Planning Finances When Buying 3bhk Flats In Mumbai
Whether you are a first-time home buyer or are upgrading to a bigger apartment
, planning your finances while buying your home is extremely important. Of course, this aspect becomes especially important for newbie home buyers who have the finances to purchase a lavish apartment in Mumbai, but lack the right financial planning skills.
As exciting as 1BHK, 2BHK or 3BHK flats in Mumbai might seem, there is no doubt that it is also a rather taxing process given all the financial and legal formalities involved.
Here are some ways in which you can plan your finances while purchasing a 2BHK or 3BHK in Mumbai:
1. Get financial approvals before searching: Many people make the mistake of spending a month or two in their search for a dream home. Once they have found the desired property, they approach their financial institution only to find that they cannot get adequate financing. This obviously is the wrong approach. When you decide to purchase an apartment, you should ideally sit with your banking consultant to know your loan eligibility. Based on the equity you already possess and the expected borrowings, you can conduct a smarter home search for 2BHK or 3BHK flats in Mumbai.
2. Do not borrow beyond your means: Yes, so you have found that perfect home. But have you consulted with your family members about your monthly EMI payment abilities? Remember, things dont end at just buying the homeyou need to also make provisions for monthly maintenance costs, your utility bills, and of course, your regular household expenses. Keeping these things in mind will ensure that you can proudly own your home! There are many people who commit finances beyond their means but face immense financial pressure later on.
3. Plan rental guarantees: If you are purchasing a 3BHK in Mumbai solely for investment purposes, make sure you buy from a reputable real estate developer. The overall brand value of the said builder does help you get a better deal when renting out your apartment. For instance, if you have a well-appointed apartment with all modern amenities, you can always expect higher rent than a regular apartment. Income from rent is a great way to earn financial security. This is a lifelong income that keeps flowing in.
4. Keep a separate kitty for miscellaneous expenses: When buying 2BHK or 3BHK flats in Mumbai you need to consider several miscellaneous expenses too. For instance, you might want to keep a separate kitty for small expenses such as furnishing your home, or for paying the annual property tax. At this point again, it is very important to note that purchasing property from a reputable firm gives you peace of mind. Thats because you wont have to deal with problems such as shabby wiring, bad plumbing, leaks and cracks in the walls and so on. This automatically eases your financial burden.
by: Rajesh Chopade
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