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A Guide to Buying Your First Affordable Home in Mumbai

A Guide to Buying Your First Affordable Home in Mumbai
Mumbai is synonymous with dreamers. One of the important milestones for anyone who lives in Mumbai is to move from a home on rent to a home of their own. The journey to buy your first affordable housing in Mumbai is both exciting and overwhelming. From budgeting to selecting the right location and understanding the nitty-gritty of properties, there is so much to do before buying your first home.
This blog is a guide to buying your first affordable home in Mumbai.

Factors to consider while buying affordable homes in Mumbai

  • Determine your budget: With the growing real estate prices in Mumbai, determining your budget is the first and foremost step in buying a home. Your budget should include various cost components, such as maintenance charges. If you plan to take a home loan, deciding on the ideal EMI to stay on track with your finances is essential. There are numerous options of affordable houses for sale in Mumbai that will cater to your needs without burning a hole in your pocket.
  • Selecting the suitable locality: With dreamers coming to Mumbai from all over India, there is a diverse range of properties in different localities. In Mumbai, the budget of homes varies significantly according to the locality. For instance, the prices in south Mumbai vary from those in central Mumbai.
    It is crucial to choose a location considering your lifestyle needs. For example, if you frequently fly, you may choose a housing project near the airport or as a working professional, you may choose homes near BKC or with good highway connectivity. As a family with a young kid, you may choose a locality with better schools.
  • Choosing area:After you choose the suitable locality for your home in Mumbai, it is essential to understand the size of your dream flat: 1, 2, 3 or 4 BHK. It is advisable to check the carpet area instead of the number of rooms to get a better idea about the size of the home. The size of your flat will vary according to your need and budget. Budget-friendly apartments in Mumbai are frequently offered as 1 or 2 BHK flats.
  • Understand your wants: One of the most essential things to choose for your dream home is understanding your and your family’s needs & wants. The amount of floor area, your neighbourhood or the amenities you need in your building such as swimming pool, gym, clubhouse etc should be given a lot of importance.
    Your budget for a home will also vary according to your wants. Many new constructions in Mumbai cater to the lifestyle wants, especially according to the new age generation’s needs.
  • Background check on the builder: Mumbai’s real estate is booming, and you will also have a lot of options to choose from. Many builders and developers cut corners with low-standard buildings to provide low-budget homes. A trusted builder will automatically give you a higher-quality house while ensuring the homes are affordable too. While doing a background check, it is essential to check if the builder has any existing big projects and the success of their previous projects.
    Read customer reviews before making purchases. Also, if you are buying a property that is still under construction, ensure that you only buy RERA-registered properties.
Now that you know what criteria to consider when purchasing your first affordable home in Mumbai, let us go deeper into which type of property is more suitable for you: Under-Construction or Ready Property.

Under Construction v/s Ready Property:

Choosing between under-construction or ready property is one of the first things that comes to mind when choosing a property. Your needs and purposes should be gauged before making the decision.
Here are some factors you can look into:

Props for buying Under Construction Property:

  • Affordable than ready-to-move homes
  • Better chance of finding a property according to your needs
  • Flexibility of payments
  • Potential for higher results
  • Modern features and amenities

Props of buying Ready Property:

  • Immediate availability
  • Ready to move in property
  • Less risky
  • You get what you see
  • Tax benefits and GST exemptions

Why choose Shivalik Ventures?

Purchasing your first affordable dream home in Mumbai is a daunting task. Shivalik Ventures has made this dream accessible to you.
  • With 4 decades of experience in the real estate sector, we have in-depth knowledge about the nitty gritty of this sector and have developed 1 & 2 BHK homes in Bandra.
  • With a dream of ‘ Better Living Spaces for all’, we go beyond boundaries to provide affordable apartments in Bandra North Gulmohar Avenue, Mumbai
  • Being the best real estate company in Mumbai, we offer affordable homes for you in Mumbai’s new landmark of exquisite living: Bandra North.
Contact Us Today to seize the opportunity and own the property that you always envisioned.
FAQs:
How can I live in Mumbai with less money?

With Bandra North Gulmohar Avenue’s affordable 1 & 2 BHK homes, everyone can live in Mumbai in a cost-effective manner. Also, renting apartments or living in shared homes is another way to live in Mumbai.

Where do middle-class people live in Mumbai?

Mumbai offers quality living for middle-class people in the Central Mumbai area: Mulund, Ghatkopar, Bhandup, Vikhroli, and in western Mumbai parts: Malad, Kandivali, and Borivali. Shivalik ventures have also created affordable real estate in Bandra North.

What is the average size of 1 BHK in Mumbai?

1 BHK is a home with a single bedroom, hall and kitchen. In Mumbai, the average size of 1 BHK is 400-500 sq ft.

Where is the cheapest property in Mumbai?

The cheapest property in Mumbai is in Mira - Bhayander area. You can also find low-budget properties in Panvel, Vikhroli, Thane and Navi Mumbai regions.

Is buying a 1BHK a good investment?

1BHK homes are affordable and a comparatively risk-free investment. With a massive influx of students and bachelors in Mumbai, renting out your 1BHK can be a great source of passive income.

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