2 BHK in Mumbai vs 3 BHK in Mumbai: Which is a Better Choice for You?

Buying a residential apartment is a decision that involves both practical and emotional considerations. It can be difficult to balance the two, but the task becomes manageable with thorough research and planning. Choosing a flat or an apartment to be your long-term home, where you will create cherished memories and raise your family, is a crucial decision. Additionally, the financial implications of investing in real estate are significant.

As a potential homeowner, it is imperative that you carefully weigh the options between a 2 BHK in Mumbai and a 3 BHK apartment in this beautiful city.

Here are some of the factors you must consider when making the decision.

• Location – The primary consideration when you buy a house in Mumbai is the location. The proximity to your workplace, the connectivity, the infrastructure, and the real estate prices in the neighbourhood of your choice are all important factors that will affect your lifestyle and finances. Now if you settle on a place like Andheri or Vile Parle, investing in a 2 BHK may be a good idea, but for a suburb like Goregaon or Mulund, you can find a 3 BHK for the same price. The location will be an important factor that impacts property rates and, consequently, the affordability of your apartment.
• Family needs and management – To be able to decide if you want to buy a 2 BHK in Mumbai or a 3 BHK apartment is a decision that will need evaluation of your family’s needs. As a young professional, you may want to invest in real estate immediately, but as a homebuyer in your early-mid 20s, a 2 BHK may seem adequate. When you are in your 30s or 40s and have a family and children or retired parents living with you, you may want to buy into a 3 BHK unit which gives all family members personal space. Again, if you are nearing retirement and ready for your children to leave for college or work, downsizing to a more manageable 2 BHK is a wise decision.
• Credit score and financing – One of the most important considerations when buying a property is the availability of financing options. Your credit score will be an important factor in determining the loan you are sanctioned. Other factors may include the nature of your work or the years remaining for retirement. Based on these, your bank or NBFC may determine the loan amount, interest rate, and tenor. These will impact the budget, which in turn feeds into your decision to buy a two or three-BHK apartment.
• Monthly expenditure and cash flow – Buying a property involves more than just the cost of the property. The maintenance expenditure, property taxes, and energy bills you will incur to maintain the property will be very different for 2 and 3 BHK properties. These must be factored in. However, if you are a home entrepreneur, freelancer, or consultant, you may want a separate room for a home office. This will help you save the expenses towards hiring an office space. Understanding and evaluating these factors will help you make the decision.
• ROI – If you are investing in a property to rent or lease it, you must consider the dynamics of the local micro-market. Are there any commercial hubs or IT parks in the vicinity? Do people prefer 2 or 3 BHK apartments in this area? What is the average rental income for homeowners in the neighbourhood? You may want to make a decision based on these factors. In general, Mumbai renters seem to prefer 3 BHK apartments, but you must also consider the impact of this rental income on your income tax before investing.

If you are a prospective home buyer wondering if a 2 BHK in Mumbai is better than a 3 BHK, you must evaluate your needs and eligibility based on the above factors. If you are undecided, you may want to clarify your doubts with a Blox relationship manager, who will help you optimise your budget and make the right choice when buying a home in Mumbai. If you like owning a spacious 3 BHK but are concerned about going beyond your budget, you can use the Blox search tool to shortlist projects within your budget. These are all verified and RERA-registered listings brought to you directly from the builders or developers.