Mumbai, for years, has been a place where people from all over come to reside, which is why it has consistently drawn residential investors. Various areas of the city attract residential home investors because real estate here is ideal for investments and is deemed a significant asset that gives perpetual passive income. If you make your decisions wisely, you can buy property in an area where the value is expected to rise, making it a valuable and prudent decision.
Property buying is a complicated and costly business, and thus, it should be made after factoring in certain critical things. Here are a few factors to note before investing in property in Mumbai
Before you begin your search for a property, you need to be clear about the reason for the purchase. Are you looking to add a high-yield, low-risk asset to your investment portfolio, get monthly rental income or buy a home for yourself? This will help you classify properties best suited to your goals and equip you to make a more accurate and informed purchase decision.
This is the most fundamental factor to consider before investing in property. Mumbai has a lot of great areas with new and upcoming developer projects – however, their accessibility, ease of reach and distance from your place of work should be well thought of. Your property location should seamlessly be connected to your workplace, healthcare centres, educational institutions and frequented entertainment and social venues. Luxury flats in South Mumbai, Chembur, Kurla, BKC etc are well-connected to strategic hubs of the city.
To zero in on the potential neighbourhoods, you should exhaustively research trends and prices in those areas to estimate your property price. You must thoroughly research appreciation potential, rental yields, locality development in the past decade, desirability, surrounding amenities and planned infrastructure projects around the area to get clarity on the prospective property’s investment potential.
Despite the RERA Act that was introduced in 2016, the number of projects that have been significantly delayed is startlingly high. Thus, it becomes all the more critical for a buyer to evaluate the developer’s past projects, people’s experience with, market reputation, and delivery track record before committing to buying a property. If the property being considered is under construction, go through the approved plans before paying the token amount to ensure they align with your expectations.
Make use of cutting-edge technology-driven property buying platforms that make the buying process seamless. Convenience and ease of buying should be an integral part of your end-to-end home-buying journey, and at Blox.xyz, we help you make the best of technology and advanced algorithms to find a property that best suits your needs. By providing comprehensive insights on market trends, real-estate prices, developer ratings, etc., we help you make an informed decision. We even eliminate brokerage and help you with the cumbersome legal and documentation process, so you only associate your home with happy thoughts. Using technologically superior platforms that ease your end-to-end buying is integral to property investment.
Be clear about all the hidden costs associated with your property purchase. It would be best if you accounted for the costs of car parking, electricity backup generators, water storage tanks, club membership fees, monthly maintenance charges or any additional recurring expenses that could be levied. These charges will be in addition to your monthly EMIs so having clarity is a must. Factor in all the miscellaneous costs before coming to a final total.
Buying a house is a very strategic purchase that requires your time and involvement. Taking a casual approach may cause trouble later; with the proper planning in place and a new-age platform to guide you every step of the way, investing in a property in Mumbai can be a breeze.
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