Are you thinking of buying a home? Congratulations! It is a big leap and decision. There are many things you need to consider before taking the plunge. It requires much planning and thought. Often a point of contention is of buying an under-construction property or ready to move in project? Both these projects cater to different purposes and intents. Let’s weigh the pros and cons of both these projects and help you in making the right choice.
Under Construction Project
If you want to move into your dwelling in a couple of years, then you can check under-construction projects in the area of your choice. This proposition works well financially. The price of an under-construction apartment is mostly less than that of an already constructed one. Moreover, you get the benefit of making the payment in different ways. Like, there is a construction linked payment plan that helps you in making the payment over time. It comes useful as you don’t need to part with all your savings at once.
Moreover, if you can manage to give the payments from your regular income, then you can delay taking the home loan too. In most construction linked plans, you get the option of paying 10% of the property value at the time of excavation, 10% on stilt roof casting, 5% on completion of the floor and like. So, you get the freedom of making the payment in parts as the construction progresses.
Along with the financial benefit, a few developers give you the freedom of customization too. You can get some personalization done in your apartment during the time of construction. If you want to get the flooring changed or add electrical sockets in rooms, then such modifications are comfortable during the house construction phase. It further saves your effort and time.
Another prominent benefit of buying a home under construction is that you will mostly be the first owner of the property. Getting a house directly from the developer is a better and profitable deal. You can get all the papers and get it reviewed by a lawyer. There are fewer hassles and concerns at this stage. Moreover, when you move in, it will be an unused apartment with all the latest amenities and fixtures. Such is not always the case with a ready to move in home. However, the locality can be still in the developing phase. As the project is under construction, markets and nearby infrastructure may take shape after the project gets completed and people start living. You may face such concerns.
Along with area development, a common concern with under-construction projects is the delay in handover. However, the implementation of the Real Estate Regulatory Act (RERA) takes care of it. If you are investing in a house that comes with a RERA number, then you will get the delivery on time; otherwise, you will benefit with compensation.
Ready to Move in Project
Now let’s know about a ready to move in home. If you are living on rent and want to move immediately into your home, then opt for ready to move in apartments. Getting direct possession is one of the most significant advantages of such projects. You can save your rental expenditure. Alternatively, if you are buying a house for investment purpose, then you can start earning rental income from it immediately. This rental income can come useful in paying the house EMI too. However, it is a little more expensive than an under-construction project, and you don’t get the option of making part payment. Instead, you need to make the complete payment before moving into your home. The only saving you can expect is in the form of GST relaxation. GST is not applicable on ready to move in project as against under-construction ones.
The other benefit of such projects is that you get what you see. It is not a sample flat based on which you need to decide. Instead, you get to see the house in which you will be living. So, the chances of feeling deceived are rare. Even when it comes to amenities and locality, there will be no chances of complaint. The area in such cases is mostly developed giving you a better idea of the infrastructure and facilities nearby.
In ready to move in property, however, if you want to make any changes, then you need to get it done on your own. Besides, it may require prior approvals too. Every project has its limitations. You will need permission from RWA and the society maintenance office before making any changes. It is primarily to ensure that there is no damage to the building’s structure. The other challenge is that you may be the second or third owner of the property. So, you will need to get all the paper works examined before signing on the dotted lines. Moreover, in the case of a resale apartment, you should inquire about the age of the building too.
So, both under construction and ready to move in homes come with their set of benefits and concerns. However, if you want to get the best of under construction and ready to move in project, then, book your home at Valmark Orchard Square today. The possession starts soon as the project is nearing completion. You will get what you see, straight from the developer and at an attractive price. There is a charm of being the first owner of the house and here’s your chance. A brand new and beautiful project in the heart of South Bengaluru, JP Nagar 8th Phase waits for you. There are 2 and 3 BHK units available. The lush green landscape and plush amenities are also a definite advantage. The 16 storey towers offer calm ambience and splendid living experience. The society is spread over 3.25 acres of land and beautifully integrates the indoor and outdoor and provides great accessibility. A BBMP approved project, you can get all the papers and certificates and get them checked from a lawyer. There are also home loans available from all the leading banks for these apartments for sale in south Bangalore. Our team can help you through the process. Hurry now, and shift into your abode this New Year 2020.
