Posted on 01st October 2018 Author: Planet Homes
Buying a house in the city of dreams is a fantasy of every Mumbaikar. Mumbai real estate is known to be the most expensive housing market in India and with the increasing population of the city, the demand for homes is ever-rising. People usually get overwhelmed by the feeling of getting a house of their own & are often misguided because of the lack of knowledge of the real estate market.
Here are a few tips that will help you buy a house in Mumbai:
Target the right locality
This is first and foremost factor to take under consideration before starting your house hunt. As a homebuyer, you should do sufficient research about the locality you want to invest in and know about the basic amenities that the locality provides. Mumbai possess different type of localities like eastern & western suburban, Navi Mumbai, Thane etc. so pick the locality that fits your needs & budget.
The price range
Deciding the budget for the property will make your property search easy. In Mumbai, the prices of real estate differs in different localities. For example, the areas like Bandra, Andheri, Juhu, South Mumbai, Powai, Chembur, Lower Parel etc. are considered premium & most expensive areas in real estate. The areas like Navi Mumbai, Thane, Virar, Mira Road, Dombivli & Kalyan etc. are considered to be affordable.
Choose your agent carefully
Find an agent that is trustworthy, have good experience in the real estate market, knows about the business insights of real estate & well-versed with the locality of your choice. The agent should also be good at negotiation & should be able to get you the best deal available in the market.
Having basic knowledge about the property buying process is a must especially if you are a first time home buyer. Be alert of overall changes happening in the real estate market & analyze the right time to invest. Be attentive of the overhead charges like stamp-duty, property tax, legal fees, brokerage fees, registration fees etc. also don’t forget to check the credentials & MAHARERA details of the developer you are dealing with.
Hope these tips will contribute into your house buying experience & will get you started with your home shopping!