August 27, 2020 | Uncategorized | No Comments
Every human dream of buying a dream home, it might even be the biggest investment they make in their lives. For the amount of money they are going to spend buying the house they need to know everything possible for them to have a successful transaction. But every investment in life needs to have a profit or else it’s not a good investment. So if you have been looking to invest your money by buying a residential property in Goregaon or some other big suburb of the city you might want to read the tips below.
1. Always check the background of your real estate Company in Mumbai off whom you are buying the property.
Gone are the days when anyone could build a brick and mortar structure and call themselves one of the most reputed real estate builders in Mumbai. Real estate developers in Mumbai have created a brand using their name. They have risen to brand status because they keep churning out good quality products. Now when they are known as a brand their name also adds value to the property. This means the name will hold its value even when you decide to resell the house to someone else. You get a big boost in your investment just by investing money with real estate companies in Mumbai that is considered a brand.
2. The locality also plays a huge role in determining your return on investments.
What part of the city you buy your house is also important when it comes to investing your money in real estate. Just like builders’ names a locality has a reputation it carries. Posh localities which are well planned will cost a lot more than houses that are in back alleys and shady parts of the city. We suggest that you buy a residential property in Goregaon as it is one of the best places where you can invest your money. The locality is well planned with a lot of posh localities within the suburb. You should look at the demand and the reputation of the area before you invest your money in real estate.
3. Keep yourself updated with upcoming infrastructure.
The third biggest contributor that helps raise demand while also adding value to the property is the infrastructure that is around the property or is about to go under construction. Prices of residential property in Goregaon and other suburbs along the western express highway have seen a boost in their prices since the metro went under construction because the demand grew for houses around these areas. Before you purchase the house look into what upcoming infrastructure is promised by the real estate developer in Mumbai and the government while also looking for already existing infrastructures.
4. This one is for your financial situation.
Before you set out to buy your dream house make sure you haven’t done any big purchase for which you borrowed money from the bank for at least a year before when you plan to invest in real estate. Make sure your debt is paid and are ready like atlas to take the huge financial burden on your shoulder that will stick with you for at least 10 years from the day you take it. Understand your financial position to make sure that you have enough savings even after you pay the down payment for the flat. Beware of banks that charge high-interest rates. If you even save 0.05% in the interest your saving would be in lakhs by the time you are done paying for the house.
Follow these very basic steps to make sure that your real estate investment is fruitful.