Heard of anyone who purchased a flat and then said, “Oh no! I should have checked properly before investing!”? It is not uncommon. When anyone plans to buy their first home, the first things they must do is research and collect information by going to property sites, by reading property news, blogs and from local sources. It is not easy to find a single source which helps in making the decision of buying the first dream home. Hence adequate research is necessary.
Here are some important points to consider before purchasing flats in Borivali or in any other part of Mumbai.
1. Budget and vision always help:
Before investing in flats in Borivali, the first thing to consider is the budget. Deciding on the budget for the flat shows the clear vision about future steps including applying for loans. The loan amount cannot be more than 60 times of take home salary of borrowers. For example, if buyer’s salary is Rs.20, 000, they can avail a loan of Rs.12 lakh. Down payment is a part of the money which buyer has to give from his pocket and the remaining money will be collected from banks which will constitute the loan. Down payments are 20%to 25% of total cost of home and the loan amount is 75% to 80% of total cost. One can visit a few home loan companies for an estimate before investing in borivali property , Mumbai.
2. Research and time for house hunting.
Gather as much information as possible about the area and specific properties you are considering. Property search involves builder repute, locality, connectivity, amenities, legal papers and more. Also, it is important to be very clear about your requirements with the broker and never shy from asking questions about certain terminology and aspects that are not clear. After all, it is your money you are investing and not a small amount. Take time and have patience as it takes time to view various properties and getting all necessary information about them.
3. Be realistic and practical
One may not get everything that one wants, with respect to the space and size of flat, amenities, connectivity or location as desired. If a house meets most of the required priorities then one may decide on investing as its very rare that all parameters are met. Collect legal information about the property. In cities like Mumbai, many people have faced numerous problems due to having invested in property without proper paper work. Avoid such a situation for yourself and find out about the name of the owner of project and number of partners involved in that site. Also, ask about pre-approved bank support as it can be of help in availing a loan.
These are just a few of the basic guidelines for first-time buyers. In order to avoid confusion while buying flats in Borivali or any other place in Mumbai, it is essential to be clear with your own set of requirements. Among the upcoming properties in Borivali, there are Paradigm Realty’s Ananda Residency and Ariana Residency which seem to be reliable and some other established names in real estate which new buyers can consider.