|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
To get a house in the city of Mumbai can be one of the most tedious tasks. From speculations by the realtors to the increased expectation of the seller or renter; to the prevailing high market prices and the ever increasing demand and supply gap, the rigmarole has much more to offer. Purchasing property in Mumbai and that too in a posh area like Juhu can be quite confusing. Consulting real estate websites and doing a little bit of research is recommended before jumping to buy property in Juhu.
One of the most famous addresses in Mumbai, the suburban area of Juhu has over the years remained posh and is housed by the rich, famous and affluent citizens of the country. The who's who of Bollywood and the exclusive business class resides here and hence to live here is a sheer delight with prominent neighbours.
The Juhu Beach is quite famous among the locals and tourists and the beach is full of people almost throughout the day. The evenings are especially full as people come to see the sun set and spend time with family here. The residential property here is highly sophisticated and well-maintained and with celebrated inhabitants the locality is buzzing with activity 24 hours a day. Having a property in Juhuis like having a piece of moon, as the ownership of property is highly prized and is an investment for generations to come.
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
Actually Juhu is a suburb of the main city of Mumbai which came into prominence long back and the since the 1950's the area has remained the apple of the eye for the Mumbai realtors and those looking for a house in the city. The reason is simple, that the area houses famous celebs and noted business men who prefer the locality and its scenic beaches to set up their bungalows and villas here.
Though real estate in the city of Mumbai always remains high on the property index and the prices rule the roost here, the recent corrections in the real estate market and the slowdown in the Economy has put a little brake on the growth trajectory. The property prices are not down but have just paused for a bit providing an opportunity to a buyer to invest in the area.
In the current situation one can hope to buy a house with 2 bedrooms in the range of Rs 2 crore to Rs 17 crore (June to August 2013 figures). The interesting figure is the lowest price level which has gone down quite a bit and this gives the investor a window to make a purchase which he has been waiting for.
Property in Juhuis currently seeing quite a bit of action and those who are unaware of the downslide in prices will remain in loss as far as the striking the right real estate deal goes.
Everyone knows that the profile of the area and the kind of attention from buyers it gets is exclusive and many do not even consider the area thinking it is out of their reach. But the current market situation allows the buyer to purchase a flat here and invest for future. Even a one bedroom flat bought at the price of Rs 1 crore is worth an investment, as it would give back much in years to come.
Also, the prices have come down only in the case of some properties and that too minimally and for a short period of time. As the property for sale in Mumbai is insulated from any economic crisis and there is always a perpetual demand for houses, a house bought in Juhu is a definite real estate booster for next 10 generations.
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|