A home is a place that supports and nurtures you in every manner and fits well with your lifestyle.

Gone are those days when one would buy house only basis budget and Carpet area.

Buying a house  is a significant milestone that requires careful planning and consideration.

Making a safe and appropriate purchase is crucial, regardless of whether you are purchasing a new or an old property.

Listing below a few points to consider :

1.Location and Connectivity:

The selection of appropriate location is extremely crucial when buying a house in Mumbai. Opt for areas that offer good infrastructure, including reliable transportation networks, proximity to employment hubs, educational institutions, healthcare facilities etc. Assessing the neighborhood’s safety, future development plans, and overall livability will ensure a comfortable living experience. Also take into account to choose a locality that will stay in demand and improve the resale value of your home.

2.Budget and Financial Planning :

Establishing a realistic budget is crucial. Consider not only the property’s purchase price but also additional expenses such as registration fees, stamp duty, maintenance charges, and taxes. Pay attention to all your financial commitments and make sure you are going within your means when buying a home. Understanding your home loan eligibility and planning for Equated Monthly Installments (EMIs) will help in managing finances effectively.

3.Legal Due Diligence

Before finalizing a property, ensure all legal clearances and approvals are in place. Verify essential documents like the title deed, encumbrance certificate, and occupancy certificate to avoid future legal complications. This may affect you not just in the short run but for years to come as well. Engaging a legal expert can provide added assurance that the property is free from disputes and complies with all regulations.

4. Rental & Re-sale value of the Property

Accounting the rental and future resale value of the house is very important. Not only for those who are predominantly investing in the property to out ore resale but also for those who usually plan to buy the house and live in it for o long time or maybe lifelong. When you are finalizing the house, you must consider the future gains which you can reap out of the property. Therefore, it is vital to acquire a complete knowledge about the location of the property.

5.Environmental Factors

Assess environmental aspects such as air quality, noise levels, and vulnerability to natural calamities like flooding. Properties in low-lying areas of Mumbai may be prone to waterlogging during monsoons, which can affect your living experience and the property’s longevity

6.Security Measures

This is an essential factor not just in an emergency, but also for hassle-free life. Wheather it’s a gated community or builder floors, they should be equipped with security features and amenities such as CCTV surveillance, 24/7 security guards etc.

7.Ventilation

While the house may look good and proper from inside, one must make sure it is well oxygenated and ventilated. Check for Windows and other outlets in various rooms. For Better ventilation, go for units directly facing open spaces such as parks or roads.

8.Size

Although the requirement of space is subjective based on the varying needs of the individuals and families, make sure that you plan well in advance the configuration and dimension you want to invest in. It is always better to decide first to avoid disappointment later.

9.Enough Storage Space

Storage space is often an ignored factor. It is essential to have a good check on the storage space your new house accommodates. Are there any built-in wardrobes or extra storage room? It is important to check these details during site visits as this would directly impact your total liveable space.

10.Market Trends and Future Prospects

Stay informed about current real estate market trends in Mumbai. Understanding property price trajectories, demand-supply dynamics, and upcoming infrastructure projects can aid in making an informed decision. For instance, a recent surge in demand for luxury properties has been observed, influencing overall market prices.

Home is the most valuable asset we invest in. We put most of our earnings into building it. Therefore, before investing, consider the above points as a checklist.

Real estate in Mumbai