Choosing the right kind of home is definitely not an easy task, and this is where home buyers tend to make a mistake when given the question of the type of property that they want to settle in. The dreadful events of the Corona virus Pandemic made people think thoroughly about the choice of buying and owning a home rather than investing in rent. Since a home defines the importance of safety and security during hard times, many home seekers have kept looking for various reasons to shift to a house that they can call their own.
Mumbai with its countless amenities and localities to opt from makes it even more difficult for individuals to select the best for their dream homes. Depending on their housing requirements, many people have started to look and differentiate between the choice of investing in an under-construction property and a ready-to-move-in apartment. This doubt has brought up a myriad of questions in the minds of home buyers, concerning their budget and investment options.
Therefore, it is time to clear confusion and gain some insights into how these two availabilities can affect and change the perspective of the space that you wish to be in. Below mentioned are the major differences between an area under construction and an area that is perfectly fit for you to move in immediately. These differences will help you to decide better on which kind of property would suit your needs and thus, be the ideal home for you.
A property under construction is the one that is still undergoing the process of development. Due to its ongoing infrastructural changes at the site, the property’s possession is not transferred immediately, making the buyer wait for more than a couple of years. Despite the delay in possession, an under-construction property is chosen as an investment by many young aspirants, since the price of the same is bound to grow with time, leading to an appreciation of the property value in the case of such projects.
A ready-to-move-in property is a setup that is completely furnished and entirely built requiring you to just shift from your previous establishment and settle in this newfound home within no time. Delays in occupancy have made various buyers opt for this kind of property and since it allows them to settle quickly with perfectly fitted interiors, a ready-to-move-in home is grabbing more attention in recent times.
Now, let’s look at some of the benefits and drawbacks of an under-construction and a ready-to-move-in property that will prove their nature of idealism for your housing needs and wants.
The most beneficiary point to be noted while purchasing a property under construction is the cost charged during its period of development. Even if we consider all the factors to be similar to a ready-to-move-in house like the size, location, and amenities provided by the developers, a property under construction would still be less heavy on the pocket as compared to a house that is completed. The difference in price can range from 10- 30% or even more. Another upside is its’s excellent investment option since the buyer is free to make any layout alterations and choose the floorings.
One of the most crucial drawbacks of this type of property is the possibility of the builder defaulting. Excessive delays in the delivery of the completed project can be extremely frustrating due to the involvement of funds can lead to financial losses. Therefore, it is advisable to have detailed research on the background of the real estate developer to avoid any kind of fraudulent scenarios.
A Ready-to Move-in Property has no surprises for you, since anything and everything is laid out so that you can get a first-hand look at the property before finalizing to buy it. One can check and inspect the quality of the infrastructural amenities provided, the available space for various recreational activities, and much more. Apart from this, all the expenses incurred like the EMIs, maintenance charges, and other additional charges are transparently put forward while opting for immediate possession.
However, the downside is the rise in its price valuation during the time of purchase since the interiors are already set up and perfectly arranged for you to move in. Also, one cannot perform enough modifications to the internal layout of the home if the builder doesn’t offer appropriate regulations to do so.
The essence lies in the decision-making skills of the buyer while purchasing the right kind of property. One must remember the purpose of spending on a property that is, if a person wants to be an investor, then it is best to go for an under-construction property that will let you be more flexible to customize at a relatively lower cost. Whereas, if a person is looking for immediate possession and doesn’t want to settle for rent, saving oneself from paying EMIs, then a ready-to-move-in property would be the most suitable option.