Many of the world’s wealthiest people have come from real estate, so there are many reasons to believe it is a good investment. Here are some of the factors and challenges to consider when needing to buy a residential property in Mumbai.
While real estate investing may appear to be a glamorous endeavour, being a successful real estate investor necessitates specialized knowledge. When it comes to buying and selling, it’s critical to be well-versed in the industry in order to get the best deal possible. If possible, educate yourself on the complexities of investing in Indian real estate markets.
- Locate the Ideal Location
The one thing you don’t want to be stuck with a rental property in a declining area rather than one that is stable or growing. A city or location with a growing population and a revitalization plan in the works represents a potential investment opportunity.
When selecting a profitable rental property, look for a location with good schools nearby, and plenty of amenities such as restaurants, coffee shops, shopping, trails, and parks. The garden, and the shopping area should be located nearby for the elderly people of the family to have a walk-in morning and after dinner and shopping center should be there for easy grocery shopping and daily use items.
Mumbai is one of the busiest and biggest cities of our country, so time for traveling from one place to another is lot. One should always look for that property which is near to the workplace or should have the better connectivity with metro or local train station.
- Check the amenities offered
The facilities provided to the residents should be something to make a difference. The society should be neat and clean and well maintained, the lift be maintained, the parking allotment be the best and 24hours water and electricity supply should be there.
Security is also important which cannot be taken for granted. The building should be well equipped with CCTV cameras and the security guard be should there for the safety of the residents 24 hours.
- Check the Neighbourhood
If possible, one should get the thorough knowledge of the neighbourhood also. Buying a house is not a cup of tea, that is one doesn’t buy flat every day; thus, nature of the neighbour is something to be kept in mind.
- Determine Your Margin
Last but not the least, individuals should aim for a ten percent return. Annual maintenance costs should be estimated at 1% of the property’s value. Other costs include possible homeowners’ association fees, property taxes, monthly expenses such as pest control and landscaping, as well as regular maintenance costs for repairs. One should thoroughly design the budget and then should go for buying the property.
These are some tips to keep in mind when one needs to buy residential property in Mumbai. Mumbai is a developing city of our country so one should only go for those areas which seem to have huge yield in the cost of the property in the coming years. Thus, one should look for the given factors when one wants to buy flat or any residential property in Mumbai.