There is a lot of things that you need to think about when you are buying a home. For example, if you are planning to buy a property for the purpose of investment, it is important to analyse whether an under-construction property will fetch you better returns ready to move properties? Will you be able to get some tax rebate if you invest in ready to move in homes gurgaon? This blog will help you clearly understand the pros and cons of both ready to move as well as under construction properties. Knowing this will help you take an informed decision.
What is an Under-Construction Property?
The under-construction property is a development that is in the process of being constructed. There is a scope of customization in these kind of properties.
Advantages of Under-Construction Properties
1. The Under-Construction Properties mostly come with the most modern amenities, which might not be available in the ready to move properties.
2. These are RERA compliant that assures that the building bye-laws are all according to the safety and the market standards.
3. There are also flexible payment plans available that improve the accessibility of the purchase of the property. This reduces the EMI burden to a certain extent.
4. The buyer can customize the floor plan, the interiors and the settings.
5. One of the best advantages of the Under-Construction properties is that the prices of these properties might increase at the time of possession.
Disadvantages of Under-Construction Properties
1. At times the handover of these properties might get delayed.
2. The buyers cannot move into the property right away. They will have to wait till the construction is complete and this might take years.
3. There is also some risk involved as there is always a possibility that the developer might abandon the project due to issues related to funding. There is also a chance of the project to be stalled or shut down.
4. There are also chances that the developers levy extra charges as increased maintenance cost or as development fees.
5. These under-construction properties attract Goods and Services charges and this is apart from the compulsory Registration charges and the Stamp Duty.
What are Ready to Move Properties?
If you invest in the Ready to Move property in Gurgaon, you will no longer have to wait for the possession. As a result of this, the homebuyers are able to enjoy absolute peace of mind because they are able to get possession right away. With these type of properties, however, there might be higher maintenance or renovation charges associated.
Advantages of the Ready to Move Properties
1. The Ready to Move Properties offer you instant possession. Therefore, this completely eliminates all risks that are associated with the waiting period for the under-construction properties.
2. If you invest in the Ready to Move Properties, you get the opportunity to generate a rental income immediately.
3. The buyers have the opportunity to visit the premises physically and personally check out the amenities before they invest in it.
4. You do not have to pay GST charges for the Ready to Move Properties. This reduces the extra expenses of the Home buyers.
5. The market value of the Ready to move property is predictable and stable. There are less chances of fluctuations related to the different market conditions.
Disadvantages of Ready to Move Properties
1. There are lesser chances of customization in the Ready to Move properties. The buyers do not have the opportunity to modify the design, layout or change the interiors without an extra cost.
2. The units that got registered before May, 2016 do not fall under the purview of RERA. Therefore, there are chances that the buyers might face compliance issues with the older properties that are up for resale.
3. The Property Appreciation Charges are lower in comparison to the Under Construction Properties.
4. It is true that the buyers get to inspect the property physically, however some structural damages like faulty pipes, pipe leakages only come up once the buyer starts living.
5. There is less flexibility in choosing the payment plans.
Conclusion
In conclusion, the home buyers who are looking for flexible payment plans and modern amenities might prefer the under-construction properties. On the other hand, if you are looking to buy a property for immediate possession or for rental income, the ready to move properties are the best option for you. Therefore, the final decision will depend on the end goal of the buyer.