Factors to consider before buying a residential property.
For many of us , buying a house is a monumental task , based on my work experience of over 40 years, I wish to draw your attention to the following points ,which could help you in making a correct choice.
1. Locality:
Most people, living in Mumbai are very averse to moving from their current location to a new one.
Growing families, budgetary challenges, work constraints, Children’s education etc necessitates this on most occasions.
One has to evaluate the new location in terms of other utilities and facilities, such as markets, groceries, chemists, schools, hospitals, public parks , travel convenience etc are easily available.
2. Cost:
Most people moving to other areas in mumbai are, what I term as the aspirational class of people. Budget is the main criteria for this specific class.
Other than the basic cost of the apartment, other costs such as government taxes & levis , parking charges , society charges , other than cost of furnishing the apartment, also have to be factored in.
Pro Tip: Calculate the total cost as mentioned above and then decide. Many people tend to overlook these costs and then get stuck.
3. Size and layout.
Check the layout of each area of the apartment, instead of just the overall area , many a time , the layout of the apartment is not ,what suits you , for instance , a very small kitchen, a huge bedroom with a tiny hall etc . Take a informed call.
4. Location and accessibility:
One aspect that is often overlooked is the neighbourhood and accessibility of the property. Prospective buyers should take the time to thoroughly explore the surroundings and investigate any potential concerns. This includes checking for road and footpath encroachments, nearby establishments that may be involved in illegal activities such as liquor joints or shady hotels. It is important to consider not only your own safety but also the safety of your family, especially women and children who may walk by daily.
5. Maintenance, security, and cleanliness:
The state of maintenance, security, and cleanliness of the building should not be ignored. If you can freely enter the apartment without any security questioning, it indicates poor or non-existent security measures. To assess cleanliness, consider walking down the steps instead of using the elevators as it will allow you to get a better idea. Take a stroll around the entire compound to gain a comprehensive perspective on the building’s overall maintenance.
6. Parking:
Parking is a common source of disputes in Mumbai. It is crucial to verify and confirm your allotted parking slot rather than assuming it will be readily available. Taking care of this step beforehand can save you from future troubles.
7. Legal Considerations: Importance of Hiring a Property Lawyer in Mumbai
When purchasing a property in Mumbai, it is crucial to engage a competent property lawyer. Do not rely solely on informal arrangements like brokers or friends, as they can save you money upfront but potentially lead to costly consequences later on. Ensure a thorough title check to mitigate legal risks.
8. Future Infrastructure Projects: Impact on Property Prices in Mumbai
If you are planning to invest in a property situated on a main road or a major arterial road in Mumbai, it is essential to stay informed about upcoming infrastructure projects, such as flyovers and road expansions. These developments can significantly influence property prices due to potential issues like increased noise and pollution levels. Stay ahead and make informed decisions.
Pro Tip: Comprehensive Financial Planning for Mumbai Real Estate Buyers
Once you have performed adequate due diligence, remember to consider additional expenses such as society maintenance charges, property taxes, utility costs, and if applicable, the EMI (Equated Monthly Installment) for your loan. Proper financial planning will ensure a stress-free homeownership experience in the future.
Please feel free to post your comments and views on the above.
See you next week, with a new topic.