Are you thinking of buying a flat? Congratulations! It is a big leap and decision. There are many things you need to think about before taking the plunge. It requires much consideration and planning. Often a point of contention is of buying an under-construction property or ready to move in project? Both these projects serve different intents and purposes. Let’s weigh the advantages and disadvantages of both these projects and help you in making the right choice.
Ready Apartments
Now let’s know about a ready to move in home. If you are living on rent and want to move immediately into your home, then opt for ready to move in apartments. Getting direct possession is one of the most significant advantages of such projects. You can save your rental expenditure. Alternatively, if you are buying a house for investment purpose, then you can start earning rental income from it immediately. This rental income can come useful in paying other expenses too. However, it is a little more costly than an under-construction project, and you don’t get the option of making partial payment. Instead, you need to make the complete payment before moving into your home.
The other benefit of such projects is that you get what you see. It is not a sample flat based on which you need to decide. Instead, you get to see the home in which you will be spending the rest of your life. So, the chances of feeling deceived are rare. Even when it comes to amenities and locality, there will be no chances of complaint. The area in such cases is mostly developed giving you a better idea of the infrastructure and facilities nearby.
In a ready property, however, if you want to make any changes, then you need to get it done on your own. Besides, it may require approvals beforehand. Every project has its own downsides. It is mainly to ensure that there is no damage to the building’s structure. The other challenge is that you may be the second or third owner of the property. So, you will need to get all the agreement documents cross-checked before leaving your signature. Moreover, in the case of a resale flat, you should inquire about the age of the apartment too.
Under Construction Apartments
If you want to move into your dwelling in a couple of years, then you can check under-construction projects in the area of your choice. This proposition works well financially. The price of an under-construction apartment is mostly less than that of an already constructed one. Moreover, you get the benefit of making the payment in different ways. Like, there is a construction linked payment plan that helps you in making the payment over time. It comes useful as you don’t need to part with all your savings at once.
Moreover, if you can manage to give the payments from your regular income, then you can delay taking the home loan too. In most construction linked plans, you get the option of paying 10% of the property value at the time of excavation, 10% on stilt roof casting, 5% on completion of the floor and like. So, you get the freedom of making the payment in parts as the construction progresses.
Along with the financial benefit, a few developers give you the freedom of customization too. You can get some modification done in your apartment during the time of construction. If you want to add electrical sockets in rooms or get the flooring changed, then such personalization is comfortable during the house construction phase. It also saves your time and energy.
Another great benefit of buying a home under construction is that you will mostly be the first owner of the flat. Getting a house directly from the developer is a better and profitable deal. You can get all the papers and get it reviewed by a lawyer. There are fewer concerns and hassles at this stage. Moreover, when you move in, it will be an unused apartment with all the latest amenities and fixtures. Such is not always the case with a ready apartment. However, the locality can be still in the developing phase. As the project is under construction, markets and nearby infrastructure may take shape after the project gets completed and people start living. You may face such concerns. Along with area development, a common concern with under-construction projects is the delay in handover.
