Buying a house is one of the biggest decisions you can take in your life. And buying a house in a huge metropolis like Mumbai makes this decision all the more significant. Mumbai is not just a city but a beautiful emotional rollercoaster, a culmination of different cultures and faiths, and an ideal place to live and grow old. However, a lot of people feel intimidated to buy property here since the cost of real estate can be high in the city. 1 BHK flats in Mumbai can be the ideal solution to this concern.
Read on to find out why buying a 1 BHK flat in Mumbai can be a great investment:
1 BHK flats in Mumbai can easily fit into your budget with prior planning and saving. Compared to bigger houses, 1 BHK houses are relatively more affordable and pocket-friendly, making it easier for you to purchase them.
If you do not have enough savings to buy a bigger house, opting for a 1 BHK can be a good investment, as the resale value of these flats is excellent. So, you can consider buying one and then later upgrade to a bigger house by selling it at a profit.
- Low maintenance costs:
A small house helps you save on money otherwise spent on maintenance. A big house can require regular upkeep, cleaning, repairs, etc. The more rooms, the more paint touch-ups over the years, the more bulbs need replacements, and the more closets, doorknobs, and shelves you end up buying.
A 1 BHK house cuts down on these costs. Maintaining a smaller home is not only cost- but also time-effective. You spend little money and effort on repairs, cleaning, and other similar expenses. The property tax is also lower for smaller houses.
- Multiple rent options:
It may be easier to find renters for a 1 BHK than bigger houses, especially if you are looking for a property in Mulund. Most students, young professionals, unmarried individuals, as well as couples without children prefer a 1 BHK as it helps them save money.
If you are buying a house for the purpose of investment, renting it can fetch you many good renters. This can offer you a regular stream of money, convenience in looking for occupants, and desirable options for renters to take your pick.
- Spacious options:
A luxury property in Mulund, Thane, Mahalaxmi, or several other parts of the city, can offer you brilliant amenities. There are several options for 1 BHK flats in Mumbai these days, offering you the best facilities, technology, security, and comfort.
While the idea of a 1 BHK may sound small, in reality, the market is full of spacious houses that fit into your budget and accommodate you contentedly.
- Perfect first investment:
If you have just begun your career or are newly married, buying a 1 BHK is a more rational investment choice and that is what most people seek out when looking for a property in Mulund and other parts of Mumbai. Not only do you save money while buying the house, but also when you decorate it. You need more furniture, curtains, painting, and other décor items with more rooms.
This can be an unnecessary expense for youngsters who may already have a host of expenses and investments to plan. Saving money during this phase of your life can help you reach your other financial goals faster and enjoy a better standard of living.
- Lowers your debt liability:
People may spend their entire lives paying off home loans. However, the loan required for a 1 BHK is much smaller. If you are able to save up enough for the down payment, you can further reduce your debt liability and apply for a smaller loan that can be quickly paid off in the near future.
To sum it up
You may be tempted to buy a bigger house or want to wait till you can afford to buy a bigger flat. However, in many cases, opting for 1 BHK flats in Mumbai can be a better call. It may be advised to consider the above benefits and not exceed your budget when buying a house. Moreover, 1 BHK flats in Mumbai can offer similar amenities, room sizes, security, and luxury as 2 and 3 BHK houses. That way, you do not compromise on comfort at all.