Whether to buy an under-construction property or ready-to-move property is a common question among property buyers. We all have a dream of owning a home. Having a home gives a sense of security, especially in times of uncertainty like the covid-19 pandemic. Apart from that, it also offers a sense of excitement as we all love to put the interior of our choice to make our own home- a dream home.
In contrast to that when we live on rent, we neither take much interest in home interior nor do we have a sense of safety. However, once we make up our mind to buy a new home, other questions that arise include how to buy, which is the best estate agent in my area, availability of a 3 bhk apartment for sale near me, and so on & on.
A common question that pops up while buying properties?
Does not matter whether we are checking for residential and commercial property for sale, one common question that inevitably sprouts out is whether to buy Under Construction property and Ready to move in.
In this article, we explain the comparison between Under Construction property and Ready to move-in to help a house-seeker arrive at a decision.
Let us first delve into the merits of investing in an under-construction property and ready-to-move-in.
Merits of an under-construction property and ready-to-move-in.
Amongst the different advantages and disadvantages of both options, an ideal choice depends on different aspects such as the purpose of buying property, location of property, real estate company, and so on.
Let us say, your purpose of buying property is just an investment then you can move ahead to buy an under-construction property and sell the same at higher prices once the construction is complete. However, if you are willing to buy a home for yourself, you should go for ready-to-move so that you can readily shift into an apartment with all amenities and facilities.
Check what the best real estate company in Punjab says...
According to one of the best real estate companies- BullsEstate, Mohali, Punjab, the purpose of buying a property plays an important role in making a good decision. The best real estate company in Mohali, Punjab says this is the reason that their real estate agents first try to figure out the reason for buying and selling properties before moving ahead.
Merits of buying an Under-Construction Property
• Easy affordable:
With an under-construction property, you can easily fulfil your dream of having a home without breaking much of your bank balance. Ready to move in flats in the same area, location, size costs more than the under-construction. You will find a difference of 10-25% in the pricing of the two. Moreover, with an under-construction property comes flexibility for buyers to pay in instalments alongside plans like construction-linked plans, flexible payment plans, subvention schemes, etc.
• Beneficial Investment:
An under-construction project has potential for price appreciation because of development and so it yields a higher return on investment. If you sell the property on the completion of the window period in between the buying stage and delivering, you have a higher chance of yielding a healthy appreciation on your investment.But before buying and selling properties, you should always check the location and future plans around that area. If you are planning to buy an under-construction property in Punjab, get in touch with BullsEstate- the Best property dealer in Mohali, Punjab.
• RERA Compliance:
The implementation of the Real Estate (Regulation and Development) Act (RERA) mandates the registration of under-construction properties to adhere to fair trade practices and greater transparency. Buying an under-construction property comes with assured buyer-friendly policies and compliance from developers. A buyer can check the information about under-construction projects on the RERA website of the respective state and also seek a quick resolution by the Appellate Tribunal made under RERA.
• New construction:
Under construction, properties offer a new construction to the homebuyer which promises long shelf life and relieves the homebuyers from costs related to repairing and renovation.
Benefits of Ready-to-move-in Home
• Readily Available:
One of the best benefits in the case of ready-to-move-in homes is that you do not have to wait for the possession, they are readily available and you can take immediate possession. Just make the payment, complete the documentation, and shift. This cuts down your costs associated with living in a rental accommodation which you can pay as an EMI and have a home of your own.
• Free from GST Implication:
The Goods and Services Tax (GST) does not levy any tax on the purchase of under-construction properties. They are out of the ambit of GST.
• A buyer gets what he sees:
You get what you see and you have paid for it with no risk of potential changes or discrepancies with the promised construction quality, features, physical infrastructure, layout, amenities, and other important things. Besides inspecting all these things, you can ascertain your home loan eligibility before the final purchase of ready-to-move-in units. Ready-to-move-in homes come with no risks related to delays and escalating costs. Best luxury real estate companies such as BullsEstate in Mohali, Punjab offer exactly what they show. They have come up with ready-to-shift luxurious projects in Mohali- GMADA IT city, GMADA sector- 76-80, Mohali and GMADA sector- 88-89.
While both types of properties have their pros and cons, the under-construction projects make the payments easier. At the same time, with the ready-to-move-in properties, you get what you see without any waiting window.
To pick out the better option among the two is difficult as it completely depends on the affordability of the buyer, purpose of buying the property, expected project quality and locality and so on.
If your finances are in place in advance and you are willing to shift immediately then ready-to-move projects are for you. You can search – 3 bhk apartments for sale near me 2 bhk flat near me for sale to get the ready-to-move-in properties in your area. If you wish to purchase the property for selling later, the under-construction property will fetch you better returns. Generally, the best real estate developers such as BullsEstate in Mohali, Punjab offer you to pay the money in scheduled stages according to the construction stages.