Mumbai is known to be one of the costliest cities to live in the world. Mumbai is known as the city of dreams and has lakhs of people flocking in every rear to realize their dreams. Mumbai being the commercial capital of India provides ample of job opportunities to people across various industries. India’s film industry popularly known as Bollywood all over the world is also based here. The huge demand for housing has led to the increasing cost of properties here. Real Estate Mumbai is very expensive. And it can be really stressful. There are so many options to choose from, so many factors to consider before purchasing; the entire process can be maddening. When buying a house it is essential to be calm, do a thorough research and think over every step carefully before proceeding. If you are in the process of buying your own property in Mumbai, then you have come to the right place. This article will make you aware of the pitfalls to avoid, when buying your property in Mumbai.
Finding the right place- Mumbai is a vast city. Every day new buildings are coming up. It is essential to be in the loop. Keep reading newspapers, magazines and look up online regularly and see if the description given meets your criteria. Also ask you friends and family to inform you of any good new developments they hear about. It is very important to stay in the loop and also act quickly. There might be so many properties that are a perfect fit for you, but you are unaware of them. Also, if you find a property you like don’t procrastinate. Immediately find out the details and go for a viewing. Houses can sell like hot cakes here. The last thing you want is your dream property to be sold off only because you were late.
Loans- It can be very heartbreaking if you run around looking for properties for months only to find at the last moment when you’ve found your ideal house, that you don’t qualify for loan or your bank is unwilling to give you a loan. Always tart looking for the loan and follow up with it, while doing you house search.
Preoccupation with the price per sq unit- While doing your search, if you are fixated with the price per sq unit, then you should be aware. Not all measurements are guaranteed and sometimes you need to view the house before ticking it off your list. A slight miss-measurement can put an otherwise perfect house out of your list. So do not always go by the price per sq unit.
Desperate- Buying a property should be done with a calm mind. Don’t get desperate and make a hasty decision. Finding the right property sometimes takes a lot of time. If you are in fix because of you living situation, then take a rental apartment till you find the perfect house. Don’t pay a ridiculous amount of money to a house that isn’t worth it. Sellers can sense desperation and they get greedy and tend to quote a price that is way above what the house is actually worth. A house is a big financial investment, so think carefully before making a decision.
Inspection- It is very important to inspect a house before purchasing it, especially in cases of second hand or older homes. Sellers want to make a sale, so they are not going to tell you if there are any leakages or any other flaws in the property. They will always present their property in the best light. SO make sure you check the property thoroughly before buying.