Buying a property is crucial decision for most of the people. This is not just a decision for a month or for few years, but a decision for almost a life time. You are not going to change your home in the next few years after purchase, rather you will not sell it off unless you get a better deal or require a bigger home. When a person decide to buy a property , suddenly he finds full page advertisements by various developers.
This fight of thoughts between buying the under-construction property or buying the ready-to-move in property is tough to conquer. If you have not decided which one you want to own, then its a difficult thing to decide. A ready-to-move in property gives you plenty of options and benefits and you always get what you see. However, the cost of these homes is comparatively higher, but it is not much if you consider about the other benefits of ready-to-move-in property.
Recently, there has been a substantial jump in inventory in the resale market. This pile-up has made purchasing a possession-ready property a more viable option now. Experts reckon home-buyers will find good deals in the resale market rather than from developers. Kishor Pate, CMD, Amit Enterprises Housing, says, “Never in the history of the Indian real estate market have properties ready or almost ready for possession been so costeffective.” The provisions of the new real estate Bill have also pushed developers to complete projects faster, adding to the inventory pile. “Projects that were held up are now coming through thick and fast as developers rush to ensure they don’t fall foul of the Real Estate Regulatory Act.
No risk: Gone are the times, when a builder was able to sell their complete project inventory at the time of launch itself ( or some times soft launch ). After recent failure of big builders like Jaypee , Amrapali etc , which has affected lacs of families, now the buyer is looking for a safer option of properties. Ready to move in properties are the safest option available with the buyers.
Immediate possession:One of the prime advantages of ready-to-move homes are there is no waiting period. With the project already completed, you just have to complete the procedures of buying a home and other things related to the purchase.If you buy a ready-to-move in property it gives you advantage of getting the immediate possession. Once you make the down payment you will get the possession within the minimum time. In most of the cases, you get the possession of the home once you sign the property documents and make the down payment to buy the property.
Get what you see:In ready-to-move-in properties, you get what you see. Here, you are buying the same property. The builder or the real-estate agent not showing you the sample house, so whichever facility you see in that home you will get what you see.
You save on rent: When you buy a ready-to-move-in property, you always have the advantage to move in your home as soon as you want. So after getting the possession you can immediately shift into you home and it will help you to save on your rent part.
Tax benefits: If you have bought the home with loan amount, you can claim the tax benefits from the same year in which you buy the property or get the possession. In case of under-construction property you miss the chances of claiming the tax benefit till you don't get the possession of the property. If the property construction got delayed for more than three years, you even not able to claim the tax benefits for those three years. So, you always have the advantage of claiming tax benefits with your ready-to-move-in property.
Freedom to renovate: As you are the legal owner of the property and you get the immediate possession you can make the changes as per your wishes. You can renovate and modify the home as per your wishes before moving in the home. But for under-construction property there is no scope of renovation or modification till you get the possession or actually see what builder is selling you?
Get the knack about infrastructure:When you buy a ready-to-move-in property, you get the knack about the infrastructure of the flat or the property you are buying. You can check about the infrastructure and other facilities before buying the property.
Check society and other facilities: As you are buying a ready-to-move-in property, here you can have a look at the society and the surrounding. You can also check about the other factors like your future neighbours, connectivity with local transport, park, recreational facilities, school, hospital and other things. So, you can check all these factors before buying the property.
No increased cost:This is another advantage of buying a ready-to-move-in property as you are not supposed to pay the increased cost of the property after paying the token money. But in case of under-construction properties, you have to bear the increased cost of property. So you have no such liabilities to be accomplished.
You can buy within your budget:In ready-to-move in property you can select a property, which is very much within your budget. If you have a lower budget you can buy a home to fit into your budget, but when you buy an under-construction property at time you get trapped in various promises and advantages of under-construction property and you choose a home, which is a bit higher than your budget. There is another scenario with under-construction property is that if the project got delayed for three or more years the builder asked for increase cost of consturction which you have to bear and it increases your overall budget. So such situations do not exist in ready-to-move-in property.
Only EMI with no Down Payment: The best thing about possession ready home, you have to pay only EMIs on home loan immediately, and would include no other payments. In case of under construction property, EMI usually starts after completion of construction. However, if there is any delay in the construction, then the EMI will start once the home loan gets disbursed. However, in some cases, the buyer may cancel the property due to financial strain and increasing interest rates.
Neighborhood: This is one big advantage of ready to move houses. You can already see who your neighbors are, what community they belong to, what income level they have and if you would like to be with them or not.
Verify legal status: Since the property is already completed, it is easy to check if the developer has obtained Occupancy Certificate or not. You should also get your lawyer to verify the Land title to save yourself from any future hassles.
Verified quality: Uncertainty about space, size of rooms, view from the apartment, and quality of construction, available amenities and fixtures can be eliminated when you buy a ready to-move-in apartment. “It is important to consider the quality of the project; a ready-to-move in project allows one to closely inspect the structure and quality of finish," said Anshul Jain, country head and managing director, Cushman & Wakefield India. While buying an under-construction property, you make a decision based on sample flats, which may be misleading.
Generous supply: There is a generous supply of ready to move in properties by reputable developers: the instant gratification factor which had been missing for so long from the real estate market.
No GST: Ready-to-move properties don't fall under the purview of GST
Earn rentals: If you do not want to move into the house your are buying and are planning to buy it for investment purposes, you can start earning rentals as soon as you buy a ready-to-move-in property.
Ease of selling: It is difficult to sell an under-construction property, especially if its delivery is delayed or it’s locked in a legal battle. In many cases, developers do not allow the transfer of apartments until the project is complete. Even if they do, you may have to pay hefty transfer charges in the range of ₹200-500 per sq.ft or more, which can dent your gain.
Irrespective of whether one is investing in a ready to move in property or an under-construction one, home buyers should be mindful of the following:
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