly appreciates in the future. So it's always good to not have FOMO in life and you should dictate your life events as per your terms.
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Yep real estate is an amazing tool to empower yourself. But corruption as we know can be quite a limiting factor to it. Especially, the dealings between contractors and builders and the way they make promises of selling "dream houses" to the poor buyer who has no idea when he/she will get possession of the said property. It is indeed a balant abuse of rights in there...
A medium size house or land rights might be a good option 🤔
Real Estate is a sector that one should invest it.
We should all do it right, without being driven by fomo and click baits by Realtors.
Great content.