There is nothing quite like being at home, especially in one’s own house. Most of the time, realizing your ideal house requires years of planning, saving, and dedication. The real estate market is a place where everyone has a lot of apprehensions. If you’re seeking to acquire quality 1 bhk flats in Mumbai, several things can help.
It is undoubtedly one of the most important decisions you will make in your life. And it’s essential to be well-informed and knowledgeable of every element of home acquisition while making such a significant decision. Provident Housing has compiled a list of some of the most typical blunders first-time homeowners make before buying flats near Mumbai. Make careful to stay away from these!
So, if you’ve decided to buy an apartment, here are the top seven blunders you should avoid before buying apartments for sale in Mumbai.
- Not estimating the Total Cost of the apartment:
People occasionally commit the grave error of thinking that the listed price represents the ultimate price of the property when they are purchasing a home. Several costs could be included in the property’s ultimate pricing while buying flats in Mumbai. Processing expenses, legal fees, valuation fees, MOD fees, and other costs could be involved if you intend to purchase a property with a loan.
When purchasing a property, you must pay registration fees and stamp duty. The builder may request a down payment to advance the yearly maintenance fees. Together, they can amount to a significant sum, and if you don’t plan for them, they might throw off the rest of your finances and make it impossible to close the sale. Consequently, when you’re ready to buy a home, consider the total cost of the apartment.
- Not doing proper research:
Due to their severe time restrictions, most individuals fail to conduct the necessary research and fall into the trap of purchasing the first property they come across. While you may have a keen eye for real estate, it’s not always a good idea to skip the essential research. Look around the area you have chosen. Compare a few houses, a few builders, and their building standards before deciding which one to buy.
An excellent method to approach purchasing a home is by speaking with friends and acquaintances and, if at all feasible, inviting some of your pals to buy flats from the same development.
- Not exploring Loan options:
If the financial situation is not fully grasped, one should not move through with the purchase. A down payment of 10 and 25 percent of the purchase price is often required, with banks providing loans for the remaining sum. You must know the approximate amount of the loan for which you qualify. Thanks to this procedure, you won’t have any unpleasant shocks when you find out you’re not qualified for the stated amount.
Other global corporate bankers also provide mortgage loans. Unfortunately, they can mislead customers into falling into the free market’s trap, which leads to astronomical monthly payments.
- Not checking legal documentation:
When it comes to purchasing a house, first-time buyers frequently rely on the advice of others. Before investing in a home, it’s a good idea to have all of the documentation legally verified. The deed of sale is the most important legal document that serves as proof of sale and ownership transfer from the seller (individuals or real estate businesses) to the buyer. A good building approval plan is also required. Local authorities will issue a beginning certificate after inspecting the project site. It’s also one of the most important legal documents you’ll ever have. This certificate is only given to a builder once the project is completed. The construction needs to be inspected by the appropriate municipal authorities to verify that it satisfies all required standards.
- Not estimating the Future standard of living:
You are mistaken if you believe that once you have purchased your home, all you have to do is pay the EMIs. After purchasing a home, you will be responsible for several fixed and future variable expenditures. Every year, you must pay a set of maintenance costs. Every year, you must pay property tax. Water and gas fees may increase your costs even further.
One of the most significant milestones in one’s life is purchasing a home. In conclusion, Provident Housing believes that when buying flats for sale in Mumbai, it’s critical to have a sound financial strategy and a thorough verification procedure.