You must be cautious and tread carefully before investing money anywhere. And like purchasing any other materialistic thing, you must take the required considerations into account before purchasing a property. You cannot deny the factors such as budget, locations, and availability of amenities. And finding a 2 BHK flat in Mulund or of more is no easy feat in Mumbai without compromising on your budget or requirements.
Quite often than not, people tend to overlook a few things and regret later. Today, we are going to make sure that you don’t do that. Read on below to know about the top considerations before you head out to purchase a flat, property, or an apartment in Mumbai:
Real estate is all about location. Pay attention to the property you are considering to make your abode. There are many good locations in Mumbai, and it is somewhat overwhelming as to what to go with. There is a sufficient smattering of posh as well as regular residences where you could see yourself living in.
Another important factor is commuting to the workplace, kids’ school/college, etc. You may not always get to live near your office or where your kids study. But what is important that you can use the means of public transport easily. See that you don’t have to switch between multiple travel options to arrive at your destination or you will be fatigued and frustrated, due to the long traveling and wasting a large portion of your day and time in transit.
You have to make sure that your flat is near all the necessities needed to live comfortably. See that there is a pharmacy/medical store nearby as well as a clinic/hospital. Also, a market to get fresh produce, a bank, and a good school too if your children are too young to travel on local transport.
Safety & Security
It is natural to have concerns regarding security and safety when you decide to live in an apartment or flat as asset thefts and break-ins are quite rampant. You must ensure that the place is safe and well-protected for your family. There should be an advanced alarm system along with CCTV cameras, smoke detectors, and motion sensors.
There is a lot of paperwork and legalities involved in purchasing a property. Do all the necessary homework and see that everything is in place as you proceed with this process. It is recommended to hire the services of a lawyer so he can help you with all the legal paperwork. Overlooking legalities can translate into various problems in the future.
You can even hire a property checker to help you with the process as they are professionals and can guide you effectively regarding the property you are thinking of investing in.
Watch out for Hidden Costs & Charges
See that you have a clear understanding of all the charges and costs involved right from the start. This also includes the amount of down payment. You should know your budget and how much you can offer to pay as you cannot get the entire amount in the form of a loan. Assess and know about your savings and how much you can muster up.
Know about Resale Value
Sure, not everyone buys property to sell. But you should know about the resale value of your property. The first thing is the location. The better the location, the better your chances of selling. The second thing to consider is that there is room for remodeling. You may need to remodel it to sell it at a good price. And remodeling requires room. In the end, it all boils down to the location. A buyer’s decision relies on that. Amenities come in later by promoting the property’s resale value.
Finding flats for sale in Mumbai can be overwhelming. The basic parameter to finding one is that it fits your budget. Security, amenities, commute, and travel to work play an essential role in finding the perfect place you and your family can call home.
So, when you are contemplating the idea of purchasing a property in Mumbai, no matter it is a house, flat, or apartment, be sure to keep all of the above considerations in mind to make the best buying decision.