2 bhk vs 3 bhk flat in Mumbai: Which one should you invest in?
-By Rohit Kharche , Director of The Baya Company
It is needless to point out that when you buy a property, be it an apartment or a house, you make one of the most significant investments of your life. So, there are a lot of factors that should go into the planning and decision-making process. If you are considering a serious investmentin real estate in Mumbai, then you have many options to choose from as new real estate projects are taking off.
If you are wondering whether to invest in a 2 bhk flat or, a 3 bhk flat, let us help you reach a decision.
2 bhk vs 3 bhk flat: Which way to go?
Mumbai is one of the most coveted destinations for the most affluent section of home buyers. The business capital draws people from all over the country for a myriad number of reasons. It is one of the four busy metros in the country, and an entertainment hub, it is a city that caters to the fast-paced lifestyle and is in a league of its own.
There are many new development projects taking place to ensure that the city reaches a new height. If you have been keeping an eye on the real estate trends then you already know that the value of a property in Mumbai has been increasing with time. You might have a hard time deciding between a 2 bhk and a 3 bhk flat. However, before you make your move, we have some pointers for you.
Family Size: The first consideration you have to make is the number of members who will be staying at the property. If you have more than 4 members, then it makes sense to invest in a 3 bhk flat because there will be adequate space for all. With 4 members, you can probably make do with a 2 bhk easily. In case you’re expecting to have more members in the recent future, with someone getting married or expecting to have children, you may need more space and should consider having a 3 bhk flat in Mumbai. A 2 bhk can be comfortable for up to 4 members but, having a spare bedroom might be a good idea. For family gatherings or frequently visiting guests, a 3 bhk flat should be your preference.
Maintenance Costs: Whether you invest in a 2 bhk or, a 3 bhk flat, maintenance is an issue that you cannot ignore. With a bigger flat, comes higher maintenance costs. While calculating your total monthly maintenance costs, you should keep in mind building maintenance charges, upkeep costs, cleaning charges and so on. If you’re looking to keep your monthly costs low, a 2 bhk should be your preference. However, if recurring maintenance costs is not your concern, then you should definitely opt for a 3 bhk flat.
Expected Earnings: When you invest in a property whether it is a 2 bhk or, 3 bhk flat, you may take a loan or purchase the property outright. Since real estate investments are not a small sum, you may want to consider your income expectations until you complete the payment you may owe to your bank or lenders. In case you have unstable expected earnings, and want to invest in a 2 bhk or 3 bhk flat in Mumbai, we would recommend to go for the 2 bhk option as the total amount owed is smaller and hence, your investment is more secure. In case your expected earnings are stable and payments to lenders are not very difficult for you, getting a 3 bhk flat makes more sense, especially because of the expected price of real estate to mostly increase.
Investment: Real estate property prices have shown an upward trend over the years. Chances are the longer you wait, the prices may get higher. That means investing today may make more sense than keeping aside the option for the future. From an investment perspective, the total sum required should be affordable for you. Although there are various factors that go into the increasing investment value of the property, ensure you invest in an upcoming area, with a good real-estate development company, so as to take advantage of the market price fluctuation. Needless to say, whether it is a 2 bhk or a 3 bhk, your investment grows according to the amount invested.
Current Cost of Living: What is your current cost of living? What is your income to expenditure ratio? If it is currently on the lower side, consider going for a 3 bhk option so you can have a larger property over the period of completion of payments, if you’re planning to purchase on a loan. If you’re planning to purchase it outright, then your current cost of living, may not impact your purchase decision.
Make room for home office: Due to COVID-19 there has been a major shift in office lifestyle. With a larger number of people working from home, you may consider to go for a 3 bhk flat and keep 1 room as your workspace so that you can keep a different personal and professional space. There has been an upward trend in the WFH culture, so if you anticipate this to be a possibility for you, ensure you keep enough space to accommodate it. If WFH is not possible for you, then you can opt for a 2 bhk flat as you don’t have to make space for work at home.
Now that you know what you need to think about, we hope that you will be able to choose easily whether you have to opt for a 2 bhk flat or a 3 bhk flat for sale in Mumbai. Whatever is the choice you make, please make sure you give these points ample thought and make your decision.