Mumbai is often referred to as the City of Dreams. Hundreds and thousands of people come here to get an education, build a career, start a family, and live a beautiful life. A key aspect of this dream is becoming a homeowner. For the illustrious and industrious Mumbaikar, finding and financing a residential property that can be transformed into a home, a nest for the family, is indeed a great achievement. What we at Blox have discovered is that with the right resources, some research, and effort, this dream can be easily achieved. Here are some of the best tips to help you buy a house in Mumbai.
- Research the location – The most important tip to making the best of your home-buying experience is to pick the right location. Is a studio apartment in SoBo better for your needs, or do you want to buy an expansive flat in Navi Mumbai? Is Thane the right fit for you and your family, or is Andheri the place to be? Getting the location right is the most important part of your home hunting experience, and it will determine most other aspects. It is a good idea to enlist the help of experts like the relationship managers at Blox to hone in on the perfect location for you.
- Freeze the budget – One of the greatest mistakes most homebuyers make is not setting a realistic budget. Once you have the location finalised, find out about the various projects that have been launched, are under construction, or are ready for occupation in the area. Find out the property rates and compare micro markets in the same locality. Once you fix the budget based on a comfortable EMI, do not go beyond it, even if you are tempted. Buying a house is a decision that will impact your finances for years to come.
- Find a reliable partner – Most middlemen in Mumbai work for commission and offer basic services like showing you properties of developers who pay them. It is a good idea to take the stress out of the home-buying experience by partnering with zero-fee tech-powered platforms such as Blox that offer personalised guidance and end-to-end home-buying support. From bringing you direct listings from verified builders to buying the property online, consumer-centric tech platforms can be the perfect guide.
- Pick the right developer – Your developer is responsible for building the project according to specifications, getting the right clearances, and delivering your dream home on time. It is important that you pick verified developers with a good track record of customer satisfaction. It is a good idea to talk to people who live in projects built by the developer and learn from their experience, look up other communities that they have successfully built and delivered, and rely on your research before you decide to buy a house in Mumbai.
- Learn about financial planning – Buying a house can be a major financial decision. This means that it requires a lot of planning. Apart from calculating the right EMI, which will make repayment comfortable, you may also want to understand the tax ramifications. You are eligible for tax deductions on your home loan, but selling your property subsequently may attract capital gains tax. Understanding everything about the financial implications of buying a house is a good idea.
To be a smart buyer, it is a good idea to maintain a comprehensive checklist of all that you need to find out, check, research, and verify before you register the house. It is also a good idea to find out about the registration process and stamp duty involved in buying the house.