Real estate might seem like an easy game even though reality states otherwise. In a market where experienced investors have to be careful about their plans, first-timers are sure to feel nervous. It’s only when you start looking for properties that the rising tide of cascading questions begins to overwhelm you.
How People Usually Approach Real Estate
Usually, people take the approach of imagining themselves as tenants and how they would perceive the market Investment in Mumbai. Although it’s a great idea, there are things that a tenant doesn’t see. For example, a tenant has no interest in whether or not there are going to be future developments Investment in Mumbai nearby in the next 5 years. Whereas, for the landlord, it matters a great deal since it implies a chance of their property’s value appreciating. An example of this can be of 2 bhk flats for sale in Mulund West that is sure to appreciate in the coming years due to upcoming projects.
Similarly, you’d think that a property should have features like accessibility, proximity, amenities, facilities, etc. That’s where you need to start organizing your thoughts and use a deductive approach towards every element or feature an ideal property would have.
To help you get started, here’s an idea of how you can shape your research and analyze things categorically. The following parameters can serve as criteria for property valuation:
The location answers most of the questions anyone can have about any property. Since it involves factors such as proximity, accessibility, nearby facilities and community features, a location matters a lot.
The ideal location doesn’t necessarily have to be in the centre of the city. It can be well-connected while being a suburban community outside town. Provided that the community develops certain standards, tenants will aspire to be a part of it. What matter are the provisions, facilities and features that are available near the location? If there are malls, retail hubs, parks, gyms and fitness centres, grocery stores, etc. close by, the property will have massive appeal.
The neighbourhood or community that the property resides in can impact the chances of finding tenants. Moreover, if the area provides sufficient attractions and facilities nearby, the value and rental yields will eventually be higher. Families prefer peaceful, secured and amusing communities that can guarantee privacy and protection.
Given the fact that the MMR is going to witness an infrastructural change soon, it’s hard to classify most areas as inaccessible. Meaning that improvements such as metro lines and trans harbour Investment in Mumbai links reducing travel times and crowded roads will eventually make room for more developments. This further means that the slums that we currently have in Mumbai might bloom into well-rounded commercial and residential markets in the next decade.
The MMR will eventually be a connected hub that brings in the metropolis centre close to its peripheries. Providing easy access through metro lines and eventually cleared roads, even daily commuters will face little problems in coming to the southern end of the MMR. This implies that residential projects in Mulund West, Thane and other northern areas will eventually witness a surge in prices.
The Property Itself
Now that you’ve narrowed down the biggest factors, you can focus on the specific property you’re going to purchase. This can be a process that a professional real estate can help you with. Visiting properties and conducting valuations is important and is something you can’t do alone. In fact, even with a real estate agent, you’ll take at least 3-4 visits before being able to confirm the property’s condition.
From the front door to every faucet and floor crack in the property, everything needs to be checked. Since all tenants will demand that the property they’re occupying is in top-notch condition Investment in Mumbai, as an owner, you’ll have to oblige. After all, you need everything on your side during negotiations.
In addition to the interior and exterior of the property, make sure that the documentation including registries. And other legal documents are verified. While it’s not likely, you can still run into some fraudulent situations where lack of research can bring about problems later. And you would do well to understand that legal matters of real estate aren’t that easily resolved.
It’s a great time for NRIs, locals and foreigners to invest in real estate in the MMR. With pro-buyer advantages and incentives, everyone can make the most of the situation and turn it into lucrative profits.