Buying Property for Sale in Mumbai for the First Time

buying property in mumbai

Mumbai presents itself with a host of opportunities for businessmen and working professionals alike. Certainly, it makes sense for you to search for properties for sale in Mumbai to stay and grow professionally. We understand that shifting to a new place is stressful in itself; so, buying a house can add to your burden all the more. Here we give you a lowdown on how you can get the best deal for your buck while searching for the best properties in Mumbai for sale.

Firstly, and probably the most important thing that will set your ball rolling is the Budget. You will need to fix a budget that considers your personal and family needs. Ideally, you will want to save regularly with an ultimate budget in mind to find the best fit. Your monthly expenses should essentially align with the savings that you’re setting aside. That will also give you an idea about the type of property that suits you. Researching and talking to people who already have bought a property is also likely to help you chalk a rough budget, which you can adjust accordingly.

Next, with a preliminary budget in mind, search for the ideal neighbourhood. This is crucial for two reasons, one, you would want to consider the needs of your family; nearby hospitals, medicine stores, distance from the main city among others and two, prices of properties vary greatly depending on neighbourhoods. For example, for properties for sale in Mumbai, prices are higher in areas like Lower Parel, Bandra and Worli than areas in Navi Mumbai.

Consider the additional costs once you have zeroed in on a neighbourhood that suits your needs. Industry experts suggest that more than the initial investment on properties in Mumbai, the additional costs are more likely to be a cause of concern. This is because of the maintenance charges and property tax that you need to pay, which might go as high as 10000 INR per month depending on your neighbourhood. Moreover, you are also likely to adjust your lifestyle according to the neighbourhood that you will be moving in. Certainly, these recurring costs will take up a major share of your savings which you have to account for.

Consult experts while trying to estimate the resale value. Recent trends suggest that getting good liquidity for properties in Mumbai is difficult. The problem is more apparent for properties on sale in Mumbai that are in upscale neighbourhoods. The main reason for this is that while some might find those places to be lucrative, others might not. So, basing your decision to buy a property solely on resale value might not be the best thing to do.

Buying property for the first time is certainly stressful and in the commercial hub of India, it is doubly so. However, if you are able to stick to some easy steps and make clear decisions you can certainly find your dream property in Mumbai.

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