To say that a home is an investment in happiness would be an understatement. Whether you are buying a home to start or settle your family, or simply making an investment from the perspective of long-term returns, a home holds immense value. The right home can also provide returns through rent and prove to be an additional source of income. Regardless of its purpose, a home can deliver happiness in more ways than one. But going about buying a home in Mumbai can be a daunting process, which is why we are here to simplify the process for you.
There are several factors that one needs to consider before making an investment as huge as buying a home in Mumbai. The factors listed below serve a good benchmark to consider before taking the plunge!
Location
Needless to say, the simplest factor is also one of the most important ones. Mumbai as a city continues to grow by leaps and bounds. This makes a lot of new spaces available to the potential homebuyer. As such, this is one factor where a bit of foresight goes a long way. Where do plan to work in the coming years? Is the place that you are considering near to your sphere of business and commerce? Does it provide effortless access through multiple transport avenues? These questions primarily cover the convenience factor when it comes to work-related travel. But you also need to consider factors like easy availability of reputed schools and colleges nearby, especially if you are planning to start or settle your family. Easy access to medical infrastructure is also a plus if you plan to stay with elderly members of the family. And let’s not forget access to entertainment and lifestyle destinations!
Budget
Once the location has been sorted out, comes the slightly difficult part – deciding the right budget. If you are a first time buyer, chances are that you may get overwhelmed by the choices and end up splurging a little more than planned. On the other hand, if you are investing is a second home, you may end up trying to save more than necessary. Though the aforementioned scenarios are not a rule of thumb, they showcase our tendency to make an emotional or an overprotective decision. The balanced approach lies in finding out the kind of requirements you or your future family may have, and deciding if these match your choice of location as well. This is also the part where checking your loan eligibility plays a huge role. Budget can also have an immense impact on your choice of location as well, so a little flexibility can go a long way!
Resale Value
While there are a host of additional factors such as stamp duty & registration fee as well as extra costs and property insurance, there’s one factor which definitely needs to paid special attention from a long-term gain perspective. Whether this is your first home or an investment, chances are that you may want to upgrade some time in the future. The reasons can be many and an upgrade is also a positive development that denotes you moving ahead in life. Which is where excellent resale value comes into the picture as it provides a great foundation for your upgrade. Even in the unfortunate scenario where you need to sell your property due to unforeseen financial problems, resale value comes in handy and provides much needed respite. Resale value depends a lot on the location and the quality of construction, so choose these facets wisely!
If you are looking for a trusted developer with reliable, high quality construction and projects in the prime locations of Mumbai & Thane, look no further than Harmony Lifestyles Group. With over 4 decades of real estate excellence, they provide the trust and transparency that ease your decision making process. Check out their ongoing projects here.