The MICL Group knows, you’re not just investing in a home, you’re investing in a lifestyle. Buying in the right neighborhood is critical to profiting from your investment. Here's how to tell if you're choosing wisely. A great neighborhood sells a home, real estate developers in Mumbai say. It also helps your home hold value and makes it easy to sell when you decide to move on.
With all the pressure and excitement of home shopping, how can you know if a neighborhood is truly great? Here are some clues that can help you determine if you have the right neighborhood:
1. Become an expert on the neighborhood that interests you. Get a feel for it by attending open houses, walking the neighborhood's blocks, spending time in restaurants and coffee shops, and looking for community gardens in upcoming residential properties in Mumbai.
2. Upscale chains and independent retailers are signs a neighborhood is well-established or on the way up. These businesses signal a degree of affluence. Also, they’ve typically done market research to assure themselves the neighborhood is stable and worth the investment.
3. Especially in warm months, look for activity that shows owners are keeping up or investing in new residential projects in Mumbai. Improvements like new gutters, painting, re-roofing, gardening and landscaping, replacement windows, new fences and decks tell you they have pride in their homes.
4. Don’t buy into a neighbourhood without checking its crime statistics. Check municipal police department websites for statistics or search local newspaper sites.
5. Look for the location where school test scores are strong, home prices are high.
6. Neighbourhood with high homeownership rates are more stable. However, there are exceptions.
7. Location close to major employers and in city centres are in high demand. When choosing a home, you want to consider your commute. Your commute can have a significant impact on the amount of time you can spend with your family or participate in leisure activities. Think about how close to work you want to live.
8. Particularly, if you want to stay in your home for a long time, make this decision carefully, considering the factors that are most important to you, such as average home prices in the area, job opportunities in your field, proximity to loved ones and climate.
9. The basic amenities such as grocery stores and banks and lifestyle options such as restaurants, parks, libraries coffee shops, fitness studios and others must also be close by.
Lastly, scoping out neighborhood where you might like to buy is fun, but before you start shopping for a house, shop for a mortgage to learn how much you can borrow. That way, you’ll know how much house you can afford before you get emotionally invested in a property.