It is often a difficult decision for first-time homebuyers in Mumbai to decide whether they should go with a 1 BHK or 2 BHK flat in Mumbai. And why shouldn’t it be a complex decision?
As you are investing a lot of your hard-earned money to buy an appreciating asset, you ought to consider all possible parameters. But, this process is often nerve-racking, which will eventually set you up in a dilemma.
But, it can be solved with the right considerations on your preferences and future requirements. In this article, you will get some clarity to finally decide on whether you should go with a 1 BHK or 2 BHK flat in Mumbai.
Factors to Consider Before Deciding on the Type of Flat You Should Own
Here are the major factors that you should consider in order to help yourself decide on the type of flat you should own:
1. Number of Members in Your Family
The first and the most important thing you should consider is the number of members in your family, or the number of people who will be living in the new flat you are about to own.
If you are a bachelor or just a couple, then a 1 BHK flat in Mumbai would be sufficient for you to live a good and spacious life. But, if you are living in a nuclear family with children and parents, then a 2 BHK would make more sense!
Living in a congested 1 BHK when you have 4 to 5 members in your family, will hamper the privacy and peace of living. In that case, it is better to start your search for the best 2 BHK flats on priority.
2. Considering the Budget
Real estate in Mumbai at your desired location can be pretty expensive at first. But the price is justified if you consider the long-term appreciation rate.
Most first-time homebuyers who are looking for a 1 BHK or 2 BHK flat in Mumbai are often on a budget. So, if you have a set budget in mind, then you should consider personal preferences, such as space or location, as prime factors to make an investment decision.
For instance, if you have a budget of Rs. 70 lakhs in mind, then you can consider buying a 1 BHK at the posh localities of Mumbai or head out to the outskirts to buy a 2 BHK flat and still save some money.
If you have a small family and feel like a 1 BHK is spacious enough to accommodate you all, a 1 BHK in the heart of the city will be a better decision. But, if the family is big, it is smarter to move out to the outskirts for a 2 BHK flat in Mumbai if you don’t want to stretch your budget.
3. Future Requirements
You must keep in mind that buying a flat in the City of Dreams is not always about the carpet area. There are other things that you should check on priority, which include privacy, security, and safety. Owning a house is for the long term, and the lack of these facilities will make you regret the decision in the future.
So, if you are living on the ground floor, safety and security are of utmost importance. Following that, make sure there are all the amenities necessary for a comfortable living and which add value to the price you are paying. The maintenance, legality of the property, and other such aspects should be properly taken care of to ensure your peaceful living for the long run.
These are the three factors that you should consider in order to decide if you should go for a 1 BHK or 2 BHK flat in Mumbai. Upon your decision, you can turn up to Blox, your favourable property search engine, to help you find the best residential properties within your budget at a desirable location. At Blox, we make the homebuying process easier in just a matter of a few clicks!