Buying home in the city of dreams

It is always said that Mumbai is the city of dreams where masses of people come for finding a source of income, settle, and fulfil their dreams. The city in itself home to millions of people who travel between the main city and its suburban areas for work. So thinking of buying a home in the city to reduce the commuting time is normal. It's the most common dream that is seen and felt by thousands of people residing in Mumbai.

So now that we are talking about buying a home in the city of dreams, let’s scope out the possibilities and options about buying a house. The first thing to do is to find a location that is feasible to commute to and from the workplace. Finding a location near to the workplace can prove to be a boon for long-distance commuters. Hence choosing a location wisely is very important.

Mumbai is very well connected with its suburbs with a vast network of roads and railways. So finding a location with a closer reach to transportation service could prove to be a blessing. If you have just started your career then it might be difficult to buy a house near your workplace and that’s where comes the commuting. Although it is impossible to eliminate it completely, it is possible to reduce the time it takes to commute.

Now that the location is decided the next step is to know your budget. The price per sq.ft area changes according to the different suburbs you are in. So determining the budget as per your location of choice is crucial. Having said that your location of choice should have all the basic necessities in close proximity for it will save a lot of travelling for any given reason.

So now another question stands, which is- Should you rent or buy a house in Mumbai? Well, it depends on many factors. First of all, you must decide on how long you want to stay at a particular location. The simple answer is that if any circumstances in your life demand you to move after some time, then renting a home is a viable option to choose or you can wait on buying a home and save up more.

Affordability is a major factor when buying a home in Mumbai. You must ensure that you can afford a home before you decide to buy one. You should do a financial assessment where you should consider your monthly income and all the expenses before you decide to take a home loan, the down payment and the EMIs. To be on a safer side make sure that your monthly instalments shouldn’t go above 25 per cent of your income. You must be practical about what you can afford and should not stretch beyond your limits even though you think you can manage later on. In case you cannot afford to buy a home now then think of renting a little longer or wait for something more affordable.

You may find that the prices of the residential real estate are rising in Mumbai, however, due to many government and private initiatives, it is now possible for a common man to be a proud homeowner in this city of dreams.