If you are thinking to own a house, one can go for two options: ready to move in property or under-construction. Well both of these have their own advantages as well as disadvantages at a time when new reforms linked to real estate have come, at a changing time of economics.
When asked, many wants to own ready to move in, on the other the number of buyers who wanted to go for under-construction was also not less, let’s briefly see their pros and cons.
INVESTING IN ‘READY-TO-MOVE-IN’ HOMES
· Immediate possession: One of the major advantages of owing a ‘ready-to-move-in property’ is that a home buyer gets it immediately as it is ready-to-move-in, without spending much time for it. A buyer only required to complete all the documentation related to the purchase of the property. So it saves waiting time.
· Expensive - The price of a ready-to-move home is about 25 % higher than that of an under-construction home.
· Getting project details: In this segment a person gets the full project detail in hand before owing a house. “In a ready-to-move-in project, it is possible for a buyer to visit the project site and check in detail not only the flat he is planning to buy, but also the amenities available there. One can get what one actually sees, which is not possible in the case of a project under construction,” Rahul Singla, director of Mapsko, says.
· No risk of discrepancies: “Unlike a project under construction, in a readyto-move-in project, buyers actually get what they have paid for. As the unit is ready for the buyer to inspect before he finalizes the purchase, there is no risk of discrepancies,” Ssumit Berry, managing director of BDI Group, said.
INVESTING IN HOUSES UNDER-CONSTRUCTION
· Bargain margin: In today’s timing all the projects which are under construction must now be registered with RERA, and have to hold fast to quality and timely delivery. Due to this, the developer will have a committed timeline to develop and deliver the project to prospective buyers.
· Low EMIs - EMIs are paid as the work progresses. Therefore, initial EMIs are low in case of an under-construction home.
· Win-win situation for buyers and sellers - Buying an under-construction home is a win-win situation for both buyer and seller as the seller gets a ready set of customers even before laying the foundation while the buyer gets cost benefit.