Do you plan to buy a property? And you’re not able to make up your mind whether to buy a ready-to-move home or an under-construction property? Keep in mind that, you’re not the only person who faces this dilemma. This is a common question for any individual who plans to buy a property. Both ready-to-move home and under-construction properties have their own sets of merits and demerits. So the person must analyze the advantages and disadvantages associated before deciding to buy.
Factors to be considered before buying a real estate property
If you’re planning to buy a property, it won’t be a cakewalk. Buying a real estate property is never a small deal; it can be a great achievement that you must be dreaming of for years. People have different reasons for buying a property. The reasons for buying a property contribute strongly to the short-listing process. Before making the final decision, you have to consider the following important factors that can help you in purchasing the right property:
· The financial strength of The Buyer
· Check the credentials of the Developer, his/her Goodwill, and track record
· Construction quality
· The carpet area of the real estate property
· Location and surrounding of the property
· Communication and connectivity to the location of the property
· Valuation of the property in terms of resale or rental income.
· Thoroughly analyze the clauses, legality, penalties, and its implications linked to the property and property-buying.
Ready to move home property
Most of the property buyers are opting for ready-to-move home properties because of incessant delays in getting the project delayed. For that, homebuyers prefer ready-to-live units. Now, we will analyze the merits and demerits.
· Immediate Staying: There is no waiting period. All you can do is to select, make payment complete the documentation, and start living.
· You will get to see the location of the property, quality construction, size, surrounding area, parking space, and other amenities. You can access them before making the final decision.
· As the property is already completed, you can check on the Completion Certificate, Occupancy Certificate, land titles, rights, etc.
· If you’re buying an already completed apartment/ duplex, they are exempted from Goods and Services Tax (GST) that you have to pay on the purchase of under-construction properties.
· The primary advantage of a ready move unit is that you know what you’re buying.
· The under-construction home anywhere in the real estate market can be cheaper as compared to ready-to-move home property. The difference in pricing can be between 10-30%.
· purchase of an under-construction property will bring a higher return on investment because of an extended window period stretching between buying stage and delivery timeline. If you sell the property that is closer to possession, there is a good chance of getting a healthy return on capital investment.
· RERA Compliance: Any property under-construction property with an Occupation Certificate as of 1 May 2017 is mandated to be registered under RERA and become liable to comply with fair trade practices. The buyers can find all information regarding the properties from the RERA website of the concerned state and can demand speedy grievance redressal under the Appellate Tribunal created under RERA.