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.

  • Immediate possession

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.

  • There is no ambiguity

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.

  • No hassles of project delays

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.

  • More options

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.

  • Passive income

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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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.