Buying apartments is an option that every buyer in the property market looks at. Many options open up for real estate investors once they buy an apartment in Mumbai. They can choose to let the apartment out or occupy it themselves. Either way, buying a flat in Mumbai can be a very lucrative investment decision.
Mumbai offers a wide variety of residential units. It ranges all the way from studio apartments to 5 BHK apartments and duplex apartments. The versatility of sizing and room configuration in apartments makes them popular amongst property buyers with any range of budgets.
When buying an apartment in Mumbai, one needs to make sure they are doing their research to find an apartment that suits their needs the best. Here are a few factors that you should pay attention to while buying an apartment in Mumbai.
The first factor you need to consider while deciding on the right home is the number of rooms you require. Depending on the size of your family, you might require multiple rooms. In case you’re a single working professional, you could also opt for a studio apartment. However, a family of four might require at least a 2 BHK flat.
You would also need to decide how urgently you need to move into the flat you buy. For people looking at a flat as just an investment, choosing an under-construction property can be financially beneficial as they’re available at a discounted price as compared to others in the same locality. However, if you’re living in a rental, choosing an under-construction property would mean adding a mortgage over the rent you’re already paying, making it a financial black hole for your income.
Needless to say, location is an important factor to consider when buying an apartment in Mumbai. Imagine your budget matches the apartment price in Mumbai and you finally buy a flat in a certain locality and your job is on the other side of the city. The commute would make your experience of living in Mumbai worse. Similarly, checking out the living situation such as neighbours, disturbances, and crime in the area where you’re looking at an apartment you like is crucial.
Before getting a house title transferred to your name, you must also make sure that the house is clear of any encumbrances. These can be in the form of ownership disputes or pending loans and taxes on the residential unit. In case you get the transfer of ownership of the apartment before sorting out these encumbrances, the liability for the same would be transferred to you.