Purchasing real estate is a crucial choice that requires careful consideration. It is a decision that is often influenced by emotions and, therefore, should be approached with caution. Typically, a home is not sold or replaced in the immediate future after purchase, unless there is a compelling reason to do so, such as the need for a larger space or a more favorable deal.
So, whether you are looking for a 2 BHK ready-to-move flat or an under-construction flat, you should know the features of both in order to make a wise decision.
The upside of Purchasing a Ready-to-move-in Flat
If you are considering purchasing a property, there are several advantages to choosing a ready-to-move-in property over an under-construction property.
One of the primary benefits of purchasing a ready-to-move-in property is that you have immediate authority over your flat purchase. You can instantly move into your new home and take possession of the property you have paid for. Conversely, under-construction properties require you to wait 3-5 years for the flat to be delivered.
Another benefit of purchasing a ready-to-move-in property is that it involves low-risk involvement. There are no risks of delayed possession, which is a common issue with under-construction properties. Additionally, there have been many cases where builders have duped buyers of under-construction properties, so it is important to be cautious when choosing a builder.
Instant Tax Exemption
Another advantage of a 2/3 BHK ready-to-move flat is that you can claim tax exemption on your home loan on both principal and interest repayment instantly, while tax benefits on home loans for under-construction properties can only be claimed after you take possession of the flat.
Knowledge About Infrastructure and Amenities
Finally, when purchasing a ready-to-move-in property, you can check the infrastructure and other facilities around the flat before making a purchase, ensuring that the property meets all your requirements.
The Upside of Purchasing an Under-Construction Flat
When considering purchasing a property, there are several benefits to choosing an under-construction property over a ready-to-move-in property.
One of the primary benefits is that it is cost-effective. Under-construction properties are typically less expensive than ready-to-move-in properties, and buyers have many options to choose from. While possession may be delayed, the cost is generally worth it. Additionally, with the implementation of RERA, developers are required to deliver properties on time and compensate buyers if they fail to do so. This gives buyers an added advantage when booking units in under-construction properties.
Another benefit of purchasing an under-construction property is good appreciation on investment. Since the property is bought at a lower cost, the appreciation is expected to be higher. As construction progresses, the cost of the property increases, resulting in good returns on the investment. To maximize returns, buyers should consider factors such as location, upcoming infrastructure, and nearby employment hubs.
Purchasing an under-construction property also offers payment flexibility. Unlike with a ready-to-move-in property, where the entire amount must be paid at once, buyers of under-construction properties typically pay only 10-15% as a booking amount. They then pay EMIs to the bank if the property is financed or according to the construction plan if not.
There are also discounts and offers available for under-construction properties that are difficult to find with ready-to-move-in properties. Buyers can negotiate the final price and may receive discounts, freebies such as a gold coin or modular kitchen, or even free car parking.
In summary, while ready-to-move-in properties have their advantages, under-construction properties offer cost-effective pricing, good appreciation of investment, payment flexibility, and discounts and offers. Buyers should carefully consider their needs and preferences before making a decision.