Due to low sales in the past few years, there are many options for housing in the market, both ready-to-move and under-construction properties. There is no shortage of supply in the real estate sector. But in the big cities and metropolitans, there is a huge demand for real estate due to job transfers and population increase mostly. According to research, there are many houses in Mumbai that are yet to be sold, possibly in hundreds. There is often a dilemma in buyers that what kind of property will be best suited for them,- ready-to-move or under-construction?
The demand for ready-to-move houses is quite high nowadays due to its various perks. Here are 10 reasons why buying a ready-to-move house is a good idea.
You can get immediate possession of the property
Under-construction properties take a lot of time to be occupied for living, so the buyers have to pay almost double the cost sometimes for its completion. Quick possession of the ready-to-move properties gives their sales a boost. You don’t have to wait an eternity to move into the house. Go through the legal procedures and documentation, and you can settle down at amazing places like Lillington gardens in no time.
The cost is less than that of a newly built or under-construction house
If you are buying an under- construction property, you have to bear a certain amount of the expense of the construction too. In the case of ready-to-move houses, you don’t have to bear any extra cost. If you are buying a resale house, then the costs are even lower. The builder might even be ready to negotiate the price or give an additional facility like free parking too to reduce his inventory.
You can evaluate the product you are buying
In the case of ready-to-move properties, you buy what you see. There is no anticipation of the outcome. You can evaluate the property before buying it. You only buy it once it suits all your requirements. You get to check any kind of imperfections in the building and get them corrected. Take time to learn more about how to perform a house inspection.
There is no service tax
When you invest in e ready-to-move property, you don’t have to pay any service tax, and it’s a huge saving because the rate of tax payable is around 5%. In the case of under-construction houses, you don’t get this privilege. Also, no GST is required for ready-to-move properties. Learn more here.
You don’t have to pay rent anymore
There are many people who have to cover a long distance to reach their workplace, sometimes so far that everyday communication becomes impossible. So they have to pay high rents for living near their workplaces. People like these tend to buy ready-to-move houses to get immediate relief from high rents and/or travel expenditures, and they don’t have to spend much time on the construction of a new house. People like investors also tend to put these homes on rent sometimes for extra income.
You get a nice and established neighborhood
When you are buying a ready-to-move property, chances are it is already placed in an established neighborhood or community. You get a ready place where you have basic facilities around, with ready marketplaces, schools, hospitals, etc. Also, you get to know your neighbors before you move in and their mindset and style of living. If it doesn’t suit you, you can decide whether or not to buy that house.
Easy to check the legal status
The property being already completed, it is easy to verify it’s legal status and also it’s the developer’s details. Get your lawyer to verify this for you. Also, check the land titles so that there be no problems in the future.
You have a complete infrastructure surrounding your house
When you shift to a ready-to-move house, you already have all the surrounding infrastructure existing over there. The preference is yours. Better locations are those that have markets, hospitals, educational institutes, railway stations or other means of transport at a short distance.
You get tax benefits in loan
If you are opting for a home loan for your ready-to-move property you get some tax benefits on it. These benefits help you to buy the house at a reduced cost compared to an under-construction property. Also, you don’t have to pay some other taxes that under-construction houses demand during the construction. The banks are more eager to provide home loans for ready-to-move homes than under-construction ones.
You don’t have to go through the hassle of building a house
Nowadays people are so busy in their daily lives that they hardly get time to spend after the construction of a house for themselves. They can possibly do it after retirement. So ready-to-move properties are an immediate choice for them because they don’t have to go through the hassle of building a house. People get readymade houses at their preferred location and budget.
Though ready-to-move houses are a better choice, you do have some disadvantages as well. Those are
You miss the personal touch to the place you want to call home. Since it’s pre-constructed, you can’t make any decision in its architecture and divisions.
If you are opting for a home loan, chances are that you have to pay a higher down payment for ready-to-move houses than under-construction ones.
If you don’t evaluate the property beforehand you can have unforeseen problems in the plumbing and construction.
There is a lot of legal paperwork for property transfer in case of ready-to-move properties.
There is a limited choice and you have to decide quickly for your preferred house.
Just like everything in this universe, there are both pros and cons of buying a ready-to-move house. Yet it is a better option for busy people and those who have to undergo a large distance of communication for reaching their workplaces. Since it comes at a lower price than under-construction ones and also there are so many perks, that ready-to-move houses are becoming more and more desirable these days.