Investing in a flat or house is an important decision that you should not take lightly. You saved your money for years and planned for the purchase. But, you must keep some things in mind before you take the plunge. These include the following:
You cannot start looking for a flat without knowing how much of a flat you can afford. Make sure you set a budget first which is reasonable enough to provide you resources to pay off a home loan if you will take out one.
Price of the Property
The price is an important factor that sets the tone for your home purchase. Prices for properties in Mumbai differ so make sure you compare them. Ask quotations from developers if you are looking to buy a flat from them. In case you prefer a property from a previous owner, try to negotiate the price with them.
Considering the land on which a flat is constructed is necessary. It is imperative to research the soil quality and the land’s topography. Make sure the plot is registered and free of any dues. Verify the title deed and obtain as many details about it. You don’t want to deal with some legal issues later so make sure you take care of this aspect early on.
You may not have all the cash required to pay off a flat in full so you seek a financing source. Getting a loan from a bank involves paying the principal plus the interest. Make sure you get financing from a bank that will give you a good deal.
When it comes to owning flats, owners should wait for some time before they get official own them. Developers tend to ask for a grace period but they should provide you a clear explanation for such delay. Always get a clear estimate of when you can possess the flat you have bought.
If you are looking for flats for sale in Mumbai, make sure you are well-informed before you make a purchase. Buying this type of property is not like buying a house. There are processes involved before you can finally call the place your own so make sure you work with a professional real estate agent.