Real estate investment is a traditional idea for wealth generation in India that has not faded despite the fact that there are hundreds of avenues for investment. Among the various types of property investment, purchasing an apartment is regarded as one of the best for providing a higher resale value and lower maintenance costs. But, like any other option, it has its drawbacks.
Thus, real estate experts advise weighing the benefits and drawbacks of purchasing an apartment in Mumbai before making the big purchase. In this regard, we have summarized a few key points:
Pros of investing in real estate in Mumbai
Here are the benefits made by investing in real estate in Mumbai.
1. Future investment
Buying or renting the 2 bhk flats in Mumbai is advantageous. Even if you do not require living space right now, you can rent apartments in the best residential project and earn a consistent income.
Even if you currently live in rented Mumbai apartments, investing in new flats will be beneficial. As the property price is appreciable and increases with time, you will get good returns on your investment.
2. Save the rent amount.
Mumbai is one of the most expensive cities to live in. It means the cost of renting a flat in Mumbai is higher than the other cities. Every month, you must spend a portion of your income to ensure a roof over your head in the form of rent.
So, it will be suggested to buy your new flat in Mumbai. It is the best method to save yourself from renting amount.
3. Social confidence
Real estate investing in Mumbai will give you a great level of confidence. Buying the 2 bhk flats in Mumbai can give the sign of social accomplishment, through which your confidence is boosted.
Cons of investing in real estate in Mumbai
Along with the benefits, you should be aware of the drawbacks of investing in real estate in Mumbai.
1. Charges for maintenance
One of the drawbacks of owning a residence in Mumbai is that you must pay maintenance charges regularly and the maintenance fees rise every year. As a result, you should presume about these types of recurring and additional expenses.
2. Permanent setup of furniture
Another benefit of buying a home in Mumbai is that you can easily design, build, and modify your home’s structure if needed. But you cannot do these things if you buy flats in Mumbai. Most Mumbai flats have a permanent furniture setup, so you have to décor your flat accordingly.
This is a major drawback for buyers who want to modify their home’s structure but cannot do so in the case of flats.
Now, you are well aware of the pros and cons of investing in real estate in Mumbai. Purchasing an apartment in Mumbai is a great way to generate wealth because it offers numerous benefits such as lower investment costs, multiple uses, a higher return on investment, and many more. However, an investor cannot ignore the various drawbacks associated with it, such as increasing maintenance fees, permanent furniture setup, and so on. Do your research, keep all the above things in mind and decide whether to stay in rental apartments or buy your own.