Buying a house is undoubtedly one of the many dreams every individual wants to fulfil. However, there are a plethora of factors that need to be considered before you make a purchase. This applies to every location in India, and Mumbai is no different.
Buying a property in the financial capital can be a tedious task, especially if you do not know what you should be researching on. Whenever you decide to purchase, a few questions will undoubtedly pop into your mind. Some of them include the best area to buy a flat in Mumbai, which builder I should trust and so on.
Amidst all this confusion, you may miss out on some essential aspects that can significantly impact your buying decision. To ensure that does not happen, we have curated a list of the five most important things to remember when buying a house in Mumbai.
5 Things to Keep in Mind When Buying a House in Mumbai
Consider Which is the Best Area to Buy a Flat in Mumbai
Possibly one of the most important things you must consider is the area or location you are planning to buy a house. Also, choosing the right property would dictate how efficient and joyous your general living experience would be.
When shortlisting the best area to buy a flat in Mumbai, consider different factors such as proximity to schools, hospitals, supermarket stores, etc. Also, ensure that you check how easy the access to public transport and how well the location provides connectivity to the rest of the city.
Do a Thorough Research on the Builder
It is no secret that Mumbai is considered to be one of the most well-planned cities across the globe, and hence, there is no dearth of options when it comes to builders. Therefore, it is crucial that you do a background check on the builder you are planning to buy a house from. Buying a property from a trusted builder would ensure that you face no hassles with home loans.
Security should be among your top concerns when buying a house in Mumbai, regardless of which developer and location you choose. Ensure you check for crucial factors such as advanced alarm systems, smoke detectors, 24*7 security personnel, etc.
Consider the Resale Value
As controversial as this may sound, one key factor you should definitely see when buying a house in Mumbai is its resale value. While we agree no one buys a home to sell it, certain conditions may force you in the future to make that decision. Therefore, it would only play to your advantage if you consider the resale value of a flat. Some key things to look out for include the location, the amenities, etc.
Check if all the Legal Matters are in Place
Lastly, you should not ignore the legalities before buying a flat in Mumbai. Ensure that the property you buy has been authorised by the Government of Maharashtra and has received all the required NOCs. Here are some of the major documents you must check for:
- The property card and the city survey card.
- Examine whether there are any hidden charges.
- Check the court records to see if there is any dispute.
While these are only some of the things you need to keep in mind while buying a flat in Mumbai, they are the most important. Buying a flat does not have to be a cumbersome task, provided you have done your research. We hope that these tips will help in making the process of buying your desired home a bit easier.