When purchasing a residential property in Mumbai, some important points need to be kept in mind. These tips will help you with making the right decision in making a purchase, where so many factors could be responsible for the increase or decrease of property rates.
What to Do When Purchasing Residential Property in Mumbai
• Make a priority list for all the features you need in a home. Buy what you want not what is being sold.
• Get a thorough understanding of the total cost of buying a home. This includes booking amount, stamp paper, etc.
• Look at properties and locations, which offer long-term value.
• Take time to understand the layout and floor plan of the homes. Pick a house that suits the needs of your entire family.
• Make sure you have ample parking. If the builder provides only one or two parking spots, make sure there is ample space to purchase one or two more, depending on your requirements.
• Take a tour of the property before making any commitments.
• Consider making a purchase with an established residential property builder. A well-reputed builder will take care of most issues that a potential buyer could face. You can use the builder’s experience and credibility to your advantage.
What Not To Do When Purchasing Residential Property in Mumbai
• Don’t make a hasty decision. Take your time. Your agent or sales executive will keep a flat on hold for you, if you need some time to decide. On the other hand, don’t take too much time to decide. Good properties sell quickly.
• Don’t look for a home close by when investing in apartments to rent out. Look for growing areas with colleges and companies (factories, IT hub, etc.) around. This way, you will invest in a growing neighborhood. The people looking to settle around these areas will also serve as renters for your home.
• If you will purchase a home with a loan, do not make any purchase decision until you speak with your bank about the loan approval. Over committing is not a good idea. It will stress you out, and you might end up losing money if the builder asks for a booking advance.
• Don’t be rigid. Flexibility in terms of location, floor plan, decoration, etc. is essential when making such an important purchase. To get maximum returns from a home, whether you plan to live there or sell it, the above factors should be considered. Although investing in real estate is mostly a sound investment, a lot depends on the location and the property.
What to Do When Purchasing Residential Property in Mumbai
• Make a priority list for all the features you need in a home. Buy what you want not what is being sold.
• Get a thorough understanding of the total cost of buying a home. This includes booking amount, stamp paper, etc.
• Look at properties and locations, which offer long-term value.
• Take time to understand the layout and floor plan of the homes. Pick a house that suits the needs of your entire family.
• Make sure you have ample parking. If the builder provides only one or two parking spots, make sure there is ample space to purchase one or two more, depending on your requirements.
• Take a tour of the property before making any commitments.
• Consider making a purchase with an established residential property builder. A well-reputed builder will take care of most issues that a potential buyer could face. You can use the builder’s experience and credibility to your advantage.
• Don’t make a hasty decision. Take your time. Your agent or sales executive will keep a flat on hold for you, if you need some time to decide. On the other hand, don’t take too much time to decide. Good properties sell quickly.
• Don’t look for a home close by when investing in apartments to rent out. Look for growing areas with colleges and companies (factories, IT hub, etc.) around. This way, you will invest in a growing neighborhood. The people looking to settle around these areas will also serve as renters for your home.
• If you will purchase a home with a loan, do not make any purchase decision until you speak with your bank about the loan approval. Over committing is not a good idea. It will stress you out, and you might end up losing money if the builder asks for a booking advance.
• Don’t be rigid. Flexibility in terms of location, floor plan, decoration, etc. is essential when making such an important purchase. To get maximum returns from a home, whether you plan to live there or sell it, the above factors should be considered. Although investing in real estate is mostly a sound investment, a lot depends on the location and the property.
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