Home Loan Rates 2018536 views
Buying a property is crucial decision for most of the people. At times you are not even sure about do you really want to buy that property or not? Do you have enough funds to buy a property? What will be the ratio or your investment and loan intake to buy your dream home? All these questions and many more boggled your mind during this phase. This is not just a decision for a month or for few years, but a decision for almost a life time. You are not going to change your home in the next few years after purchase, rather you will not sell it off unless you get a better deal or require a bigger home.
This fight of thoughts between buying the under-construction property or buying the ready-to-move in property is tough to conquer. If you have not decided which one you want to own, then its a difficult thing to decide. A ready-to-move in property gives you plenty of options and benefits and you always get what you see. However, the cost of these homes is comparatively higher, but it is not much if you consider about the other benefits of ready-to-move-in property.
Here are some advantages of ready-to-move in property.
Immediate possession: If you buy a ready-to-move in property it gives you advantage of getting the immediate possession. Once you make the down payment you will get the possession within the minimum time. In most of the cases, you get the possession of the home once you sign the property documents and make the down payment to buy the property. Therefore, you need not to wait for years-and-years to get the possession of your property.
Get what you see: In ready-to-move-in properties, you get what you see. Here, you are buying the same property. The builder or the real-estate agent is not showing you the sample house, so whichever facility you see in that home you will get what you see.
You save on rent: When you buy a ready-to-move-in property, you always have the advantage to move in your home as soon as you want. So after getting the possession you can immediately shift into you home and it will help you to save on your rent part.
Tax benefits: If you have bought the home with loan amount, you can claim the tax benefits from the same year in which you buy the property or get the possession. In case of under-construction property you miss the chances of claiming the tax benefit till you don't get the possession of the property. If the property construction got delayed for more than three years, you even not able to claim the tax benefits for those three years. So, you always have the advantage of claiming tax benefits with your ready-to-move-in property.
Freedom to renovate: As you are the legal owner of the property and you get the immediate possession you can make the changes as per your wishes. You can renovate and modify the home as per your wishes before moving in the home. But for under-construction property there is no scope of renovation or modification till you get the possession or actually see what builder is selling you?
Get the knack about infrastructure: When you buy a ready-to-move-in property, you get the knack about the infrastructure of the flat or the property you are buying. You can check about the infrastructure and other facilities before buying the property.
Check society and other facilities: As you are buying a ready-to-move-in property, here you can have a look at the society and the surrounding. You can also check about the other factors like your future neighbours, connectivity with local transport, park, recreational facilities, school, hospital and other things. So, you can check all these factors before buying the property.
No increased cost/other payments: This is another advantage of buying a ready-to-move-in property as you are not supposed to pay the increased cost of the property after paying the token money. But in case of under-construction properties, you have to bear the increased cost of property. So you have no such liabilities to be accomplished.
You can buy within your budget: In ready-to-move in property you can select a property, which is very much within your budget. If you have a lower budget you can buy a home to fit into your budget, but when you buy an under-construction property at time you get trapped in various promises and advantages of under-construction property and you choose a home, which is a bit higher than your budget. There is another scenario with under-construction property is that if the project got delayed for three or more years the builder asked for increase cost of consturction which you have to bear and it increases your overall budget. So such situations do not exist in ready-to-move-in property.