Before a homebuyer starts planning to buy a house, he/she comes across a common question: whether I should buy ready-to-move or under construction property. Here in this write-up, we would get through some facts of the real estate industry to compare these two options.
If you look at the experts’ opinion, it will create confusion to some extent as they are divided on their opinions. However, you should never ignore any of the suggestions if you find it worthwhile for your investment decision.
With some good and bad aspects, both the investment options are worth considering. But it’s you who has to take a call.
Ready-to-move and under construction projects:
As the name suggests, ready-to-move properties don’t make you wait for a longer. The moment you complete all the legal procedures, you can move in your new home. Whereas, on the other hand, under construction projects keep you waiting for some years—depending on your selected real estate developer’s terms and conditions. As the work progresses, you will be asked to pay for it. You don’t need to make a lump-sum payment—which is really a sign of relief for the home buyers.
In recent times, a substantial jump in the inventory of the real estate resale market has been identified. And it has made it more viable for the investors as they are being offered an affordable deal by the real estate developers in India.
Principally, such properties keep you at bay from the risk of investing your hard-earned money in the under construction projects that are somehow highly exposed to unwarranted delay or other sorts of constraints. Today, as we have seen some incidents that how the investors had to approach different relevant platforms to laud their voice in against of fraudulent activities done by the home buyers, investing in under construction real estate project is somehow riskier as compared to buying ready-to-move properties.
Looking at the other aspect, there comes an important thing – security. This is the prime aspect that haunts every homebuyer. Everyone wants to ensure security to their own family and property. And here at this point, no will ignore the significance of the under construction properties. If you buy a ready-to-move house through an insight scrutiny, but the location is not preferable, then you are compromising your security. On the other hand, while constructing a society with several towers, the real estate developers do make sure there will be a reliable security arrangement in place to look after all the residents.
Thirdly, it comes to the financial implications. For those who have invested their lifelong hard-earned money in buying a house, then ready-to-move is somehow the best option as it starts generating revenue for them instantly.
Considering some possible risk factors in under construction houses, it is advisable for the mid-income investor to find a reliable real estate professional and choose a perfect property to move in immediately.