Are you unable to decide whether to buy an under-construction or ready-to-move home? With the availability of so many options, this is a common dilemma faced by most homeowners. When it comes to buying your dream home, you may either…
Are you unable to decide whether to buy an under-construction or ready-to-move home? With the availability of so many options, this is a common dilemma faced by most homeowners. When it comes to buying your dream home, you may either design and construct a custom home or buy an under-construction property or even invest in a ready-to-move-in home. It is obvious to get bewildered while choosing the best option. So, let’s make this decision easier for you.
When it comes to buying a home, ready to move in flats, bungalows or villas are the best options. You may be wondering why it’s a better option when under-construction properties are cheaper. In this post, you will find out why investing in a ready-to-move-in home is a win-win situation for homebuyers.
A ready-to-move-in home is one which has all construction completed and where you can move in to reside immediately. Under construction projects are regarded as an ‘affordable but risky’ choice while ready-to-move-in homes are ‘expensive but assured’ asset. Under construction projects are risky because if the builder goes out of cash or any unplanned incident happens then there will be a delay in acquiring the possession. Move-in ready homes, on the other hand, are already complete and available for immediate possession. But this is not the only benefits of investing in a ready-to-move-in property. Here we’ve listed some reasons why buying a ready-to-move-in home is the best thing to do.
A ‘Risk-Free’ Asset
When you buy an under-construction property, you get to see a sample flat to understand how your home will look like. However, the final result is not always the same as the sample flat may be misleading. In contrast to this, a fully constructed flat is right in front of you. You can inspect the home to make sure that everything is exactly as promised. A ready-to-move-in house eliminates risks and project delay. You are not required to wait for the completion of the apartment and other amenities. Under-construction projects are prone to delays and you can never be sure about the timeline. The possession will be dependent on whether the developer can execute the project on time. Sometimes, the project is delayed for years because the builders may face insolvency proceedings.
No Legal Hassles
The real estate developers have already completed all the legal formalities of the ready to move-in homes. This means you don’t have to worry about any legal issue as all the formalities and certificates are in place. You can check all the documents and the approval from Real Estate Regulatory Authority before making any final decision. Since all sorts of legal approvals and permissions are already in place, you’ll get peace of mind that you’re investing in a fair property.
Most people consider under-construction homes because of the low cost. The ready to move-in home indeed cost you a bit more than an under-construction one. However, if you consider a few things, you’ll understand why it’s still a viable option. When you purchase an under-construction home, you need to stay on rent for an extended period of time. If you calculate the rent and monthly mortgage interest, the cost of an under-construction home will increase considerably. On the other hand, even if you’re buying it for investment purposes, a ready-to-move-in property is still a better choice. This is because you can start earning rentals income as soon as you buy. The rentals income can be used to pay the EMI, thereby reducing your financial burden.