Most homebuyers rarely consider 1 BHK flats when buying their first or second home. These flats are small and usually do not meet the requirements of nuclear families. Nevertheless, despite their limited popularity among homebuyers, 1 BHK flats can be a viable option for people on a limited budget in mega cities like Mumbai. They are affordable, require low maintenance, and have many other advantages. So if you are on a budget, and want to buy a home in Mumbai, here are a few good reasons to invest in a 1 BHK flat in Mumbai.
Affordable
Affordability is one of the major strengths of a 1 BHK compared to other forms of property like 2 BHK, 3 BHK or apartments with higher configurations. So if you are planning to take a home loan, you will pay a smaller downpayment and monthly EMIs on a 1 BHK. Affordable EMIs will ensure that your other expenses are not affected. In the future, when your income and family requirements increase, you can sell your 1 BHK and buy a flat that meets those needs.
Low maintenance and upkeep cost
Maintenance and upkeep of an apartment is an expensive affair, especially if you have to employ household help. However, this is not the case with a 1 BHK apartment. These flats are more compact, and have a single room along with a kitchen, bathroom, etc. So expenses on maintenance, repairs and other work will be far less than what you would spend on a two or three bedroom flat.
You can clean the home on your own, thereby saving money that would have been spent on maids and other staff. Less space also means that the energy consumption will be lower. So you will also spend a smaller amount on electricity and water.
Low demand
Market trends suggest that the demand for 1 BHK flats is low compared to 2 BHK and flats of higher configurations. Low demand will favour the buyer as it provides them leverage in negotiating the deal. In addition, the objective of the builder will be to sell their flats and they may provide additional benefits to homebuyers like scrapping club membership fees, etc, which can further reduce the cost of the 1 BHK apartment.
Investment
A 1 BHK can be a good investment option, especially if you are thinking of putting it on rent. Mumbai is the financial capital of India and home to world class institutes. The city is constantly witnessing an influx of professionals, migrant workers, and students.
Most young workers and students are single and in need of small homes. Since a 1 BHK flats caters to their needs, they are very sought-after by such professionals. A 1 BHK can be a good option for the owner to earn passive income. By renting the flat, you will receive income that will help you pay EMIs and take care of other expenses.
Conclusion
A 1 BHK is affordable, easy to maintain and offers high living standards. Although in the long run, as your family expands you might want to switch to a 2 BHK. But for singles, couples or those on a tight budget, a 1 BHK is the most feasible option. You can choose a 1 BHK of your choice on premier real estate buying platforms like Blox. The website offers exclusive site visits and charges zero percent brokerage. Here you will find properties ranging from the affordable to premium. So check out Blox today and buy your dream home.
