Buying your first home in Mumbai is a journey filled with big hopes, nervousness, and excitement. It is a vast market comprising numerous developers who offer different kinds of housing solutions across various locations. With so many options available, choosing the right apartment in Mumbai can be confusing for a new homebuyer. However, you can gain more confidence in this pursuit through proper planning and adequate research.

To help you become a confident first-time buyer, we have compiled a list of important factors that you need to check before you buy! Read on:

Critical Points to Remember Before Purchasing Your First Apartment in Mumbai

• Plan Your Budget

  It is crucial to be financially prepared before you set out to buy your first home in Mumbai. You must plan a realistic budget that matches your financial capability. In addition to the apartment price, it should be able to cover extra costs such as registration charges, stamp duty, maintenance fees, etc.

  Furthermore, most individuals rely on home loans to fund their property purchase. To be eligible for a housing loan, your finances need to be in order and you must maintain a good credit score. Also keep in mind future EMI payments along with your other regular expenses while deciding your home-buying budget. Such proper budgetary planning will ensure that you find an ideal home without stretching excessively beyond your means.

• Define Your Requirements

  You must have a clear vision about the things you expect from your new home. Based on your preferences and lifestyle needs, there may be some things that you find absolutely necessary and others that you could possibly do without. For example, it could be about the apartment’s spaciousness, location, amenities, whether you intend to live there yourself or wish to rent it out, the presence of greenery in the surroundings, etc. Noting down all your key requirements will make it simpler for you to narrow down homes that meet your expectations.

• Conduct Extensive Research

  Doing an in-depth study of different neighbourhoods in Mumbai is essential before buying your first home. You can conduct your research through online property portals or speak to trusted local experts. See how many housing units are available for sale in a particular micro-market that you are interested in. Check their price range, the property's features and amenities, and other vital aspects. Having a basic idea of the kind of options on offer will put you in a stronger position to secure a lucrative deal.

• Select a Good Location

  Your choice of location is the first and foremost aspect that determines the overall success of your real estate investment. Pick a residential area with well-developed social infrastructure, good connectivity, and a strong public transport network. You must also see if the neighbourhood is safe and family-friendly. These factors will significantly impact your daily lifestyle and also influence the property’s appreciation potential.

  For instance, it is a great idea to buy your first apartment in Malad West or Malad East, as these areas are much sought-after in Mumbai. They are home to an elite and diverse community of residents. From leading educational institutions and healthcare centres to commercial hubs and retail establishments, all essential facilities are present here. Travelling to other parts of the city is quite convenient via important roadways, the metro, and local rail. The International Airport is also easily accessible from these places.

• Shortlist Top Builders in Mumbai

  Once you have finalised the location, you must check which developers are active there. Big real estate companies in India like K Raheja Realty come with excellent industry reputation and a trusted legacy. As an award-winning developer, we have a consistent track-record of successful and timely project deliveries. Buying your first home from a reputed developer will ensure that you get maximum value for what you invest. K Raheja Realty offers premium residential projects in Malad West and Malad East that can be the perfect spots to find your dream home in Mumbai!

• Decide Your Preferred Project Type

  There are two main categories of homes for sale in Mumbai - under-construction and ready- possession. You need to decide which type of project you would prefer to buy your first house in. Under-construction projects refer to properties which are still being built, whereas ready- possession properties are completed projects. With the latter, it is easier to inspect the quality of all the provisions during your in-person site visit, since the property’s construction is complete. Thus, what you see is exactly what you get!

  Besides, you can speak to the existing residents and check out client testimonials to check how their feedback is. It can also help you understand what your neighbourhood would be like, and decide if it is the right fit for you. Moreover, there is no waiting period for delivery in RTMI projects and you can avail immediate possession of your flat! Another major advantage of RTMI homes is that GST does not apply to them. You can make considerable savings due to this benefit.

• Check for Municipal Approvals

  You must verify if the project you are investing in has received all the required approvals from local municipal authorities. All K Raheja Realty projects in Mumbai - including Raheja Residency in Malad East and Raheja Interface Heights in Malad West - have the Occupancy Certificate (OC) and other necessary approvals in place. Thus, you can be rest assured that you are making a wise and thoughtful property investment!

• Choose a Suitable Flat Configuration

  Your home is more than just four walls and a roof over your head. It should provide you and your family with a comfortable living experience everyday. A 1 BHK flat is ideal for single working professionals or married couples. A 2 BHK is suitable for growing families with children. 3 and 4 BHK flats are perfect for large family units. Decide which flat configuration is apt for you depending on your budget, family size, and personal preferences.

• Watch out for the Project Amenities

  Project amenities can help you lead a holistic lifestyle. They have become an important inclusion in residential properties considering the hectic lives people in Mumbai lead. Therefore, you must check what kind of amenities you will be getting in the project where you are thinking of buying your first home.

  As one of the top builders in Mumbai, K Raheja Realty offers a thoughtfully curated bouquet of lifestyle amenities in all our projects. It includes a resort-style swimming pool, clubhouse (OC- received), well-equipped gym, banquet hall, kids' play area, complex garden, ample parking space, and many more. (Please note that the amenities offered may vary across different projects.) We also provide essential facilities like high-speed elevators, power backup, firefighting systems, etc. It is crucial to consider the presence of such amenities before buying your new apartment.

Conclusion

These are some of the top things you need to check before buying your first house in Mumbai. If you are looking to buy a ready-possession apartment in Malad West or Malad East, K Raheja Realty's residential projects are a superb choice. Get in touch with our sales office for expert guidance on how to navigate Mumbai's real estate market. Come and discover the ultimate home of your dreams with us!

Disclaimer

The content of this blog is based on information available to the public for general use, and any references/sources if mentioned. While we take care to refer to reliable sources as far as possible, we do not claim any responsibility for the accuracy of the given information whatsoever. The article is to be used for general informational purposes only. Please note that it neither constitutes legal advice nor does it intend to. If any individual(s) take/s any decision based on the information in this article without verifying the genuineness of the facts, we expressly disown/disclaim any potential liability that may result due to the same. We encourage readers to get guidance separately pertaining to any specific information given herein.