Buying a home is an emotional investment. It is also a serious commitment as you are making a major investment in your dream property. So, it is crucial to ensure that you follow a comprehensive checklist while buying your dream home.
Property investments tend to be highly capital-intensive. So you must consider your options wisely and make your decision. Any housing property has two objectives: investment and self-use.
After you have set the objective of purchasing a property, a detailed checklist will be of good use. Here is a detailed checklist you must follow while investing in properties in Mumbai.
Conduct a Thorough Research of the Locality
Conducting thorough research of the property is essential before buying flats. The neighbourhood is one criterion that decides the resale value of your flat. For instance, if it is located in a well-connected, developed locality, you will get a higher ROI.
You can also seek advice from property consultants to know the appreciation rate of the property in the future. It is crucial that you take your family along so they get a detailed understanding of the locality in which your flat is situated.
While inspecting the area, check for amenities like schools, colleges, hospitals, etc. Simply put, the area’s social and physical infrastructure must be well developed . Moreover, if you are buying a house in a township, check the features as promised by the developer. It will allow you to buy your dream apartment constructed by a top real estate company.
Budgeting is an Integral Aspect of Property Investment
While it is easy to get carried away while investing in your dream home, setting a stipulated budget will help you make smart property investments. Therefore, you must be practical and analyze your finances. Property buyers should have proper financial planning to meet short-term and long-term objectives.
Verify the Property Through RERA Registration
The Real Estate Regulatory Authority was established in May 2016. The main objective of RERA is to address issues affecting the real estate sector. As a first-time homebuyer, you must invest in RERA-certified properties of thereal estate developer. Listed are the common benefits of investing in a RERA-certified project.
- Under the RERA Act, builders must provide correct project timelines
- You have a right to property information and complete transparency
- Before selling a project, builders will need all clearances
- If there are any defects in the construction of the property, the builder will be liable
- The grievances will be resolved and addressed quickly
While buying your dream apartment, analyze its RERA registration number carefully.
The Status of the Tax Payment
Before buying a flat, you must check whether the builder has paid taxes. With timely tax payments, the market value of the property will rise. When the builders pay taxes regularly, buyers will see it as a positive sign to invest in their properties. The timely payment of taxes also indicates that the property is well-maintained.
Under-Construction vs. Ready-to-Move-In Homes
Based on your present budget, you could opt for under-construction projects or ready-to-move-in homes from Sunteck Realty. If you don’t have any time constraints, investing in an under-construction property is the best option. You can choose from a wide variety of units in an under-construction project.
On the contrary, if you want to shift immediately, investing in a ready-to-move-in home is a great alternative. Opting for a ready-to-move-in property is suitable when you are staying on rent.
Concentrate on the Amenities of Your Interest
Nowadays, the best real estate projects in Mumbai offer a wide variety of amenities. These amenities make the space comfortable and enjoyable for residents of every age group. Undoubtedly, a project with all facilities offers wholesome living.
Therefore, while investing in the properties of luxury home developers, ensure that you follow this detailed checklist. It is also essential to conduct thorough research on the tax benefits and subsidies offered by the government.