Are you in a dilemma whether to buy an under-construction property or Ready-to-move in house? Well, we are here to help you find answers to your questions! From differences between the two to pros and cons of the same, this article will give you clarity on all aspects of buying under-construction or ready-to-move-in property.
Affordability & AccessibilityWhether it is under-construction or ready-to-move house, the decision of buying a home comes with apprehensions. The affordability and accessibility of both under-construction and ready-to-move-in property varies depending upon the individual’s requirement and its financial stability. If you are looking for an immediate possession and are financially stable, then you can choose ready-to-move-in property for your loved ones. However, if there are any financial constraints and are planning to apply for home loan, you must choose an under-construction property as the amount is disbursed by the bank based on the construction progress. Furthermore, you can keep a part of your income aside to keep your future secured when your EMI starts after possession.
Risks InvolvedIn the world full of dubiousness, there are risks involved anywhere we invest, which brings a need for thorough research. Therefore, it is paramount that you do your homework before making an investment. In an under-construction project, there is a risk involved with the quality of construction that you do not get to see while you are investing. Plus, you may find yourself trapped in a project full of false promises that may make you feel cheated at the end. Whereas ready-to-move-in property provide transparency and can be occupied immediately by the homebuyer or the tenant.
Legalities & TaxesWhether you invest in under-construction or ready-to-move property, you must go through all the legal documents such as sale deed, mother deed, sale and purchase agreement, building approval plan, khata certificate, allotment letter etc. The under-construction projects are registered under RERA and homebuyers are liable to pay the GST. However, in ready-to-move property, the homebuyer can save GST and can get exemption under section 24, section 80, section 80C, and section 80EE in the same year due to immediate possession.
So now you can decide whether to buy under-construction or ready-to-move-in apartment. In case of further assistance, reach out to our experts and get your dream home at an affordable price.