before buying properties in mumbai

WHAT SHOULD YOU KEEP IN MIND BEFORE BUYING PROPERTIES IN MUMBAI?

Buying properties has always been a smart investment option. Be it for resale, renting out or just for staying, property buying speaks of the prosperity of the owner. And in a city like Mumbai, buying properties for sale is surely going to be a handsome venture. Not only for the reason that Mumbai is one of the richest cities in India, but also because of the decreasing property rates that you should consider buying properties in Mumbai. Here are some basic tips that you can keep in mind before buying.

  • BUDGET

The first thing to do is to draw up a budget for your property. You should consider the type of neighbourhood, the facilities being provided, type of property among other things while fixing the budget. Upscale neighbourhoods and areas like Pali hill and Bandra would require you to have a bigger budget than Expat properties in Mumbai neighbourhoods like Navi Mumbai.

  • GET PROPER DOCUMENTS

Next, based on your budget you should shortlist a few of your options and go through their deeds and legal documents. While the Title deed will ensure that the present owner from whom you will be buying the property has the right to sell it, other documents like the Release Certificate, Property tax receipts and others will help you reduce your worries later. Consult a good lawyer if you have to while checking out properties for sale in Mumbai.

  • FINANCING

Having made sure that the documents are in place, you should check out the banks that are willing to finance your projects. Profitable as it is, Real Estate still has its own share of risks. Banks might not always be ready to finance the one that you have liked. So, make sure which ones will likely help you with your property in Mumbai.

  • GOOD RESALE VALUE

What also makes buying properties for sale in Mumbai lucrative is its resale value, if done correctly. Part of the problem is the scarcity of liquidity options for properties in Mumbai. Also, chances are high that you are not likely to find the best price as your resale value. Our suggestion is that resale value should be your last determining criterion while looking for a property for sale in Mumbai.

Lastly, one should try to be flexible with your timings. Committing to a particular deadline and that too based on somebody else’s timeline might not be the best thing to do; particularly, considering the various legal processes and verifications that you have to abide by. Three-four months should be the minimum that you keep aside for changes that might occur.

Investing in a property in Mumbai can be a long, hectic process. It can go either way depending on how smartly you are able to handle the transaction. We have provided you with some basic tips that will help you set out on your investment. However, we suggest you to always consult an expert before committing to any decision.

Read Here: How to buy the Best Property in Mumbai?