For first-time homebuyers, investing in real estate can be a daunting task. After all, buying a property involves a large chunk of money and every buyer wants to invest in the right property to secure their financial future.
Property is one of those few assets that offer higher returns than the inflation rate because its appreciation increases over time in the property market. Buying a property in Mumbai is always a profitable venture for you. The city has everything to fulfill the needs of its residents, like the well-developed infrastructure of roadways and railways, better job opportunities and much more. All these make Mumbai the best city to live in.
Most home buyers want to invest in the ideal property that promises good returns and lies in their budget. The real estate market in Mumbai is flooded with a wide range of properties, including flats, villas and commercial spaces.
Ashwin Sheth Group understands that finding the best property within your budget is a task that requires effort and work. According to experts, conducting an in-depth analysis of the prevailing market trends can help homebuyers to find the ideal property deal under their budget. So, how can you invest in the right property while staying within your budget?
Here are some important aspects that you should consider in finding the right property that fits your budget
Decide the Location
Location is the most critical factor that directly influences the property’s price. So, what is an ideal location for you? A location connected with the main city or one with easy access to public transport.
Properties in remote areas usually cost less than the properties at the heart of the city. Depending on the purpose, you can choose a location that is right for you. If you prefer a pollution-free life in greener environments, it’s better to buy a house in the suburbs to get more spacious homes for the same budget.
Size and Type of Property
The property’s price in Mumbai can vary depending on the size, age and type of property. Another major decision you have to make is whether you want to invest in an under-construction or ready-to-move housing project. An under-construction project will be priced much less than the completed ones.
Once you have decided the size and type of the property, start shortlisting properties that meet your expectations. Whether you want to buy a 1 or 2 BHK flat in Mumbai, finding a home equipped with state-of-the-art modern amenities will make your life easy. Reputed builders in Mumbai like Ashwin Sheth Group are known for developing amenities-rich flats in Mumbai.
Calculate Your Budget
Calculating your budget can help you to decide how much money you can afford to buy a property. You have to make money ready to make a down payment that’s around 20% of the total cost of your home. While analysing the budget, remember to include the additional expenses like property registration, stamp duty, tax, interior designing, and other costs.
Know the Current Market Trends
Before buying a property, it is vital to know current real estate market trends, prices, interest rates, and various aspects. Compare different types of properties in Mumbai to find out the pros and cons of each. Stay updated on the prevailing real estate rules so that you are well informed about the necessary legal formalities. For example, real estate properties in India must be registered under the RERA Act, which protects the buyers’ rights and provides more transparency in the transactions.
Maintain a Good Credit Score
Last but not least, maintain a good credit score which is a driving factor in determining your eligibility for a home loan to buy the property you desire. When you apply for a home loan, banks check your credit score or debt to income ratio to determine your creditworthiness.
If you have a lot of pending debts, start clearing them. Regularly paying your bills on time proves that you are a responsible borrower and are trustworthy with credit, which increases your chances of a home loan.
A property can be a valuable asset if you invest in the right one. All these aspects mentioned above are helpful when it comes to making the right property investment in your budget.
New residential properties like Sheth Zuri and Sheth Avalon in Thane, Sheth Montana in Mulund and Sheth Avante in Kanjurmarg are the perfect locations to find your dream home. All these properties enjoy seamless connectivity with Mumbai and ensure promising returns in the future.