With real estate prices soaring continuously, now is a good time to expand one’s portfolio and buy property, whether to relocate or hold on to. That said, purchasing a flat is a big decision, so individuals must take their time and not rush through the process. Careful thought, planning, and budgeting are important, especially when getting a flat in the financial capital, where the real estate market is pretty volatile.

Tips for buying the right flat in Mumbai
Considering a few critical factors can help one make a better-informed decision and find the most suitable property in the city.

1. Choose the correct location
Like any metropolitan city, traveling in Mumbai takes a lot of time. To get from one place to another quickly and save energy on commuting, one must choose the right location when buying a flat. For instance, those traveling to the office every day will benefit from a home located close to their workplace.

In addition to a lower commute time, one must prioritize accessibility to facilities like schools, colleges, hospitals, shops, and other social hangouts and accordingly find a centrally located home. Although the city is well-connected with a strong public transportation network, finding a property near these facilities may be useful. It also helps to stay close to metro stations, local railway stations, or bus stops for improved access.

2. Check out the amenities
Every residential building is designed differently, so one must check the amenities before deciding. Some basic features to look for are parking, a lift, a garden, and security arrangements. Those wanting premium facilities, such as a gym, a swimming pool, a clubhouse, a playground, a recreational area, etc., may need to shell out extra. Although many buildings have these amenities, residents may have to pay more to access them.

3. Set a budget
Buying a home is quite expensive, especially in a city like Mumbai, so one must plan well. Individuals should set a budget after considering how much money they have in their account and how much they can borrow from the bank or other financial institutions. Doing so will help one shortlist the right options and avoid financial trouble later.

4. Read government policies
Understanding the location’s legal processes is important when buying property. One should start by checking the flat’s ownership status and ensuring it is not involved in any disputes. Once that is done, individuals can take some time to understand the ownership transfer process. Enlisting the help of a lawyer can make this a seamless experience. One can ask the expert to guide them while learning about the city’s property laws and regulations and shed light on one’s duties and responsibilities as a buyer.

In Mumbai, real estate transactions are usually governed by the MahaRERA Act. Complying with this act and the other state and national regulations will ensure a hassle-free ownership experience. It will not only protect one’s property but also prevent legal issues in the future.

One must pay careful attention to certain things when buying a flat.

• Verify the authenticity and accuracy of the title deed via the local land registry or government office.
• Review any existing liens, claims, mortgages, unpaid taxes, outstanding loans, or legal disputes that may affect ownership.
• Check the zoning regulations and land use restrictions to avoid any conflicts.
• Scrutinize all other legal documentation, including the sales agreement, property tax records, and other permits and licenses, to ensure compliance.

5. Inspect the home’s layout
When buying a flat, individuals should ensure it meets their needs. Those living alone may be comfortable with a smaller space, say a one-bedroom apartment with a kitchen, living room, and bathroom, while those with a family may want a larger area. Similarly, those looking forward to entertaining guests or hosting parties may be inclined to buy a flat with a larger living room. To find the best fit, one must carefully inspect the house’s layout. While doing so, individuals should consider the number of bedrooms, bathrooms, balconies, size of the living room, etc.

6. Assess the structural integrity
After finding a flat that meets one’s criteria, it is important to inspect its safety and structural integrity. The building and flat should have solid walls, a sturdy foundation, and durable plumbing and electrical systems. If someone does not have experience in this task, they can call a professional building inspector to identify and highlight any underlying or hidden issues. Attention to these details can keep one safe and help one negotiate a better property price with the realtors.