Rookie Home Buyer Mistakes to Avoid When Buying Flats in Mumbai
Home is where the heart is. When choosing a home, most people tend to use their heart instead of their brain. It is true that a home that appeals to the heart stays there for a long time but there are several factors to bear in mind as well. This applies all the more to those who are buying residences in metro cities like Mumbai. This article will describe a few mistakes that you should not make under any circumstances when you are on the lookout for flats for sale in Mumbai
You need to thoroughly study and understand the pros and cons associated with every property that you are shown by your real estate developer or agent. A big house with an equally big home loan will not do you any good, unless you are a billionaire. Otherwise it will just snatch a chunk of your salary every month. Huge condos and villas often come with a hefty maintenance cost as well which are often equal to a commercial property rent. Think it over before signing the agreement with the seller.
However, just because you cannot settle for something majestic, it doesn’t mean that you should settle for something tiny.
Here are the mistakes you should avoid making:
· Not consulting a professional broker.
· Not having sufficient cash to make the down payment.
· Not conducting a thorough examination of the property.
· Not studying the neighborhood thoroughly.
· Refraining from the pre-qualification and the pre-approval process
· Not paying enough attention to the home loan procedure
Now, let's illustrate these points one by one:
- By not getting in touch with a professional broker, you miss a lot more than you think. Brokers are useful sources of information. They are in the industry for a long time and can assist you with tips, suggestions and ideas. They also know the market trends better than you.
- By not having sufficient money to make the down payment, you miss the opportunity of securing the deal. Now, the seller has no obligations and can sell the property to someone else.
- By not conducting a thorough examination of flats for sale in Mumbai, you present the seller with the opportunity to conceal any problem that may be associated with the property.
- By not studying the neighborhood thoroughly, you put yourself and your family at risk. Not only the surroundings and nearby means of transport, you also have to know the neighbors. A lot depends on the kind of people who live around you.
- Refraining from the pre-qualification and the pre-approval process will create problems in the future. These procedures show the true state of your finances and tell you if you are fit to buy a house.
- By not paying enough attention to the home loan procedure, you may risk to pay a lot more money than you should. Shop around for the most suitable loan, this will help you immensely.
What to look for in your residential property in Mumbai?
Neighborhood: Friendly, and well-connected neighborhood with necessary amenities is an essentiality. You can find it in properties like Mayfair Housing
Property Taxes: Property taxes are not the same everywhere. Properties with high taxes should be opted for only if they generate good returns.
Crime Statistics: Nobody wants to live in a criminal hot spot. Get the accurate crime statistics of the area you are interested in from the public library or police station. You can also inquire the neighborhood about the frequency of police visits.
With the above criteria, you can look out for the right property in Mumbai