Purchasing a home under your name is a long dream come true for many people but it can also prove to be a nightmare with all the paperwork and legal formalities, set aside the precautions and guidelines that one has to keep in mind when making the big decision of buying a flat in Mumbai. All the documentation and rules that one has to abide by right from the start of the process to the final possession of your flat can be daunting. There are several cases reported where buyers needed to let go of their properties, whether it’s a residential plot or agricultural land or the title dispute because of the pending dues.
Startlingly, a lot of people in the metropolitan cities also fall into the trap of sellers leading them to a risky deal in which the buyer is left spending all his hard-earned wealth and peace of mind. A majority of homebuyers are attracted to monetarily rewarding deals on the market for 3 BHK flats in Mumbai provided by realtors mostly on new launches, ultimately end up forgetting about the other important aspects of their prospective home. For such situations, homebuyers must be vigilant about one and all the aspects related to buying a property deal before making the final decision.
Here goes a list of the things that you must keep in mind while choosing a 3 BHK flat in Mumbai:
Duration of your Stay
The duration of time that you plan to spend in a home is one of the most important factors of consideration when buying a 3 BHK flat in Mumbai. You have to think about whether the time that you are planning to stay makes it more feasible to just rent a place than buying it. This varies from person to person and there is no correct answer for such a generic question. Every market is different and will need succeeding analysis to predict if owning a home is the correct choice.
Price of the Property
Once you know how long you are planning to stay in a place, you must set a budget according to your finances and monthly income. It is simpler to shortlist a 3 BHK flat in Mumbai when you have it sorted out how much you are ready to spend on the house. Compare the properties and their prices in question with the ones surrounding them to get an idea about how genuine is the quote given to you. There are various sources that give you a comparative approach to the properties that you are looking through like brokers, newspaper listings, or online portal listings.
Mortgage rates have been on a decline for quite some time now which makes it favorable for the homebuyers to grab their chance at their dream home. Watching out the rates for home mortgage loans can help get you locked onto a great deal as compared to decades in the past.
The down payment on the purchase of a 3 BHK flat in Mumbai is to date the most difficult obstacles that potential buyers have to face. Specifically, millennials find it tough to save up a large amount of money, given that their generation has graduated while one of the worst recessions in history along with having to deal with student loan debt.
The extension of an economy can affect the employer’s sentiment but that doesn’t ensure job security, even for those who are lucky enough to be employed. And why would that not be the case? The employment market is still recovering from one of the worst recessions, and hence, job security is an important component to think of when house hunting. There isn’t anything worse than realizing that you are left with no job after buying a home with a home mortgage loan.
Current Local Market Indicators
The local market is something that a homebuyer has no control over, which is why looking at the indicators is another one of the most important factors to look at when buying 3 BHK flats in Mumbai. The location market that you are thinking of buying your house in may not have any inventory at the time or in your budget or the same location. Moreover, some of the markets dictate their value of whether or not it is even feasible to own a home. While renting is a better option in some markets but owning a house may be viable in some.
This is one of the most important things that one must never forget about when in the process of looking for flats in Mumbai. Owning a home is not just a title but it is a commitment that comes with responsibilities. Some home seekers may be still looking for their dream career or some may still wish to travel the world as their passion. Perhaps, becoming a homeowner comes with a huge deal of responsibilities that not every individual is capable of dealing with and an unstable state of mind can make you take wrong decisions that may affect your long-term life.
There are also some details of the seller that homebuyers must keep a check on like the seller title, it must be clear and free from any encumbrances. You must go through all the necessary documents associated with the seller and their property. Some of the most important documents that you must check for are:
1. Property title-government letter for grant, sale deed, will, partition deed, gift deed, etc
2. Nature of title-leasehold, freehold, or development rights
3. Power of attorney, development agreement
4. Stamped and registered by authorities
5. Information on past litigation
Once you are surely ready to start the home buying process, it is significant that you point out the priorities to keep in mind when becoming a homeowner to a flat in Mumbai. There are multiple factors to take into consideration like your readiness, local market scenarios, and ensure to be aware of the important components of the home buying process.