Are you planning to buy a property, but can’t make up your mind whether to invest in a ready-to-move-in or an under-construction property? You are not the only one. This is a very common question that every individual planning to buy a property considers.Both these alternatives have their own pros and cons. It is extremely important to analyze the advantages and disadvantages of each of them and then come to a decision on what to buy.In order to help you make the right choice, we have analyzed the pros and cons of both the property types.Advantages of ready-to-move-in over under-construction property
A ready-to-move-in property is immediately available for possession. You don’t have to wait long enough to own it. In the case of under-construction properties, there have always been delays in the delivery. This happens mainly because of land dispute and incomplete permissions from authorities. Hence, it is very important to check all the required permissions and land ownership details.
You can see every aspect of the property like the quality of construction, size of the property, the surrounding area, parking space, and all other amenities available and make a decision if the property is appropriate for you or not. You can check your neighbourhood; ask them your queries about water, electricity, maintenance and other amenities.This is not in the case in under-construction properties. You never get what you have been promised or what you have seen in the sample flat. Sample flats are furnished with modern amenities and specifications in such a way that you promptly say a ‘yes’ for it. But when you get the possession to your own house, you will realize that a lot of things are not up to the mark and not as per the promises made. The low quality of the construction material used, improper fittings of doors and windows, cheap electrical sockets and switches, and poor plumbing are some of the issues faced by buyers.
Since the property is already built, you can check the Occupancy Certificate, Completion Certificate and land titles, etc.
Advantages of under-construction property over ready-to-move-in
There are lots of under-construction properties available everywhere. This gives you the opportunity to pick and choose on the basis of the size, price, location, structure, floor level, etc.For ready-to-move-in property, you will have limited options and cannot select flats on the basis of floor level, view, structure etc.
An under-construction property is cheaper than an equivalent ready-to-move-in property. You can purchase it at a low price. But, once it is built, its price automatically rises up. This gives you price appreciation on your property and thus, gives you an option to sell it at a higher price in the future.In the case of ready-to-move-in property, there is a possibility that the price can be 25-50% more than any under-construction property of the same specifications.
There are various flexible payment plans for purchasing an under-construction property, which include construction linked plan, time linked plan or down payment plan. You can choose the best plan according to your affordability.Whereas, in ready-to-move-in property, there is no flexibility in payment options and you need to pay the whole amount at one go, including down payment, registration charges, stamp duty, etc. Plus there is a lot of legal work and documentation related to property transfer and ownership.
The way you design your home is completely in your hands. You can have the interiors of your choice. You can have everything that is of your preference.But, if you invest in ready-to-move-in property, there is very little scope of modifications that can be made. It will cost you more money to completely renovate a second hand flat.
Maintenance is one of the major issues in ready-to-move-in homes. If the property was vacant for a long period or if the earlier owner was not particular about regular maintenance, it would require a lot of effort and money to make it fit for habitation.
All the points discussed above may vary in every individual case. The points mentioned are on a general basis. Depending on your current situation, you must decide which kind of property is best suitable to you. Both kinds of property have their own qualities. Your decision should be taken based on your requirements, affordability, your financial situation, the amount of time period you have in hand and how much risk you are ready to take. If you decide upon buying a new construction property like a villa or twin houses, MFortuneCity is here to help you take the first step to build your dream home.