Purchasing your own house is one of the most significant financial decisions you may need to make in your life. Therefore, it requires a lot of planning and research, due diligence, and a highly focussed approach. A wrong decision while purchasing a house can cause you financial distress, but it could have devastating economic implications in the current situation. Property values have drastically reduced in the last two years because of a slowdown in demand. Thus, today buyers are in a better position to negotiate.
The Covid 19 pandemic has limited sellers’ scope to arm-twist buyers into accepting terms and conditions tilted in their favour. Also, the market has witnessed attractive price corrections amid record-low home loan interest rates. Therefore, it’s the best time to invest in property by buying a house in Goregaon west. Also, it’s an excellent opportunity for the investor to purchase a low-budget house in Goregaon west. But for that, you need to tick certain important boxes if you’re planning to buy a house at a young age. Thus, here are a few tips that you’ll find useful.
Stable source of income
The most important thing to while buying a house in Goregaon west is to have a stable and adequate income. It is because many of them are now struggling to pay their EMIs of home loans after losing their jobs or experiencing pay cuts because of the Covid-19 crisis. While the moratoriums have given them temporary relief, their overall loan burden or repayment tenure is likely to have increased. Thus, if you plan to buy a flat in Goregaon west now, you must make sure that you will have sufficient funds to repay your loan dues in full on time. The best way is to set up income through multiple sources to avoid any disruptions later.
Don’t settle for less; the market is full of options
The real estate market in Mumbai will offer you a lot of options, such as ready-to-move-in flats, penthouse, luxurious 4 BHK apartments, etc. Thus keep looking for your dream home until you find it in reality, and you are fully sure about every aspect of it. There isn’t any need to make a hasty decision because builders in Goregaon west are upcoming with many new residential projects in Goregaon. Property prices would continue to show muted growth at least for some more time, before they start showing any upward streak. If you are buying property for investment purposes, it would be a good idea to buy a flat in Goregaon west as the prices have seen some downward movement in the past, making luxury properties more affordable for you.
Research the locality
The house’s price on the outskirts of the city may be low while comparing it with the city. But it may not be worthwhile if you work on the other end of the city and end up travelling long distances. So if you have a job in Mumbai and looking for a house, buying an apartment from builders in Goregaon west could be a good option. Travelling is also not a problem as the city is well connected with the rest of Mumbai through Western Express Highway and Link Road. Also, Goregaon is considered to be one of the prime locations in Mumbai. Thus, to make your home buying experience a pleasant one, you need to do a healthy amount of research about the locality.
If you are searching for a low budget house in Goregaon west or interested in investing your money in Goregaon West properties, visit 34 Park Estate developed by The Chandak Group – . They will offer you some of the best property deals in your budget.