Like any other materialistic investment, a lot has to be taken into account for a real estate investment. It is a herculean task to buy property in Mumbai within an appropriate budget without compromising on any of the personalized demands or requirements.
The price of real estate in Maharashtra’s capital city has jumped in the last couple of years. And quite often, prospect buyers overlook or miss out on numerous factors that cost them in the long run.
So, here are the top 7 list of factors for your better understanding of the dos and don’ts of buying a home.
Location of Property
This is the most important aspect of buying property and tops the list of considerations while buying property. Your location should be within close distance to healthcare centers, educational institutes, along with dining and shopping options.
Over the years, numerous people headed towards Mumbai that has led to an increase in residential properties’ demand. Localities like Andheri, BKC, Chembur, and Kurla are quite popular among buyers.
Safety and Security of Property
Due to an increase in break-ins, one must pay attention to the security measures put in place, such as an advanced alarm system, smoke detectors, motion sensors, and surveillance cameras. Also, grill-based windows are a better option.
Mumbai happens to be one of the better-planned cities in the world. Owing to that, there is no shortage of options for builders. You can gauge the trustworthiness of the chosen builder by checking if the builder has received financial assistance from banks. If the banks cleared them for a loan, it means that they are trustworthy as banks carry out a thorough background check before lending.
Size of Property
It is possible that what you see in the brochure is the truth, but not complete. It is common for shortcomings to occur in the carpet area when you compare it with the built up area before the project even started. An ideal thing that you can do is going with the carpet area. Make sure that you effectively communicate your requirements with the builder or seller so that you can extend the actual structure when required.
The Resale Value
Other than investors, not many people buy a home to sell. But you never know what the future holds. Thus, you may have to let go of it in case of an unfortunate turn of events. This is why you must be careful in making your pick. And the first thing to focus on for the resale value is the location of the property. The better and developed the locality, the better the chances of selling at good rates.
Also, one should be able to remodel the property. To sell a home at good rates, you might have to remodel and for this, the area it covers should be spacious. So, location is the first thing the buyer pays attention to. Then comes the amenities. Getting a house with abundant amenities, such as a gym, swimming pool, modern lifts, excellent lighting, spa, etc. help with boosting the resale value.
Ready Reckoner Rate
RR is used to calculate the market value of flats and apartments for stamp duty and registration charges by the government. This rate tends to vary based on the size and location of the property in the city.
You must maintain the title deeds of the property purchase. The property has to comply with the rules and regulations as per Maharashtra’s government. Documentation happens to be a tedious and lengthy process generally. Try hiring a lawyer for that.
Make sure that you pay attention to hidden costs. Since buying a home is one of the most important decisions of one’s life, many are willing to go that extra mile so they can get a profitable property. However, it is difficult to deal with hidden costs that add to your planned expenditure.
Normally, the initial cost estimation that a real estate agent provides does not have add-ons that raise the budget as high as 25%.All in all, finding the best residential projects in Mumbai is a tiring and time-consuming task. However, with prior planning and research, you can be successful.