Advantages And Disadvantages Of Buying Ready To Move Vs. Under Construction Apartments
For a resident in a city like Mumbai, many of us aspire to become a homeowner one day. The practicalities involved in acquiring your dream home even though, a dreamy concept, is that it marks for a once in a lifetime investment of one’s life. A home is not an item one can just go to the market and buy, thus, careful research towards finding the right home is very important.
One of the biggest questions that a homeowner has is if he should move into a ready to move apartment or go for an under construction property. While each option may ring distinct tunes to different customers, one must be aware of the pros and cons related with both the choices.
Under construction homes have several advantages which can be used to the most effortless gains. Such homes under construction can also be customized to a customer’s meticulous desires making it their dream home. While a ready to move in home can also be customized, an under construction home has a lesser hassle rate of doing so, wherein your developer does the job you desire once and for all, thus, limiting the requirement of additional resources. One can also buy an under construction home at cheaper rates compared to when they are ready to move in by 10-12% cost difference, which makes them an affordable option. Even the Equated Monthly Investment is much lower compared to the Ready to move in homes, making it even more reasonable choice. When you compare the advantages for Under Construction homes, one has a wider list of choices in terms of the storey one will live on, the apartments you can choose, the view you will opt for as well the home’s location and ease of travel to and fro the home.
However, some of the fears are the possibilities of losing money if the project doesn’t go through, as well as income tax claims, wherein home buyers may have to pay excess. In some cases, clients don’t receive what they were promised to them in their homes like amenities or that extra space they desired. There is also the possibility of delays in the projects due to countless reason like, land disputes, permissions for the local authorities or financial glitches. This all reiterates a phase of inertia which is a con when buying a home which is under construction. Service or VAT tax applicability is also another hindrance which can alter one’s ease towards buying their dream home. It is essential for a first time home buyer to consult with an expert who can share their just insights on the property. At the same time, a thorough background check of the developer will assure that your venture is safe and sound.
Ready to move homes on the other hand have their own pros and cons which help an individual decide whether to buy a ready to move in or under construction home. When one moves into a home that is ready to move, the feeling of pride and joy is overwhelming and instantaneous compared to that of when you do so into an under construction one. The hassles and constant annoyances which occur in under construction homes lead to discomfort. The home which is then received after months or perhaps even years, gives you but a sigh of relief rather than the ecstatic joy it was meant to!
While it may seem pleasant and noble to purchase a home for cheaper, it is definitely a better advantage to just move into a home without having to wait for a certain amount of time, which could lead to uncertainties in purchasing that very home Right from the time a project is announced up till it is completed, it sees a substantial growth in value but once it is ready the value increases at a static rate. This makes the home that is ready to move in a far better option when considering the basic value of the same home!Theadvantages while purchasing a home that is ready to move in, is that it is not only available on an immediate basis but on gets to see exactly what they are going to purchase as their dream home. One also gets to understand the locality and neighbors as well as the atmosphere for kids who will then go to their respective schools or colleges. When you compare it with the under construction homes, you have to only pay stamp duty registration fees, while service and VAT tax liabilities are annulled. However, with a ready to move in home, there are certain distinguishable disadvantages. One thing when compared to that of under construction homes, these are much more expensive. There are also fewer options for which storey one will live on, the view of one’s apartment or the location of your home and whether or not, it will be accessible enough. One must consider a set list of factors which can helpdecide whether to buy an under construction house or a ready to buy house. These factors are the financial condition of both yourself as well as the developer, the locality of the project and the time availability, as in how soon does one want their home. Once these are checked, it is very easy for a customer to purchase their dream, whether ready to move in or under construction!