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Saturday, May 18, 2024

Top Things to Consider When Buying Property in Mumbai

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It’s no secret that Mumbai is the financial and cultural hub of the country. The population in the city is increasing on a daily basis with the migrating citizens and employees looking to settle in the area. This clearly testifies the importance of Mumbai as the financial capital of India. 

If you’re looking to move into any one of the many neighbourhoods in Mumbai, here’s a couple of things you should know before you make your move:

The Location

It’s a force of habit for everyone to start viewing top-notch sea view apartments for sale in Mumbai at the beginning of their search. Obviously, it’s the stylistic high-rise life that appeals to us all. However, another prominent factor to consider is that the location should proportionately increase the price of the apartments as well. Especially if you are looking at areas like Worli, etc.

There are a lot of locations in the city that can promise a good lifestyle at affordable prices. Even though places like these will require quite a bit of research, they’re not impossible to find. You can start by thinking about your workplace and areas you’ll require daily transportation to. Moreover, the accessibility that a place has in terms of being near to malls, retail centres, parks, schools, etc. will also play a role in determining price ranges.

Your Budget

The biggest factor that will determine the type of place you can afford is ultimately, your budget. This should primarily be based on the monthly income you’ll have when you’re in Mumbai. The idea is to set aside a substantial percentage of the income for the rent and utilities and daily expenses, e.g. food, etc. You don’t want to go hand to mouth every month and have no savings. A rough breakdown of this can be:

  • 30% for rent
  • 20% for utility and groceries
  • 20-30% for savings
  • 30-20% for daily expenditures such as eating out or shopping for clothes, etc.

Amenities and Facilities

A significant factor that people don’t consider when they think about moving into a new place is the amenities they’ll require. That means people don’t necessarily consider the malls, hospitals, schools and other places they’ll need to be nearby. Further added into this list can be places such as gyms and fitness centres for those who encourage and want to lead a healthy lifestyle.

Similarly, for those who are thinking of moving with a family, you’ll do well with parks and malls around. Families also require daily commuting to schools and hospitals. This is something that most people don’t consider and thus, end up accruing a lot of costs. Moreover, if you’re not near a good school, you would have to travel far daily to drop your kids. Instead of compromising on the quality of life, let’s try to compromise on the quantity.

You can live well in an apartment that’s not on the top floor or in a prestigious, high-rise setting. However, it’s important to understand that good options are available everywhere, provided that you search well enough.

Hiring Agents

7 out of 10 people would instantly think about not going with a real estate agent due to various reasons. Most would not hire their services citing them as an additional expense. However, it’s imperative to understand that with a trustworthy agent, you actually end up saving a lot in long-term expenses. Not only are agents great at understanding what your needs are, but they are also familiar with the city and the trends of the market. They’ll be able to best guide you about the locality you’re interested in and even help with negotiations. The one-time fee will come with constant support in the form of information and expertise.

Just make sure that you’re hiring a good agent and check in with their previous clientele to get testimonials and reviews.

The Apartment

Lastly, it’s important to check the property you’re considering to buy. You don’t want someplace you’ll be running out of space in. So, take a look at the spacious 2 BHK apartments in Mumbai to see if they’re ideal for you. Think of more space if you wish to remain in a place for a long time and if the prices are affordable. People with families often end up needing more space. However, you don’t want to accrue more costs for something that you’ll never use.  

Check out various places and spend a lot of time on research even if you’ve hired a real estate agent. Don’t be afraid to turn down offers for the time being and visit the same place as many times as you need. It’s better to second guess yourself before putting down the payment for the place rather than later when you’ve moved in.

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