Property investment in Mumbai is one of the best ways to earn capital gains. However, you might want to consider a few aspects before you invest in a residential property in Mumbai.
Firstly, determine why is there a need to buy a property, what is that you are looking to achieve by investing in a property. It is important that you are clear in your goals before you choose to buy property in Mumbai. If you are not clear on your goals, you won’t be able to formulate the correct investment plan. A person who is planning to live off his investment properties after his retirement and the person who has invested inproperties near Mumbai to enjoy a healthy retired life will have a different investment plan and may adopt different strategies.
The next aspect that you need to consider is the time frame that you need to achieve your goals. This will help in formulating a better investment plan. It is better that you have long term goals that can help you assess it on the basis of reality. For example, you need to make a big amount say in 20 years. Then you need to formulate a yearly plan first in order to reach your desired goal.
Another major fact worth considering the risk involved when you consider investing a property in Mumbai. Of course, property investments are one of the profitable investments, but they also come along with a certain amount of risks. These risks may arise prior to investing in a property. Hence, a thorough research on the developers, their projects and completion of projects is essential.
It is also necessary that you consider your financial condition when you plan to invest in a property knowing that the property price in Mumbai is high. If you have a lot of loans under your name or your income is not high enough, then you might want to postpone the dream of buying a home in Mumbai. You can re-plan your property investments once you financially sound.
Another major aspect is the maintenance of the property. Once you have thought of buying property in Mumbai, you also need to consider the maintenance quotient that comes along with it. It could be quite expensive when it comes to maintaining your property that may require paying for repairs, utilities etc.
You also need to design a good exit strategy if things are not going according to your plan. Finally, you need to ensure that the property is built by renowned property developers. Buying low-quality homes will only increase your risk and you might also invest a lot of money in the long run. Hence, buy a home that is built in the premium quality material. It may cost you slightly more, but in the end, you are getting the best.