Design Post Update

When someone has decided to buy villas in Mumbai either for investment or for personal use, it is good to rely on some good real estate person. Now the question of is nothing but whether buying a property in Mumbai is much difficult one. It is not so simple to find about the right villas in mumbai. Even though there are a good number of good agents they should suit to the necessities of the buyer. Mostly all the agents could help in buying, selling, and could help in renting out a property also. The person should think on so many factors before relying on any particular villas or apartment. The agent should have an expertise in finding a property in a best rate and also should know the real information about the legalities. For this he should have a good number of years of experience and also he should know the vicinity thoroughly so that he would know the prevailing market price of that vicinity. He should also have a good number of listing in that area and help you to get the right villas very easily.

Collect the require documents

Government, vide a notification has released certain rules on the date of 31 May-2013 for deducting such taxes at relevant source. Further the buyer of any villa in Mumbai is now need to download certain documents like TDS certificate and also Form 16Bwhich help him to reduce the tax.

Source: http://rightfeet.in/buying-a-property-just-got-a-bit-more-cumbersome/

Now with so much of development in the government sector, one could find a property of their choice from online also. There are few trustworthy websites through which one could get a property of their choice. Most of the properties would be listed by the agents only. But it is good to have an update on the market happenings. It is good to browse the column of villas for sale in Mumbai frequently to know the latest trend in the market and the market price. Even after seeing such property advertisements one could seek the help of the agent to find whether it is worth buying that property in that cost. If it is worth the agent would do all the rest required formalities to complete the process of buying. But it is a must for an investor to find out a good area to buy a house by himself or with the help of available certain real estate agent.

Though the investor has given the responsibilities to the agent, he should not leave it completely on the agents shoulder, he should also do some research in the market either online or through some local resident of that vicinity. It is always good to have a good knowledge on the market trend and knowledge on the area where the investor intends to buy the property to have a good ending in the transaction. Given with information above, for any kind of first time buyer whether the purchase can be of a particular house with value less than 4,000,000 would be really much more enticing.

Unless you have the cash burning a hole in your pocket to buy a house there and then, there are a lot of costs involved in buying a new property. Let's get started straight away.

1/ Deposit

Probably the biggest cost of moving into a new home will be your a deposit. Depending on your financial situation, this could be as little as 5%. However, the more you have, the better mortgage deal you will get.

2/ Stamp duty

Stamp duty of 2% is payable on any property over £125,000, with incremental increases up to 12.5% on assets worth more than £1.25 million. For more expensive properties, it could be worth coming to an agreement with the selling party to avoid stamp duty costs.

3/ Surveyance fees

A property survey can cost you around £2-300. You will need to get one to ensure there are no structural defects or serious work that needs doing. However, it is often worth the investment as it will give you peace of mind.

4/ Home inspection

A home inspection will cost you anything from £350 to £500. However, they could shave off a considerable chunk of the asking price. A home inspector will take a more thorough look at the building and point out any areas that need repairing.

5/ Legal fees

Legal fees can rack up quickly, so it's best to choose a solicitor with a transparent package with no surprise costs. The last thing you want is to be more out of pocket before you even move in. Also, think about choosing a firm that will take care of your surveys and arrangements for you. It might cost a little more, but it will reduce the stress that can be involved.

6/ Mortgage Arrangement

Some lenders will charge you money to set up your mortgage account, which can run into anything up to £2K. If paying upfront is a problem you and add it to your mortgage, although this will attract interest over the mortgage period.

7/ Set-up fees

If you are going on a tracker or fixed mortgage, you may have to pay a set-up fee to lock in the price. This is usually a small amount, although not insignificant. You can expect to pay anything up to and around £250.

8/ Moving

Removal companies charge anything from £500 upwards, depending on the amount you are moving from your old house to your new one. You could do this yourself, of course, but there are plenty of benefits of getting it done in one hit.

9/ Building insurance

Your building insurance will need to be updated. Some mortgage lenders charge you if you use a different insurance plan to the one that they offer you. Although the fee is negligible (no more than £30 or so), it still needs to be considered when you are working out your budget.

10/ New furniture

Unless you move into a clone of your old home, you will need to put aside money for new furniture. The chances of everything fitting into the new place like a glove are slim, so hold some savings back. Need some inspiration? You can find some great ideas in our article on interior design.

Have a great move!