It’s no doubt that buying property or land has always been regarded as a safe, sound, and assured investment option, that is, until the 2008 Global Financial Crisis. A crippling financial tragedy if there ever was one, it left in its wake a worldwide apprehension about the security of housing as an investment, which was not unfounded.

However, as the world got back onto its feet and dusted itself off, the investment market saw something keenly different in their new clients; a discerning and informed buyer.

Having said that, today’s buyer is not the quintessential breadwinner real estate developers have gotten so accustomed to. With the changing nature of professions and society, the buyer who walks through the door could be a young professional, an entrepreneur, a digital influencer, or any number of combinations thereafter, who may need a simple refresher course in what they should be looking out for. So we put a list together to help navigate the layered and sometimes confusing world of ‘Shopping for Real Estate’.

1. Identify & Shortlist: This may seem like a simple, obvious first step but there is a point to it. Know the area you are looking at, and the space that would be most appropriate for you. It’s easier to narrow down the search if you are able to specify eg. 2 BHK in Goregaon, than having only location or space. This is because you, or your broker may actually be able to convert that to sq.ft. and show you options you a range of BHK options, in and around the area that you may not have even considered.

2. Set a Budget & Expectations: Buying and renting come with different cost expectations. As a buyer in a project, you do not simply buy the square footage of your home but also pay charges for the further appreciation of your asset. If you are looking for a luxurious 3 BHK in Mumbai the assumption is that the project capable of offering you what you are looking for, should have a selection of amenities that work towards bettering your life, and adding value to the property you have purchased. So when you set a budget for your purchase, make sure you set expectations to complement it, i.e. a budget does not mean lower the bar, but rather, raise it! Make sure you are getting all the important amenities you deserve for the home you are buying.

3. Cover Your Legal Bases: There are a number of housing projects in Mumbai to choose from, however, once you’ve settled on a handful that are you may be keen on, that is when you should be seeking legal counsel. Your legal advisor with sift through the documentation and legal jargon to ensure the legitimacy and legality of the project, the developer and the land, to facilitate the purchase of your new home.

4. Cost of Living: Buying a new home is a large enough investment which would amount to nothing if it derailed your life. It’s important to ensure that your new home affords you the comforts and conveniences that match, if not outdo, your previous home. If your social sphere is based in Malad West, you may be looking for a home in areas that are along the same roads, however if the areas in question are undergoing infrastructural improvements, you may have to account for additional personal expenses such as longer durations spent in traffic or greater distances to and from local conveniences, which will become a cost to you. Therefore, considering the Cost of Living can be the difference between comfortable 2 BHKs on SV Road, and spacious homes in Goregaon East.

5. Possession Timelines: Unfortunately, the Real Estate sector is plagued by delays in delivery and changes in regulations, and it’s always advised to tread the timelines with caution. However, the unpredictability need not be a deterrent to smart investing. When dealing with a project, it’s always a good idea to look at the delivery and track record of the individual developer in question, the quality of their finishes, a look into their partnerships per project, and even their delivered projects till date. That should give you some peace of mind when judging the status of a project, and by extension the developer you choose to get into a contract with!

Sure this isn’t an exhaustive list, and you may find more pointers elsewhere online, but we do hope this gives all our budding homeowners a sense of comfort, knowing without a shadow of a doubt that we will share our tips and tricks with you, so that you too can experience that incredible sense of achievement and responsibility when you open your palms, and in falls the key to your very own home.