Reasons why Ready-to-move-in Apartments are Beneficial
Post by : favouritehomes
Often there is confusion among buyers on whether to opt for ready-to-move-in homes or go for the under-construction category. You might think there’s no difference as long as you are getting the apartment of your choice. It’s also been no secret that ready-for-possession apartments come at a slightly higher rate (up to 10-30%) as compared to under-construction apartments that entice you with the option of staggered payments and lower rates.
Most people fall for this gimmick without realizing the possible pitfalls involved. Before putting down your money, it’s better to do some homework on what should work best for you. Here are some solid reasons why you should follow the old adage, One bird in the hand is better than two in the bush and go for ready-to-move-in apartments:
The real estate sector had slowed down somewhat over the last year or so due to changes in government regulations including the GST as well as demonetization. This led to a slowdown in sales and a build-up of ready-to-sell apartments; rather than suffering losses, builders are offering attractive freebies for these homes, making it a great time to go home-shopping.
Since most people buy homes with loans, it can become mighty uncomfortable paying EMIs as well as rent until the completion of the project. Paying extra and moving into a ready-to-occupy home right away works out cheaper in the long run.
Since most investors buy homes with the purpose of enjoying rental income before re-selling the apartment with profit, it makes sense not to wait for the project to complete, but to buy ready-to-move-in homes.
There are a few fly-by-night dubious characters who dupe buyers into paying the initial deposit and then vanishing into thin air. Finished projects in the presence of such scenarios provide greater security and stability to the buyers.
Delayed delivery timelines
On average, delays in the handover of keys can be anything between 12-24 months. Aside from the inconvenience, it can also lead to significant financial losses to the investor with the burden of paying EMIs as well as rent and forcing them to sell half-way through and incur even further losses. Completed projects definitely make better choices!
You get what you see
One of the best parts of buying into a completed project is that there are no discrepancies in what you are paying for, as you can go round the apartment before buying it. Home-buying couldn’t get any better!