Buying a residential property is a dream, a goal that most Indians cherish. Those living in major urban centres and cities like Mumbai consider buying flats or apartments rather than investing in villas or houses. As a homebuyer, your house should match your needs. So if you are a working professional, flats in Andheri, Bandra, Vikhroli, CBD etc., may check all the right boxes.
So, what are the factors you must consider before investing in a property? Let’s take a look.
- Proximity to commercial hubs – Location is possibly the most important factor a prospective homeowner will consider when investing. As a working professional, buying a residential project in the suburb or area where you work is a good idea. This is one of the top reasons behind the high demand for flats in Andheri and other areas with mixed development. Living a few minutes from your workplace in a city like Mumbai can save you a lot of commute time and help you achieve a better work-life balance.
- Connectivity – Commutation and connectivity are key to living and thriving in a bustling city like Mumbai. For example, the metro and the suburban rail network are the most important means of commuting to different parts of the city. Finding a property near a metro station or a suburban railway station can make reaching different parts of the city easy and effortless. Even if you own a car, these make for the easiest intra-city travel, and connectivity should be factored in when buying a property.
- Affordability – As a working professional, you may want to consider a home loan to finance your real estate acquisition. Apart from checking your credit score and home loan eligibility, it is important to remember that banks or NBFCs offer only about 80% of the property value as a loan. The remaining 20% will have to be shouldered by you. So affordability is an important factor. If you are looking for flats in Andheri or one of the upcoming suburbs, you may want to compare the price offerings of different projects before making a choice.
- Social infrastructure – As a working professional, time and energy are always at a premium. Choosing a neighbourhood with a good social infrastructure is always a good idea. You may want to order your groceries or even your meals, and a developed neighbourhood will make this possible. On your off days, you do not want to travel far to visit the mall, bank, medical centre, or entertainment centre. A central location can make a huge difference to your lifestyle and free up time for leisure activities and hobbies.
- Distance from the airport – If you travel out of the city frequently for work, investing in a home near the airport is a good idea. As a working professional in Mumbai, a 1 BHK in Andheri East can be invaluable if you travel to different parts of the country or even overseas. Early morning or late flights do not seem quite as bothersome when you live in the vicinity. Besides, who wants to spend a couple of hours getting to the airport when your flight to a different city may take just as long?
- Builder reputation – The trustworthiness and track record of the builder or developer is certainly a very important factor to consider. With the introduction of RERA, homebuyers’ interests are quite well-protected. Yet, when investing in a real estate property or buying a home, it is best to partner with a developer with a long and stellar record of delivering high-quality projects. Blox brings you verified listings from trusted developers in Mumbai and Navi Mumbai. Look for the RERA registration number of the project before you decide to invest.
- ROI and appreciation – An apartment or a flat can be a prize possession, but it is, above all, a major financial investment. Looking up property trends and price appreciation reports in the neighbourhood is important before investing. When it comes to property appreciation and ROI, there are decisions you must make. Is a 2 BHK in Borivali likely to appreciate quickly or a 1 BHK in Andheri East? What will my resale value be like in a few years hence? These are questions your Blox relationship manager will help you with.
As your family grows or as you advance in your profession, you may consider investing in an additional property to suit your family’s needs. Putting up your existing property on rent and using the income to offset the EMI on a different property is also a good idea.