Are you dreaming to have your own home as it will be safe space, your investment and your future? But then reality hits. Should you choose ready to move flats for your dream home or invest in an under construction project? This will leave you to hope for its completion. There are many of the homebuyers who struggle with this decisions, fearing delays, unexpected costs and even fraud. Many of the homebuyers prefer to pay EMIs while they pay rent which makes their finances thin. While other prefer to invest into under-construction properties which leads them to feel frustrated because of delays.
If you are standing on a road where it is difficult for you to decide whether you should buy a ready to move flat or an under-construction project then you are not alone. This is why we have come to clear this confusion and help you to land on an informed decision. Let’s get started.
What are Ready to move flats?
A ready to move flat is a property which is already constructed and available for immediate possession. Once you have paid the amount and completed formalities then you can easily shift into the home without waiting.
Benefits of Ready-to-Move-in Flats
- Instant possession which means no waiting or delays for you to start living in the property.
- No construction uncertainty which means that property is completed and there are no risk of delays or changes.
- Physical inspection where you can see the property before you even buy it. This helps you to ensure the quality, location and neighbourhood satisfaction.
- These flats doesn’t attract GST which saves you extra costs.
- If you are planning to buy this real estate for investment purpose then you can start to earn rental income right away.
Drawbacks of Ready-to-Move-in Flats
- These flats are actually expensive as compared to under construction properties.
- You might even get flats which doesn’t have latest features or designs.
- You can make fewer customization as compared to under-construction home.
What Are Under-Construction Flats?
An under construction property is a property where construction is still going on and it will be delivered to a future date. Till then you would have to wait for possession.
Benefits of Under-Construction Projects
- These flats are more affordable than ready to move in properties.
- As the prices are lower, they have the ability to increase values over time. this also gives your goo returns.
- As new project comes with modern designs, better layout and advanced amenities.
- You get the flexibility to pay the price in instalments which makes it easier for homebuyers with financial constraints.
Drawbacks of Under-Construction Projects
- Many of the projects face delays which leaves buyers stuck in paying rent and EMIs together.
- There is a 5% GST applicable on these properties which increases the costs.
- There is always a risk of poor construction or layout changes as you cannot inspect the final property.
- Homebuyers have to pay rent and EMIs both at the same time while they wait for possession.
Key comparison
It is a tough decision to choose between property under construction or ready to move project. Both of the options have their own advantages and drawbacks. It is important to understand the difference of cost, possession time and investment benefits as it helps to make an informed decision. Let’s take deep dive into this:
- Possession time: when you choose ready to move in flats, they offer immediate possession while under construction requires you to wait.
- Cost: ready to move in flats are generally more expensive while under-construction properties are more affordable.
- GST: when you choose ready to move in flat, you don’t have to pay GST but you a 5% GST is payable for under-construction home.
- Investment benefits: ready to move in flats allows for immediate rental income whereas under construction properties offer better price appreciation over time.
- Risk of delays: there is no risk with ready to move in flats while under-construction flats often face delays which gives homebuyers, financial stress.
Which One Should You Choose?
The answer depends on your needs:
- If you are searching for immediate possession, security and no risk of delays then ready to move flats would be a good option for you.
- If you can wait for possession and want a cost-effective option with better appreciation then you can go for under-construction project.
Before you move with any of the decisions, make sure to do your research as it is important. You are going to get your house or even for investment purpose, it is important to take a look every aspect. However, you have to check the builder’s reputation, read online reviews, visit the site and verify documents. If you are going for an under construction flats then ensure RERA registration which helps you from any kind of fraud.
Buying a property or a home is a big decision and both ready to move in property and under construction projects have their own advantages and risks. The best approach is to assess your budget, risk tolerance and urgency before you make any choice. However, it is also important to research and understand the pros and cons so that you can confidently take any decision.
Faqs
1.Which is better, ready to move vs under construction?
The correct answer depends on your needs. Ready to move flats offers instant possession without any delays but they are expensive. While under construction properties are more affordable and even appreciate value over time but delays are common. If you need home immediately, then ready to move flats are best option while you can consider under construction projects as your investment.
2.Is it good to buy property under construction?
It would be beneficial to buy under construction property as they are less expensive and have better appreciation potential. However, there are some of the risks of delays, quality issues and financial strains of possession get postponed. Apart from that it is important to make sure that the builder is reliable and the project is registered under RERA which minimizes the risks and secure a safe investment.
3.What does ready to move mean in real estate?
In real estate, ready to move in flats are property is fully constructed and available for immediate possession. However, you can even shift in once you complete the payment and formalities. These homes are available for you to inspect them beforehand and they don’t attract GST. This makes them a safe choice with no construction related risks.
