How To Choose The Right Real Estate Property For Your Needs: Romell Group

We deal with homebuyers every day. From investors to dreamers, individuals ask different questions based on their knowledge of the real estate market. Will the price of properties in Borivali (East) rise in the future? Why should I pay Stamp Duty? Are there any tax benefits for buying a home?

We do our best to answer all their questions and guide them through the home-buying process. Because, we understand, you buy a home only once!

A home brings you a sense of stability, success, and joy. However, financially, it’s one of the most significant choices you’ll ever make. Hence, it’s crucial to ask the right questions before buying a home.

From our experience, we’ve outlined some simple yet essential pointers you must consider before making a home-buying decision. This guide will help you navigate the real estate market and make an informed choice.

Tips To Make An Informed Decision For Choosing the Right Real Estate Property

Understanding Your Needs
The first step is introspection. Consider your lifestyle, budget, and long-term goals.

• Lifestyle: How much space do you need? Do you value a short commute or proximity to amenities? Do you prefer a quiet neighbourhood or a vibrant city centre?

• Budget: Determine your comfortable spending limit, factoring in the down payment, mortgage (if applicable), closing costs, and ongoing expenses.

• Goals: Are you looking for a permanent residence, a rental property, or a potential future sale?

For instance, an IT professional earning above INR 2 Lakhs per month and having an office near Western Express Highway can buy a flat in Borivali East.

Financial Assessment
Evaluate your savings, income, and loan eligibility to set realistic budget parameters.

Here are some financial preparations for buying a house:

• Credit Score

This is crucial. A good credit score (typically above 750) unlocks lower interest rates and improves your loan approval chances. Regularly check your credit report with all three bureaus (Equifax, Experian, and TransUnion) to identify and address any errors.

• Financial Background

Lenders assess your financial stability by looking at your employment history, income, and past loan repayment behaviour. Maintain a steady job, manage your debts responsibly, and keep your Income Tax Returns (ITR) filed on time.

• Debt-to-Income Ratio (DTI)

This ratio (monthly debt payments divided by gross monthly income) helps determine how much house you can afford. A lower DTI (ideally below 36%) indicates better financial health and increases the chances of securing a loan with favourable terms.

Remember, buying a house is one of your biggest investments, especially if you are looking for new projects in Borivali East. By following these steps and ensuring your financial readiness, you’ll be better positioned for a smooth and successful home-buying journey.

Research the Market

Thorough market research can provide insights into property values, market trends, and future growth prospects. Romell Group emphasises the importance of understanding the local real estate market, which can help you make a more informed decision. Pay attention to:

• Current Market Trends: Are property prices rising or falling? Is it a buyer’s or seller’s market?

• Future Developments: Are there any planned infrastructure projects, new businesses, or zoning changes that could affect property values?

• Comparable Properties: Search for similar properties in the area to gauge if a property is priced relatively.

Enquire About Home Buying Benefits
Although you’re well-versed in the project, it’s crucial to understand the details from the channel partners. From basic amenities to famous localities around the property, you must ask them questions without hesitation.

Here are some of the questions we come across in our day-to-day working life, especially in our sales office at Romell Allure:

Based on Financial benefits:

• What tax benefits are available to homeowners? (This can vary depending on your location)
• Can I get a good interest rate on a home loan?
• How much will my monthly payment be? (Consider property taxes, homeowner’s insurance, and HOA fees on top of the mortgage payment)
• Is homeownership generally considered a good long-term investment in this area?

Based on Lifestyle benefits:

• Will I have more freedom to decorate and renovate as a homeowner?
• Are there any restrictions on pets or modifications in this community?
• How does homeownership compare to renting regarding stability and predictability of costs?

Other Additional Considerations:

• What are the hidden costs of homeownership? (Maintenance, repairs, property taxes)
• Am I prepared for the responsibility of maintaining a home?
• How long do I plan on staying in this area? (Homeownership may not be the best choice if you expect to move frequently)

By considering these questions, you can get a better understanding of whether home buying is the right decision for you financially and personally.

To Conclude:
Careful planning, informed decisions, and thorough research are imperative for first-time buyers and seasoned investors. The home-buying journey can be demanding and multifaceted, but with preparation, it can be a smooth and rewarding experience.

By following these steps and partnering with a reputable developer like the Romell Group, you’ll be well on your way to finding the property that aligns with your needs and aspirations.