Are you planning to take a leap from being a tenant to a house owner? If yes, availability of several options in the market would have definitely confused you. Thus, here are some quick tips to make your property-buying journey easier.
Before making any investment i.e. buying a Property for sale in Mumbai or other city make sure you are aware of all the developments taking place in the real estate market. Stay updated about the costing, latest real estate trends, price fluctuations, etc. Explore all the possible options available as per your criteria. Search as much as possible and take advice from legal experts, family, friends, and relatives in shortlisting the properties.
Choose the Right Location
Choose a property that has the potential to grow in the consecutive years. Properties close to central business district (CBDs), railway station, airport, shopping complexes, schools, hospitals etc. have greater scope of development. In case you are planning to rent out your property, choose areas where it will be easier to find tenants. Having said this, be clear about your purpose of buying a property, as it will be help you take a wise decision in terms of location.
Decide upon the requirements
Your needs and requirements are crucial in buying a House for sale in Mumbai Filter your multi-dimensional requirements such as number of bedrooms, price of the property, amenities available, and proximity to physical /social infrastructure. You can check properties in the integrated townships with almost all the amenities, which are seeing a significant growth these days. Also, make a list of things that can be compromised and that cannot be! For instance, number of balconies is something that you can compromise over a spacious kitchen. Thus, set your priorities right!
Check the Reputation of the Builder
Builder’s reputation and his past record will determine the success of the property. Choosing a wrong developer can lead to bad consequences such as absence of the mentioned amenities or rejection of home loan by banks due to bad reputation of the developer. A good developer will ensure that you get a quality product within the set timeline. In the late 90’s, in Mumbai many fraud cases was reported so someone looking for flats for sale in Mumbai then need to verify the developer background before getting into any kind of transaction.
Set your Budget and Finances Right
Create your budget and analyze your finances to know how much external finance is required to make your dream come into reality. If you are opting for a home loan, do prior research before stepping into a bank. Look out for best deal before choosing a particular bank. Try home loan calculator to know your eligibility for applying a bank loan.
Re-check the Property Documents
Be diligent while checking the permissions, approvals, and clearances if any present, in relation with the property. Also, carefully go through registration documents before signing them. Hire a legal expert to be doubly sure about the legal details (agreement, title deed, tax computation etc.)