Posted on 01-Nov-2022
By admin
Categories: News
Mumbai is a city of dreams and aspirations. And this is one of the places with the most expensive homes. Most people know the exercise of how to buy a home in such an expensive pocket, but for those who have missed out on such lessons, here is a roundup of tips that one must follow while buying a home in Mumbai.
Everyone dreams of buying a new home and it is the most exciting experience of their life. But when you go to buy a home in the market, it requires a lot of research and procedures to be followed. If you are a first-time buyer then it is important to have a piece of knowledge about the real estate industry and things around it in order to have a smooth experience while buying a new home. So, here is the complete guide to buying a new home.
5 Steps to Buy New House
Step 1: Budget Allotment
This is undoubtedly the most important factor before you start apartment hunting in Mumbai. Being aware of the current property prices in different locations will give you a clear idea of ??what to expect. There is a growing demand for both luxurious spacious apartments and comfortable yet affordable flats. The price of 1 BHK, 2 BHK and 3 BHK flats for sale in Mumbai can vary, depending on several factors such as the location, available amenities that come in the package such as swimming pool, gymnasium and children's rooms. Play area for Also, along with the price of buying a flat instrument, you also need to take into account the registration fee and stamp duty. Whether you are paying an upfront fee, taking a home loan, or opting for an EMI scheme, do the calculations to find out the total cost before proceeding.
Understanding your family's needs, evaluating future expenses, and setting aside some money for emergency purposes can help you budget for your new home. After all, you need to make your shopping experience exciting and hassle-free in no time. You will mainly need to consider the following three things while setting a budget.
Step- 2: Location
Buying a home at a significant location is always beneficial, especially when you are living with your family. Your family always needs all the public facilities nearby so that they can lead a comfortable life. But it will definitely need to allocate a higher budget, however, if you are very tight on budget then you can choose an area close to the main location and a few kms for schools, hospitals, shopping malls and other types of daily may need to travel. When choosing a location, it is not only about the location, but it is also about the locality. Everyone wants to live in a better environment, so it is extremely important to be aware of the surrounding area in advance.
Step- 3: Property type
Will you be looking for a house, 1 BHK flat for sale, or 2 BHK / 3 BHK flat for sale in Mumbai? How much carpet area should you expect at a certain price point? Your budget is going to play a decisive role here as the price point will vary depending on the type of property. For home buyers who do not require much space, or have a limited budget, a 1BHK apartment can be a good option. On the other hand, for buyers with no budget constraints and living with a large family, a 2/3 BHK flat would be the ideal choice. Explore under construction projects in your selected location, go through the floor plan and talk to real estate developers to know about specific details including available carpet area. Also see what facilities are being provided. However, maintenance charges will also vary according to the type of property, so keep that in mind.
Step -4: Resale Value
Even if you are buying a home for the purpose of living and not for investment, you may need to sell your property for various good or bad reasons. In such a scenario, it is better to check the property rates and trends in that specific location, so that you can get a good return on your property. Investing should always be done by considering the long-term projection as real estate investing comes with a lot of pros and cons. Sometimes property prices remain stable in some places and rise sharply in some places. Hence, it is better to do a proper analysis of the property and analyze the resale property value of your new home.
Step -5: Hiring Real Estate Agent
Finding a home directly from the owner is difficult and finding out everything about the property on your own can become a tedious process. So, here comes the next step for buying a new home. hiring a real estate agent or agency. You can go for a local search and find the real estate broker in the specific area you are looking for. You can also go online and find a home for yourself directly from the online portal for real estate and call the owner or broker from the portal itself. This will certainly save you the time of going in person and sorting out the type of property you want.