Many people dream of buying a house for years—or even decades—before they begin the process. You may have considered how many bedrooms you want, what your neighborhood should be like, and how your private garden would look like.
However, there’s more to a home purchase than picking your favorite listing and moving in. It’s important to understand all the steps of buying a house, as well as what to look for when buying, what questions to ask, understand the hidden costs, and how to close on it.
There’s no doubt in the positive power of buying real estate if done properly. As the famous Will Rogers eloquently put it:
“Don’t wait to buy real estate, buy real estate and wait.”
But you don’t want to make any hasty decisions when buying a house in Mumbai, especially your first one. So let’s walk through the process with you to help get you into your dream home, responsibly.
5 Steps To Consider While Buying A Home In Mumbai
1. Consider the EMI
The home loan EMI should be around 40% of your net household income. But that is if you don’t have other loans. A high EMI outgo can put your household budget under pressure. If you go for a home loan, make sure you have enough room to wiggle in case the interest rate cycle takes an unexpected turn.
2. Non-RERA Registered Properties
RERA has made it mandatory for developers to quote the registration number in all their promotions, which means they cannot advertise a project unless it is registered with RERA. Buying a non-RERA registered property can put you on the weaker side.
3. Project Approval Stamp
Run due diligence about the title of the property and the status of approvals and permissions. Banks and some agencies do this for a small fee. If everything is fine, you will be approved of the loan. If something is amiss, the loan plea may be rejected.
4. Project Accessibility
Location is critical while buying a house. After shortlisting projects, you must visit the locality to get a first-hand experience of the area. Buying homes situated in unpleasant areas can affect the resale price of the property adversely. A good neighborhood with well-developed social infrastructure always makes a huge difference.
5. Flat-Size Unit
It is important to ensure that you check the carpet-area provided by the developer. At times, 1 or 2 BHKs are too compact and may not be suitable for a large family. Hence, you must always keep a unit-size in mind.
How To Close On The House Of Your Dreams?
Closing on your home is a big deal, and it’s important that you are prepared for this last step of the buying process. Because of how important closing is, the process can be lengthy. You will need to have official identification, a certified check for your down payment and closing costs, a sales contract, and other documents of importance. Once you have signed all the documents, paid all of the necessary fees and officially closed your house purchase, you can move into your brand-new home.
Happy home hunting!