It’s a great thing that you have saved up enough money to buy a house in Mumbai. But do you know all it is that you need to before buying a house? Certainly, you wouldn’t want to make a fatal mistake that costs you millions. It’s said that the bigger the amount, the more likely it is to be at risk. Suppose you’re looking to buy flats in South Mumbai. Even if you’re not looking to move into the property yourself, you need it to provide a return on investment. Therefore, it’s imperative that Buying the property is in the best possible condition and everything goes right. Not all of us are professional investors. If this is your first time buying a house or any property, here are a few things you should know before you begin.
The Market Trends and Statistics:
Before you even think of buying a property, you need to consider whether or not it’s the right time. Real estate markets are long-term investments and require a lot of careful thought and planning before execution. That is why you should clearly take a look at the market and try to understand the trends. You need to know if the prices are going up or down. One of the ways to go about it is to talk to people already invested in real estate. If you don’t find it a suitable option for yourself then try talking to real estate agents. However, it would be best if you take your time trying to find various agents and looking for a trustworthy one. Basically, you need to make an informed decision based on recent history and the possible future of the real estate.
Location and Locality:
Physical Location Matters!
Now you have an idea of how the real estate market is supposed to work and you see an opening. The time has come that you begin to search for the property you want to buy. The first thing you need to do is consider the location that the property needs to be in. Keep in mind that a luxury castle in the middle of a dump yard will be of no value. Similarly, even a small shop in the city’s most demanded suburban area will cost a lot.
Keeping this logic in mind, move on to find a great place that offers a lot in terms of development. You can check for open areas and the possible future developments in the area as a measure. You need a place that has a lot of open space and is going to develop into something that will last for a long time. Explore far and wide and don’t compromise on the search. Try looking at various houses and flats for sale around the inner part of the city.
Amenities Are Necessary!
Another thing that you need to take care of is the features of the locality. The location should be accessible for the residents from the main routes or public transportations. Furthermore, the locality should be appealing to families and should provide amenities that cater to all needs. That means, supermarkets, parks and fitness centers, hospitals and schools, etc. These are the things everyone requires whenever they are looking for a home. The more features you can tick on the check-list, the more valuable your property will be.
The Legal Framework:
A crucial thing that people often overlook is the legal work that needs to go accordingly throughout. You can’t afford to have loopholes or skip any paperwork during the transaction of the property deeds. Here’s another chance to hire a professional real estate agent who can help you do all of it. Real estate agents and brokers are trained in dealing with clients, negotiating with prospective sellers/buyers, and the legal work. They can understand and draft up terms and agreements for buying/selling of property along with tenancy contracts. These are some of the things that you can’t afford messing up with. Therefore, it’s best that someone who’s experienced and trained for this sort of thing handles it.
Although many people might put this as the most important thing to do, the above-stated points are crucial. Property features include the physical characteristics of the property that everyone looks at whenever they visit. This can be the paint of the house, the structure of the walls, the condition of the floors and ceilings, the state of the rooms and basement, etc. To summarize it all, you can simply hire a real estate agent and watch them as they check everything out. They will even go to and inspect places that you might never even think about. But you’ll understand that they’re only looking out for the long-term sustainability of the property.
Once you have the right property targeted, you should prepare yourself for the upcoming upheavals that you can face. Just know that real estate investments require you to be patient and persistent. You can’t expect instant returns and if you’re looking to sell, don’t rush.