Tips for first time homebuyers in Mumbai
Being a first time homebuyer is nerve-wracking enough, but add in the complexities of buying a new home in a real estate hub like Mumbai and you may find yourself on the verge of giving up. A plethora of options, sky-rocketing prices, newer suburbs springing up every other day, all adding up to make an already difficult decision almost impossible!
But, fret no more! Let us lead you through some important points that everyone needs to keep in mind before inking the deal.
Hone in on a location
The city of Mumbai has out-priced itself, with homes being beyond the reach of most buyers. However, its many suburbs offer viable alternatives. Make sure that you first zero down on a suburb that fits your needs. Look at:
- Daily commute to and from work
- Connectivity to the city
- Availability of shopping and entertainment avenues like malls and multiplexes
- Access to highly rated schools and multi-specialty hospitals
- Future development plans for the area
Popular suburbs like Thane, recognized as one of the most promising cities in India, fulfill all these needs while still providing access to affordable housing.
Consider reputable projects
Give first preference to projects backed by reputed and trustworthy names in the real-estate industry. The advantages of builders like the Lodha group are many:
- They have a history of delivering on what they promise
- Clean and complete paperwork means a hassle-free purchase
- Their projects are pre-certified for home loans by all major banks
- They are focused on providing quality amenities in all their projects
Fix the budget beforehand
Once you have decided on a location, ensure that you have a fixed ceiling price in mind to avoid things getting out of hand later. Look at your monthly expenses and savings, decide on a home loan amount and narrow down the maximum outflow that you can safely manage towards your loan. Visit your bank to ensure that the amount you have in mind is feasible.
Focus on Quality Living
In a busy city like Mumbai, we leave behind our hobbies simply due to lack of time. Look for access to gymnasiums, sports facilities, pools, play areas and parks either within the complex or nearby so that you can unwind at will. Townships like Lodha Amara at Prime Central Thane, understand and address this need.
Remember, your home will be your little piece of heaven set amidst a bustling metropolis. Choose wisely and your share of paradise will await your return everyday!