There will be people who will come up with new advice every time you are about to make a big decision. Whether it’s your education, marriage, having a child or buying a house. The well-intentioned advice comes from many sources, and when you start taking all the advice seriously, your decisions change in small and big ways. It is really good that you seek advice before making any life-changing decision, but it is also important to evaluate the advice on different parameters. You never know, an advice that sounds good can turn out to be the worst.
Who is giving you advice, think about it. Is it coming from someone who has experienced the same which you are planning to experience in the coming days, months or years? Even if they didn’t exactly do the same, did they try reaching closer to it? For example, if you are planning to buy an investment property, let’s say a luxury villa off Whitefield, Bangalore, do the people you are taking advice from knowing anything about the real estate market? Did they purchase any property in their life? Do they know how the luxury real estate is different than ordinary home buying? Think about all these factors and then decide whether you should go with the advice or not.
Any good advice can turn into a bad one if you are not applying the right logic. Once you’ve found that the advice is good, think about whether it is applicable or not in your case. Even if the advice is coming from your real estate agent, think about how credible it is. Even if the advice comes from a friend, is it really applicable in your case? Do the people you’re meeting with are in the same age or income category? Even if they are, do you really have the same number of people at home and the same financial condition? Compare your finances and situations with the situations of the one who is giving you the advice.
There are chances that some people might tell you not to go with all cash and choose a home loan, while you may also find people who advocate home loans. It all depends on your current situation and your future plans. Where your life is heading to, nobody knows better than you. So, always listen to the advice that comes from credible sources, but before you establish a final thought, think from a third person’s perspective and then decide.
If you feel that something that sounded like a great advice doesn’t sound the same, it’s time to note down things and follow a strategic way. Do not stop house hunt just because someone has pointed out mistakes in your strategy or has given you some advice. Correct the mistakes (if any) and keep searching for the right house and don’t be afraid. Meet a professional real estate agent or a developer, ask questions, learn more and then make a decision.