Want to find the best homes in Mumbai? Follow t...


Everyone desires their own nest in the city of dreams, Mumbai! But how do you know where to find? And how to find? We’re sharing some pearls of wisdom to ensure you find the best, read on.

1. Have a house hunting plan: People usually just hit the ground running in search of a new home, especially first time home buyers. However, you need a method to this madness which is why having a plan of action ensures you can still search a house and be productive in other walks of your life simultaneously. Rotate your house hunting around your regular schedule, not the other way round.

2. List your requirements: You can filter property much faster if you know exactly what is it that you’re looking for. Remember, no one can help if you don’t know what you want. Tip: Only look to buy verified property.

3. Get a loan pre-approval: Having your loan pre-approval not only gives better clarity about how much you can afford, but also gives you the upper hand in negotiations & easily gets you a ‘Yes’. Start house hunting only after pre-approval.

4. Avoid exorbitant purchases: Banks always keep track of at least one year of your finance related details like salary slips, tax returns, salary certificates, etc. Such activities make you look like a “big spender” & affect your debt-to-income ratio. Plus, you need to keep cash reserves handy in case needed for some stop-gap arrangements in the home buying process.

5. Don’t miss bill payment deadlines: House hunting can be excruciating, especially when you’re unorganized. Hence, it’s essential that you & your life are functional and bills are being paid on time. If not, late payments affect your loan eligibility.

In short:

Late payments = Bad Loan Eligibility record = No dream home

6. Keep documents ready:  Your address proof, identity proof, proofs of income, bank statements & W2s are some documents you need to keep up-to-date. Keep photocopies ready as well.

7. Calculate well: Your monthly budget & EMIs should be in tandem. You don’t want to jeopardize your future finances with an extravagant mortgage. Instead, use a mortgage calculator to exactly know how much you will need as a monthly retainer.   

8. Go for ‘needs’ before ‘wants’: Know the difference between needs & wants. Let’s say, you want a sea facing 2 Bhk apartment in Juhu scheme, but one of the 2 Bhk flats in Dahisar may seem like a befitting & practical option. Choose carefully, don’t overshoot the budget.


9. Check the neighbourhood: A good neighbourhood boosts property value & reduces the risk of unwanted scenarios. 

Find answers to these questions:
- Does it match your current lifestyle?
- Is it family friendly?
- Is it well connected?
- Are there any dumping grounds or weird smells around?
- Does it have a low crime rate?
- Is there any illness history?
- Is it at a walkable distance to your grocery stores, etc.?

Tip: Schools help in the appreciation of property value. Search for schools and surrounding areas that get give you high property value in the long run. 
Bonus: Having places for shopping, dining & entertainment around.

10. Don’t compromise on what you want: If you want a 2 Bhk apartment so that you can comfortably accommodate your family of 4, don’t settle for a 1 Bhk in Dahisar for sale just for the sake of cost-cutting.


11. Find a good agent: Get a good agent with great credentials. If you can’t, go online & sign up with a property portal, this way you’re in safe hands. There are tons, but Magic Abode (www.magicabode.com) is a recommended one.

12. Browse homes online: Work smart, not hard. There’s no achievement if you run around and shortlist just 2 flats. Instead, browse through a sea of options on sites like Magic Abode (www.magicabode.com). Get the comfort of choice from the confines of your home, pre-screen & only visit selected ones.

13. Don’t shy away from house inspection: Not necessary that a pretty house is healthy too. Check drawers, walk-in wardrobes & other spots for termites, infestations, leakages, rodents, etc. Also check the infrastructure, water & drainage system.

14. Don’t get overtly attached to any property: When it’s a property purchase, it should definitely be head over heart (Unless your gut tells you something’s wrong). Getting attached clouds your decision-making ability. Hence, maintain an objective view.

15. Know the right pace: Pitch only when you’ve checked everything & are satisfied. Don’t go too slow or you’ll miss out. Don’t be too fast, you’ll look desperate & end up in a wrong deal.

You’re now hopefully well prepared for buying a home. All the best!

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