A ready to move property scores over an under-construction one on account of various factors such as immediate rental income, lower risk and immediate possession.
Lured by economical options and low EMIs, several property buyers are tempted to invest in an under-construction property. While such a deal fits the budget requirement, several benefits that a ready to move property offers are overlooked in the process.
You might have to shell out more money to buy a ready to move property but you can also avail several benefits with the investment. Here is a list of reasons why you can choose a ready-to-move-in property over an under-construction one:
You get what you see: This is an elementary yet a vital reason why a lot of people go for a ready-to-move-in property. You can decide after a site visit to the property whether you want to opt for the project or not. There will rarely be a change in the layout or size of the apartment. On the contrary, when the construction of a project gets completed, there are cases when the property delivered undergoes changes without prior notice and the apartment looks very different from the original layout.
This can happen to not just the rooms or area of the apartment but also the building (in case of a society), the amenities and areas such as the kitchen, the balconies and the bathrooms. In certain cases, the quality of the raw material used is also compromised.
Low risk involved: Since there is no waiting period in case of a ready-to-move-in property, there is minimal risk in such a scenario. However, while investing in an under-construction property, one takes into account the proposed infrastructure that will be developed around the property.
Since the construction can take years, there is a high risk involved in terms of the expected appreciation of the property. Real estate market outlook is always tricky and difficult to predict and to avoid any risk of this kind, one is advised to invest in a ready-to-move-in property.
No project delays: Sometimes, due to influencing factors such as market conditions and weak consumer sentiments, a builder delays an under-construction project incessantly. The buyer might end up paying rent as well as EMI in the scenario and burn a hole in their pocket.
Also, due to a possible increase in the cost of raw materials over a period of time, buyers could be asked to pay more than the original price discussed. This can lead to a buyer’s financial plans going haywire and in turn cause grief to the buyer. Such concerns do not exist in a ready to move property.
Immediate rental income: Buyers often invest in a new property to derive monthly rental income and enjoy immediate returns. On the contrary, in an under-construction property, it is difficult to forecast rental returns as the time of completion of project is not known.
Choose your lifestyle: When investing in a ready-to-move-in property, you have the option of investing in a lifestyle of your choice. Whether it is the nearby cafes, restaurants, parks, or even public transportation and neighbours, one gets a clear picture of a style of living one will get on occupying the new piece of realty.
Such a picture is very hard to predict if you are investing in an under-construction property due to the possible uncertainty associated with the construction quality, raw materials used and layout details.