To live in his own home is everyone’s dream. However, buying a home is always a personal decision and one that needs lots of thinking on his part. Where on one hand he looks forwards to be a proud owner of a home, he is bogged down with an array of confusing questions on the other.

In the recent times, with the IT boom in India the quest for a home has now turned into a need. This has propelled investments in India and the demand for commercial and residential properties have shot up. The real estate in India has suddenly become active across the country’s hottest cities like Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Chandigarh, and Jaipur.

Being the commercial capital of India, Mumbai draws the maximum attention of real estate developers, investors and potential buyers. The city has always been a magnet attracting people from all walks of life and now they have all the more reasons to flock to “the city that never sleeps”. Buying a property in Mumbai or anywhere in India has its own perils though.

Below are a few points to ask before going in for that dream home and to ensure that you sum it all with a smile of contentment:

1) How long are you going to stay: Ask yourself this vital question; before you think of buying a home in Mumbai or any other city. If you are not planning to stay for a much longer tenure, you can go for a rented accommodation.

2) How big should my house be: A home is a long time investment that takes a major chunk of your income and time to finalize? The next question after you decide that you need a home is how big should it be? That shall depend on the size of your family. You can choose from luxury homes or flats in Mumbai.

3) Where should I buy a home: Property rates in India are rising at 30%- 40% a year and depends very much on its location. For instance, property rates in Mumbai would be decided by its proximity to the sea, the sea view, and infrastructural development and communication facilities.

 4) How much can I pay: Have a clear understanding of your budget and requirements. You can take home loans on which you can avail maximum tax rebate. Home loans in India are most encouraging but do a research on the current interest rates.

5) Does it suit your taste: Always keep in mind that the best location in a city like Mumbai, will always cost more than a lesser developed area. If your dream home costs more than the maximum amount that you can dispose, then it is wise to compromise and go for a lower priced home.

6) How developed is the area: Since you are going to stay at your home, it should give you the convenience of having all basic amenities handy. Take into account the infrastructural development in deciding where to buy a home. In Mumbai, the down town areas are more developed hence dearer than the suburbs. But with the real estate activities heightening in suburban areas like Thane, Powai, Mulund, Malad, Kandivali, Navi Mumbai, infrastructure has become very inviting.

So, even while dreaming with your heart, keep your eyes and ears open and objectively scan available options in the market. Only then should you make a decision based on a comparison of all factors.