Owning a home and finding the right choice is an important life step for any individual. It is important for homebuyers to be cautious about this crucial financial decision. There are plenty of
Real estate options to choose from with the most common ones being flats in residential projects that are currently under construction or flats that are ready to move into within already built projects. Both of these options serve different purposes for homebuyers which means that we must look at all the pros and cons of both options to make an informed decision.
Pros of Properties That Are Ready To Move In
With these projects, you will have a better understanding of what your home will finally look like because they are either already complete to live in or just require some furnishing. You can inspect the home thoroughly before you buy it and get a prior understanding of the facilities of the flat.
If you find a ready-to-move-in home that matches your budget, there is little to no financial risk involved once you make the payment. The only additional payments required will be the EMIs of your home loan while you can also challenge tax exemption on your home loan.
The most notable benefit of this type of property is that you can instantly begin living in your new home without the need for any waiting period.
These flats can also be bought as immediate investments where you can find tenants to receive regular rental income which can then be utilized to make your EMI payments.
Cons of Properties That Are Ready To Move In
Although you can see the final result in these homes, it is not possible to inspect the quality of the construction and strength of materials used to build the homes.
A majority of ready-to-move-in properties are also those that have been constructed in the past which means it may not be a brand new home. It included properties that have been used by prior tenants.
Another drawback of these homes is that they can be of a higher cost than under-construction properties with a cost difference of 20-30%. However, for major cities like Mumbai, there are affordable options in suburbs like the high-quality yet reasonably priced ready-to-move-in flats of Joyville Virar. This Shapoorji Pallonji project offers 1 BHK and 2 BHK homes in Virar West starting at ₹38.25 lakh and ₹51.25 lakh respectively along with a variety of top-class amenities.
Pros of Properties That Are Under Construction
These properties are likely to cost less than ready-to-move-in flats which increases the options of homes within the buyer’s budget.
Once the construction is completed, the cost of this same property will increase which makes it a good return on investment for the existing owners. The best returns also depend on factors such as location, upcoming infrastructure, and employment hubs.
Buying these homes also includes more flexibility of payment since the buyer doesn’t have to make the entire lump sum payment in one go.
Under-construction flats also tend to come with additional features and discounts to attract more buyers. Also, with RERA in place, developers must deliver the promised details to homeowners.
Cons of Properties That Are Under Construction
The major issue related to these projects is that they are subject to delay due to various reasons. When this happens, the buyer may have to bear the consequences of the builder’s increasing the cost of construction. In many cases, the project can be delayed for over 3-5 years.
Having a reliable builder is very important when buying under-construction homes. False promises and unrealistic sample flats will become a liability for the homebuyer in the future. However, the likelihood of this major con has been reduced after implementation of RERA which ensures that the builder has to deliver what he has promised during the agreement.
With all of these pros and cons in mind, homebuyers can choose the right options that fit their needs, budget, and risk ability.
