The real estate prices of properties in Mumbai never cease to create a stir among the people interested in real estate investments. From the selling of eye-catchy and expensive flats in Navi Mumbai to the ever-increasing affordability the gap for middle-class income group seeking for a home, the city’s residential real estate market is under constant jeopardy and limelight.
Buying the first home accompanies huge responsibilities some of which involves taking significant choices. This can give you both unnerving and exciting feeling at the same time. It is very easy to get continued in the emotions of home shopping and settle on many wrong decisions that could leave you filled with guilt even years after.
If you are willing to invest in a Property in Navi Mumbai, you need to have a lot of background research because knowledge is power when it comes to real estate investment. Therefore, in this article, we will talk about the common mistakes which people make while purchasing their dream home for the very first time.
Why Real Estate Prices are so steep in Navi Mumbai?
As the city is surrounded by water on three sides; Navi Mumbai has never had the chance of all-around a development like other prominent Indian metros. Mumbai always has seen linear development and the cost of transportation is one of the main factors of rising in prices.
Some common mistakes which people make while buying homes and how to avoid them
Not being able to decide on a budget:
According to real estate and finance experts, the first time home buyers mostly depend on home loans. Therefore, to keep out of the financial crisis in future the best option would be to determine a budget so that the EMI is 50% lower than the total salary of the individual.
Looking for a house before a loan:
Many first-time buyers make the mistake of zeroing down homes before ever meeting the financial institutions for a home loan. This decision might hit you hard if a home has a very tight inventory, or you select homes that you can’t afford.
Buying a house outside your budget:
It is human nature to fall in love with luxurious homes that might be outside your budget, but stretching yourself can lead to regret and worse later. It can put you at higher risk of high interest and EMI and if you face tough times financially, it can lead to the losing your home.
Draining your savings to build a house:
Most of the first time, house owners have a tendency to spend all or most of their savings on the down payment and closing costs. Keeping nothing in your hand for bad weather days is one of the biggest mistakes first-time homebuyers make.
Not looking for the best loan option:
Do not delay in buying a property in Navi Mumbai, as you do not have enough arrangement for a down payment. There are plenty of loan programmes and some of them are government aided as well. Therefore, look through as many loan options as you can before you zero down on the final choice.
Not looking for a good neighbourhood:
It is extremely important that you look for a good neighbourhood before you take the decision of investing the money. Selecting the right neighbourhood is very much critical for your family.
Try to avoid these mistakes while investing for Property In Panvel. Many homeowners might offer you impressive price without an inspection. Though the deal may sound very tempting, think twice before signing on the dotted lines.