Investing in a new home is an exciting prospect, but this major financial undertaking can often turn into a complex process if not done right. There are several kinds of details that the homebuyer must pay attention to in order to make an informed and wise investment decision.
Mumbai has a thriving real estate market with choices galore. If you’re looking to buy a home in the city, here are 5 tips for a smooth home buying experience:
The location is all-important: When looking for a home in Mumbai, make sure to pick a location that offers scope for growth and access to a wide range of civic amenities. More importantly, the area should be well-connected to the rest of the city. As a city, many parts of Mumbai are saturated in terms of growth and development, which is why going for an area that still offers that scope is a good investment move.
Consolidate your finances: Mumbai is known to be one of the most expensive property markets in the world. However, with the right kinds of savings, investments and tax saving measures, you can make a lucrative property investment in Mumbai. For one, avoid making the mistake of buying a home that is outside of your financial comfort zone. Take stock of your finances, assess your requirements (size, layout, amenities) carefully, and then make an informed purchase decision.
Review the full cost of buying a home: The cost of owning a home is more than just the price of the property. Make sure to factor in the costs of insurance, interest on the home loan, property tax, maintenance fee, repairs, and renovation, etc., when buying a home. Find out about the taxes levied on property owned in Mumbai. Keep in mind that you can avail of various tax benefits on property purchase-- be sure to factor those in.
Build your credit score: The property market in Mumbai is an exceptionally busy one, with millions of people applying for home loans. If you want your home loan application to stand out and your loan to get sanctioned easily and at the earliest, then a good credit score is a must. A good credit score is a key to securing a good home loan. Ensure that you have built it up to a reputable number before you apply for a home loan.
Invest with a trusted builder: Making your investment with a trusted builder ensures that there are no compromises on the quality and that the project is completed and delivered on time. For all projects in Maharashtra, look out for RERA-compliance under the tag of MahaRERA. A MahaRERA-compliant project will protect you against delays and other hindrances in the process.
Looking to invest in a property in Chembur, Mumbai? Stella Sapphire, a premium residential project by Vaibhav Laxmi Developers, offers 2 and 3 BHK apartments in Chembur that show great promise for returns.
BACK 11, July 2018