First Time Home Buyer? Here is your Checklist!
Buying a property in Mumbai can be nerve-wracking and thrilling at the same time, especially if you are first time home buyers. It is actually difficult to know what you expect. The learning curve here can be steep, but many of the issues can be resolved by doing little homework. When you are buying a home for the first time there are a lot of factors to be thought over, but there is nothing to be stressed about. Thoughts of having those ultra-luxurious homes might be dancing in your head, but you don’t want to be carried off by a dream and left with some serious bills. Buying a home will probably be one of your biggest investment, so instead of making an impulse buy, arm yourself with thorough research and a few quality advisers.
These are the points you should consider while purchasing a property in Mumbai:
1) Selecting the right Location:
As Mumbai is a vast city, selecting the right location plays a very important role here. Also it has to be made sure that the location you are investing has the potential to grow in the years to come. The property prices in the areas which are pre-established tend to come to a stand still after a particular period, especially when the scope of development is minimum. Understanding the potential growth at an early stage will help you crack a good deal. If you are planning to rent out your apartment then choose a location where you can get maximum tenants. One of the best tips is to make sure that the area of investment is in great demand so that the rental returns are high. Areas nearby to airport, railway stations, and commercial park centers command higher rents as they possess a greater scope of development. You can opt for property in Ghatkopar or Chembur as they have great location advantage and are also well connected to the rest of Mumbai.
If schools, colleges, hospitals, entertainment hubs, fitness centers are within the proximity of your apartment then the value of the same increases. And if such general conveniences do not exist then make sure that at least there is a scope for expansion in the property that you are planning to buy. The builders today are developing complexes that offer swimming pools, parks, club houses, and gym, they also make sure that hospitals, post offices, office spaces and restaurants are in vicinity, keeping in mind the needs of the modern consumers.
3) Public Transport Facilities:
While purchasing a property in Mumbai, the one factor to be kept in mind is that the property should be well connected to all the public transports available here. This will also fetch you higher rentals, ensuring you great return on investment. Also, keep this in mind that you don’t buy an apartment right next to the public transport as the noise may create disturbance.
4) Choose a Reputed Builder:
While buying an apartment make sure that you choose a reputed Mumbai builder, as the success of buying the property rests in hand of the builder you deal with. Choosing a wrong builder can lead you to disastrous consequences such as, not delivering the project on time, amenities not as per the agreement or rejection of loan by the bank due to the bad goodwill of the builder.
A budget needs to be set while buying an apartment. One has to be practical and analyze the finances as to how much finance you already have and how much external finance will be required for buying that dream house. A proper financial planning needs to done, to meet your short term as well as long term objectives. You should be left with at least some amount, to cater various other needs or emergency. Taking a home loan can be a good option, but make sure you choose wisely.
Make sure that you use these tips before purchasing a property in Mumbai. They will surely help you gain high returns on investments and make you feel financially secure.