For most people, Mumbai is the ultimate city to live in. India’s financial capital and powerhouse are characterised by fame, wealth and glamour. Being in a city that never sleeps with round-the-clock liveliness and charm is what attracts people to this city. Owning a home here is genuinely a dream come true. From studio flats in Thane to luxurious apartments in Goregaon, real estate in Mumbai’s up-and-coming areas is sought after.
Real estate in Mumbai is one of the most expensive in the whole world. To convert your home-buying dream into a reality is both exciting as well as nerve-wracking. Buying a home is probably the most significant investment you will ever make and definitely requires adequate effort and time from your end.
Here are a few helpful tips for buying your dream house in Mumbai.
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Fix The Budget
Your budget is the main thing that will drive your dream house search. Your subsequent home-buying decisions will depend on how much you can afford to spend on buying property. Real estate developers have now come up with affordable housing projects, and when it comes to luxurious living, the sky is the limit. There is a very high chance that there will be a property to fit your budget.
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Take a home loan
Get a home loan and the best offer from a lender. This will depend on the loan amount you want, your income and your repayment history. You can avail about three and a half to four times your income as the loan. Be clear in your calculations.
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Select the best Locality post an extensive research
For some, a studio flat in Thane may be ideal; for others, a 3 BHK in Lower Parel may be ideal. When picking the locality, check its safety, social infrastructure, connectivity and accessibility. Your dream house should be close to key places like your place of work, schools, malls, hospitals, etc. Along with this, ensure it is well connected via the locals, metro and highways. Check the locality’s historic price trend and residential projects.
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Find the right platform to find the house
For the longest time, people relied on the broker as their main point of contact with Mumbai’s real estate market to get the best insights. Today consumer-centric platforms like Blox.xyz allow you to find your dream home through virtual online tours, 0% brokerage, showcasing exclusive properties, and constant updates. Such trustworthy platforms ensure you make an informed decision by providing the required insights and updates.
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Choose a developer with an impeccable Track Record
Make sure you see houses from reputed and reliable real estate builders in Mumbai that have a flawless record of completing projects on time and handing them over. Make sure to validate the legal standing of the developer, the infrastructure quality and past project reviews.
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RERA Certification of the Property
The Real Estate (Regulation & Development) Act was introduced in 2016 to protect home buyers. This act lends legitimacy and transparency to a project by ensuring that the property is RERA registered. RERA registration is the first thing you need to check for a property site in Mumbai.
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Follow A Checklist
Make an exhaustive checklist of everything that matters to you and fits your requirement when you start finding your dream property in Mumbai. If you are buying a home for yourself, you will live in it for a reasonable amount of time, and thus you need to ensure that it has the amenities and facilities you require. Your checklist should also include things like property papers, registration documents, certificates, legal framework, sale deed specifications etc.
With the above tips in mind, you can actually ensure that your dream-home buying process is a less tedious one and one that is backed by thorough research. The journey from searching for a home within your and applying for a home loan to getting your loan approved and ensuring the legalities and documentation is in place, home buying can be pretty challenging. This is why new-age real estate buying platforms such as Blox.xyz are becoming increasingly popular with prospective home buyers because they make this entire process seamless and enjoyable.
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