Tips for First Time home buyers in Mumbai

Tips for First Time home buyers in Mumbai

  • January 31, 2020
  • by

Mumbai is known as the financial capital of India. It is one place to experience the professional as well as the cultural side of India. Thus, the demand for permanent and temporary accommodation is always at its peak. While the entire of Mumbai is already flooded with sky-scrappers and high rises, the growing demands suggest that it needs more. This shiny state of India is a place for some serious business. Thus, most of the people from the state as well as other states move here to seek a better life and career opportunity. But what is life without a proper place to stay?

Your Own Abode

Mumbai is inevitable expensive. Life in Mumbai is busy without excuses. After a day of hard work, you are super tired. How long do you think a rented house is going to help? Therefore, you start hunting for a permanent residence in Mumbai. But once again things get complicated. Getting yourself a new abode is not easy, especially if you are a first-time buyer. Therefore, do your homework before starting with the project.

Tips to Help You

Here are five tips to help a first time home buyer In Mumbai. Buying a residence is one of the biggest investment decisions. Follow these to make your work easy.

Location

The better the location the higher is the price. But the apartments in these locations will not deceive you in the slightest way. At times in the prime areas of Mumbai, the prices are seemingly unaffordable. Even if your budget supports, do not spend blindly on the location that is of no use to you. The need for location varies from person to person. Thus, select it accordingly.

Affordability

One of the main reasons why people struggle after purchasing a property is lack of planning. You need to plan the budget but also stick to it. Exceeding your budget even if your bank account permit, could be a wrong decision in the long run. What if you relocate after a few years? As a new buyer, you must focus on understanding the calculations of the super built-up area and the carpet area. This helps you understand the property value.

Property Information

The property you want to own, you have the right to know every single detail about it. It could include information like the name of the builder, construction materials used, hidden charges, taxes to pay, etc. Refrain from taking decisions from the words of an agent or dealer. Conduct research for yourself to obtain complete information about the property.

Builders Background

Never ignore the importance of verifying the background of the builder. It is recommended to purchase properties from builders with a good reputation. Carry out a thorough inspection to find out more about the builder.

Legal Tasks

Perhaps this is the most important of all. Make sure the property you are purchasing is exclusively yours. Carefully evaluate the financial options too. There should be no legal disputes against your property.

The finance sector is more complicated. Therefore, you should never rush with these procedures. Be mindful of the necessary taxes and EMIs. Have all the necessary approvals before proceeding with the final payment process.

Hope, This post will be very helpful to the first time home buyers in Mumbai and anywhere else.

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