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13 DECEMBER, 2021
After years of contemplating and arranging funds, when you finally decide to have your own home, there are two options that you can go for: buying a ready to move in property, or constructing your own house. While investing in an under-construction house gives you the freedom to design it your way, it comes with various limitations and hassles. On the other hand, ready to move property is a convenient option as you get immediate possession and can move in immediately. This is why many prefer buying a ready to move in property.
If you have been planning to buy your home, you must know the reasons why ready to move property is a preferred option. Go through further details below.
When you opt for a ready to move property, it takes barely few days to move into your dream home. You need not wait for years to get your house constructed. You get possession immediately, and the house keys are yours as soon as you close the deal. You need not bear the burden of paying both EMI and rent for your home at the same time.
When you buy an under-construction house, there are usually uncertainties about its design, size, space, amenities, quality of construction, etc., until you get the possession. However, while buying a ready to move house, you can inspect the quality of construction and choose a space that fits your bill. You can be assured that the design of your house will be exactly what you have paid for. You can visit the property, assess it based on your needs and then purchase it.
The buyers of ready to move property are saved from the hassle of project delays. Often buyers are left hanging if the project is stalled or builders fail to fulfil their commitment. In a ready to move property, there is no such issue.
There are far more options for you to choose from in ready move property than in under-construction projects. You can explore different resale properties and look for the best locations to buy your dream home.
You can buy a ready to move property for investment. You can earn rental income on it and use it to pay your EMIs. Moreover, you can claim tax benefits on the interest rate immediately on a ready to move property. Make sure to go for lenders offering best home loan interest rates. In an under-construction property, you can claim tax deduction only after project completion once you have its possession.
While buying a ready to move property has various benefits over an under-construction property, you must be careful about a few aspects. You must ensure that the property you purchase has a clear title and is free of any legal disputes or complications. In addition, you might have to spend a little extra than that for an under-construction property. If you are planning to avail a home loan for the purchase, it would be best to check your affordability with a home loan calculator.
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