Your Guide To Invest In The Right Property Within Budget
It can get awfully messy for first-time investors when it comes to real estate. Veteran investors still face challenges when the subject is how to invest in the right property within budget. There are many variables pertaining to the suitability and feasibility of the property to get right in order not to spoil your dream investment. While it sounds daunting, it’s pretty doable, even if you are new to the game.
As a top 10 real estate company in Mumbai, we at Mayfair Housing know the level of significance you hold on such an investment, as we’ve reached where we are today by appreciating you. Here’s your guide to invest in the right property within budget.
Know your purpose for buying
Different people have different motivations when it comes to making a real estate investment. Some may buy a property strictly for reaping future rewards in the form of profits. Some buy a property to rent out and create a steady flow of income, while for some, the purpose is more permanent as it’s about buying a dream home. So, before buying a property, fix a purpose, which should be at the core of every following decision.
Type of property
Your purpose for buying a property and the time at which you’re buying will influence your choice of property. When it comes to residential properties in Mumbai, you will have to think over the size & type of property diligently. Decide if you want a ready possession home or one that’s under construction? A ready possession home can be an excellent source of rental income (especially if it’s in a good location), while an under-construction property will be comparatively affordable. Once you’ve finalised the property type, you can move on to locating the ideal one.
Pinpoint a location
Property location is of utmost importance when buying real estate in Mumbai. It affects your daily work commute, your kid’s school commute and hoards of other domestic affairs. More importantly, in Mumbai, you’ll get a high appreciation value if you buy a residential property in Powai and other such coveted locations. Meanwhile, you can get affordable flats in an awarded township at Codename Sara Virar. Take into account such factors to get clarity about your ideal location.
Calculate your budget
Be brutal with your budget calculations so they can be most accurate & reliable. If you aren’t informed in this area, consult a financial advisor to know about bank loan eligibility and related matters. After which, you will have an accurate number to show for your budget. Moving forward, you can easily choose between two candidate properties based on your final budget number.
Know your market
With a deep analysis of the location you like, you can stay on top of market trends, prices, interest rates and lucrative projects. You’ll have all you need to steer clear of property gimmicks and move towards buying the right property within budget.