Are you looking to book a 1 BHK flat in Mumbai, an apartment or an independent villa? If yes, before arranging for funds, you ought to check and consider some vital factors before booking a real estate property in Mumbai.
Buying a home has to be the biggest decision of one’s life, and people tend to invest all their savings in it. For some, even their savings are enough to cover the cost of a property in Mumbai and hence, they avail a home loan to cover other needs.
In such cases, a large portion of the buyer’s monthly income is devoted to the EMIs. Hence, it becomes crucial to invest safety as so much is at stake.
Here are some factors that you should consider while buying a 2 BHK flat in Mumbai or any other types of properties. Read on!
1. Always crosscheck the price of the property
The first thing that you should do is check your budget and look for a 1 BHK flat in Mumbai in societies such as JP North Mira Road and elsewhere. Every property commands a face value due to its offered amenities and locality. Once the builder quotes the apartment price, you should compare it with nearby areas and projects. You can also take out information from property websites, newspaper supplements, and brokers. This way, you would be able to invest in the best possible property at the best price.
2. Check out the builder-buyer agreement
After you book a 1 BHK apartment in Mumbai or anything else by paying a token amount, you receive an allotment letter. After this stage, you need to enter into a tripartite agreement with the lending bank and the builder for the remaining figure. At this stage, you should sign the builder-buyer agreement. This agreement is often biased in favor of the developer.
As a result, you should ensure to give it a read at least once to be aware of the clauses. Builders may insert a clause giving them power that they may raise the price at the time of possession. You may also come to terms with floor rise charges if the builder plans to build more flats above yours. Thus, you should be dead sure about all the clauses in favor of the builder and avoid signing the agreement with such developers.
3. Location and its infrastructure
How far is your office from the locality where you wish to book a 1 BHK flat in Mumbai such as Lodha Dombivali? Is it too far and is the locality laced with all possible utility services such as ATMs, banks, hospitals, malls and more? You should also check if there is a scope for future infrastructural developments or not. Also, another thing worth mentioning is that one should assess the resale worth of the property. It is vital to check so that you may sell it and get a good ROI on it.
4. When will you get the possession of your apartment
While booking the 2 BHK flat in Mumbai, you should also check about the sure-shot delivery or possession date of the property. You can come to know about it by analyzing the reputation of the builder by researching its past records. You can also visit your developer’s previous societies and connect with residents to know its reality.
Some of the prime factors to consider while booking a 2 BHK flats in Mumbai in JP North Mira Road or any other area are enlisted now. If you are looking to get some funds to buy a property in Mumbai, you can also avail of a home loan from Bajaj Housing Finance to manage funds if you are short of some money to buy your dream homes.
Arwind Sharma is a financial advisor with an experience of more than 7 years. He has worked for topmost financial firms in India and has been a visiting faculty at many reputed institutes in India. Currently based in Gurgaon, Arwind Sharma is a name to reckon with when it comes to financial management for big brands. A post-graduate in business economics, he is an alumnus of Princeton University, USA. During his free time, Arwind teaches children from marginalized sections of society and also work on his blog.