How to Buy Properties with Good Resale Value in South Mumbai
When considering purchasing South Mumbai homes, most consumers consider the real estate market in terms of values – average price, rising and declining prices, and so on. Instead of focusing on the price, as a wise property buyer, you should consider the property’s market value.
Consider someone driving a car around 5 BHK flats in Worli who is unfamiliar with Worli, does not have a smartphone, and does not ask for directions. As a result, he keeps going in circles. However, none of the smart property buyers I know can drive around in circles. They’ll ask for directions, set their egos down, and gather all the details they need to make educated purchasing decisions as regards properties like a bare shell apartment, for instance
Their financial performance rises both in the short and long term as a result of this mindset of seeking information. As a home buyer, do not be afraid to contact land appraisers, valuators, real estate brokers, and other professionals to learn about property prices in the area where you want to purchase property. Ask questions like, “Are land purchase rates fifteen percent higher or lower than ready reckoner tax assessments?” This are the types of figures that are valuable to know in the industry because they can provide you with a baseline or a benchmark against which you can measure various assets that you are considering purchasing.
With this kind of information, you might discover that South Mumbai homes in your target area are selling for an average of 110 percent of their ready reckoner value. This knowledge can then serve as a useful benchmark for you when looking at different properties to purchase, especially in cases where sellers are asking for more than current market patterns. You cannot discount the purchase prices set by property owners. Because of some reasons that you may examine, a property seller could be selling his 3 BHK flats in Worli at 120 percent of ready-reckoner prices and yet be on track for his purchase price.
Do Home Buyers of High-End Homes Overpay?
This is a question that arises every time we hear or learn of an industrialist or a well-known person purchasing a property in Worli for a staggering sum in the real estate industry. Ok, I would agree that high-net-worth individuals do have a tendency to overpay for real estate at times. But, as we previously said, this is an unusual occurrence. The majority of experienced home buyers and company owners are not in the habit of wasting money! However, a flamboyant HNI can justify the high purchasing price of a particular property by stating, “I have to have this property.” It is appropriate for my family’s needs. I don’t want to wait any longer for anything better to come along.
I’m aware that I’m overpaying for this one, but it doesn’t bother me. I’m in a position to purchase it, and I’m eager to do so.”
In the other hand, certain less wealthy South Mumbai homeowners do not conduct thorough analysis and end up overpaying for a home without noticing it. It doesn’t affect a rich citizen as badly whether he or she overpays. For anyone of modest means overpays, though, it may be painful. As a result, it is important for any consumer, whether super wealthy or not, to consider market valuation in order to avoid overpaying. To get a true picture of existing prices in a particular location, speak to home loan officers, contractors, real estate consultants, in South Mumbai. Don’t Fret Over Minor Details
When purchasing a bare shell apartment in Worli, you should see the big picture: the land, the place, and the property’s utility for you and your family. When buying a home, you should know exactly what your family’s aspirations are, and the home you purchase should totally fulfil those goals.
If your dream is to get a west-facing home, ideally next to the beach, where you can go for long walks with your children and pets, don’t sweat over small things like a missing tub in the bathroom.
Unlike wealthy home buyers who choose bare-shell properties with their interior designers creating their dream interiors from the ground up, we’ve seen home buyers in lower price ranges get caught up on things like wall paint, wiring, kitchen and bathroom fixtures, and so on. That, in my opinion, is not a big-picture thought – dwelling on small details while making the most important investment of your life!
Most Important Big Picture
What, though, is the most important factor to consider when purchasing real estate? The Location!
And if you’re deciding where to purchase a house, ask yourself these questions:
• Is this the most cost-effective location?
• Would this place increase the quality of life for my family?
• Is this the best spot in the neighbourhood in which I’m interested? No Perfect House
We probably know of property owners who have bought homes and embarked on year-long restoration schemes that have cost them a lot! Personally, I know one gentleman who spent two years renovating his home and was already unhappy with the results! But, what exactly did he do? He demolished the house and began from scratch with a new design concept!
When buying a home in South Mumbai, it’s always a good idea to think about the big picture. In this mindset, you are willing to settle on minor details such as flooring or the absence of a modular kitchen in return for a home in the ideal position that you have always desired.
When purchasing a bare shell apartment, the location is the most critical consideration. If you see a property that is in the best place for you and your family and meets all of your criteria, go ahead and buy it!
If you want to live in an older, more genteel, and classier part of South Mumbai, you may have to make certain compromises, such as a lack of modern facilities in the building and inside the residence. When you see the “big picture,” though, owning the house is a viable option for you.
Such “big picture” considerations to weigh before purchasing a home include whether the home is situated near busy areas such as roads, rail stations, or airports. Properties that are very old, properties that look ugly and unappealing, or properties that are located in gloomy areas such as next to exposed water drains or slums can all be avoided.
If the home you’re considering purchasing has the above characteristics, you should think twice before proceeding. You can always turn a regular kitchen into a modular one, or change the paint, flooring, wiring, or add a bathtub to your bathroom.
But how can you avoid the noise of moving planes and trains from keeping you awake at night, or divert a stinking massive “nallah” rushing past your apartment building?!
Buying homes like this would only make sense if they are valued far below local land values for you to consider buying them at all. However, keep in mind that reselling assets like these in the future would be almost impossible. What can and can’t be changed
As a buyer, you should understand the distinction between what you can and cannot change. As previously stated, if the property you’ve shortlisted is in the right location, has privacy, and meets other criteria, you shouldn’t be too concerned about the interiors, which can always be renovated and remodelled to suit your preferences.
However, nothing can be done about your house’s location, views, or privacy, and nothing can be done about the public infrastructure that surrounds it. So, when buying a home, always focus on the “big picture” items that will increase the value of your home in the long run and help you sell it quickly and for a good resale price if you decide to sell it in the future.
A home in Worli, which is considered the heart of South Mumbai, is one of a kind. South Mumbai has always been a haven for the ultra-wealthy, and with modern modes of transportation and a sea connection, it has become an iconic location, with the real estate project Tiara just minutes away. With a panoramic sea view, balconies with 270-degree sea views, amenities on the rooftop, and a dedicated gym on the 24th floor, the Tiara project is located in one of Mumbai’s most upscale neighbourhoods.
This printed material does not constitute an offer or contact of any nature whatsoever between the Promoter/Developer and the recipient.
This project by Vraj Realtors is an ongoing project registered as Vraj Tiara under registration No. P51900002902 with Maharashtra Real Estate Regulatory Authority. All transactions shall be subject to the terms and conditions of agreement for sale to be entered between the promoter and the recipient. All rendered visuals, images and maps are artist’s conception and for illustration purpose only unless otherwise mentioned. Developer does not warrant or assume any legal liability for the accuracy, completeness or usefulness of any information disclosed. All colours, furniture, fixtures shown are for aesthetic representation purpose only and are not part of the flat offered for sale (bare shell apartment).
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