Buying property is a significant decision for everyone. It's an emotional decision that should be approached with caution. You are not going to change your home in the next few years after purchasing it; rather, you are not going to sell it unless you find a better deal or require a larger home.
When it comes to Ready-to-Move-in Properties in Bangalorevs. Underconstruction Properties in Bangalore, the former looks more advantageous. The resale housing market, particularly the ready-to-move-in section, allows homebuyers to avoid the risks of purchasing under-construction properties, which are prone to long delays and unfulfilled promises.
Let’s analyze by going through both pros and cons of buying ready-to-move-in properties in Bangalore.
You can move into your new home right away if you buy a ready-to-move-in property. You will immediately receive possession of your home, which you have paid for, whereas an under-construction property will take 3-5 years to complete.
There is no risk of delayed possession with a ready-to-move-in property. Project delays are far more common in the case of under-construction property, and there have been numerous instances where a builder has deceived buyers. As a result, you must exercise caution when selecting a builder for a property that is still under construction.
You won't have to pay rent once you've moved into your new home. All you have to do is pay your home loan EMI. You will have to pay both EMI and rent for a number of years while living in an under-construction property.
A property that is still being built is sold on paper. There may be some differences between the final product and what you were promised. In the case of ready-to-move-in property, on the other hand, you will first see and inspect the product before deciding whether or not to buy it.
Tax benefits on a home loan for a ready-to-move-in property can be claimed immediately on both principal and interest repayments, whereas tax benefits on a home loan for an under-construction property can be claimed only after you get possession of the flat.
The most advantageous aspect of a ready-to-move-in property is that you will only have to pay EMIs on the home loan and no other expenses. In the case of a property that is still under construction, EMI usually begins after the construction is completed. Regardless, if the construction is delayed, the EMI will begin once the home loan has been disbursed.
Another benefit of purchasing a ready-to-move-in property is that you are not required to pay the property's increased cost after paying the booking fee. In the case of under-construction properties, however, you must bear the increased cost.
You can choose a property within your budget in a ready-to-move-in property. You can buy a home that fits your budget if you have a limited budget. When you buy an under-construction property, if the project is delayed for three or more years, the builder will ask you to bear an increase in the construction cost, which will increase your overall budget.
When it comes to purchasing a home, taxes are extremely important. Currently, when purchasing a ready-to-move-in property, a buyer does not have to pay any GST. A flat that is still under construction, on the other hand, is subject to a 12 percent GST. So, if you buy a Rs 60 lakh under-construction flat, you'll have to pay Rs 720,000 in GST.
You can rent out your flat and earn some rental income if you bought it as an investment and not for personal use, or if you plan to move in later. You can either pay your EMIs with the rental income or keep it as a rental income.
It's difficult to sell a property that's still being built, especially if possession is delayed or the property is being litigated. Developers frequently refuse to allow apartment transfers until the project is completed.
One of the major disadvantages of purchasing a ready-to-move-in property over an under-construction property is the higher cost. The price difference could be anywhere from 20% to 30%.
It is very simple for an under-construction property to analyze work progress and thus be aware of the quality of construction in terms of materials used, foundation strength, and so on. In a completed flat, however, you are unable to conduct such an inspection.
Purchasing a ready-to-move-in property, as opposed to an under-construction property, does not always guarantee you a brand new home. It's possible that the apartment you bought will be on the market for a long time. As a result, if it has not been properly maintained, it may appear to be old.
RERA does not apply to old ready-to-move-in flats with an Occupancy Certificate dated before May 1, 2016. As a result, its promoters are not obligated to make its information publicly accessible.
Ready to move in properties in Bangalore have several benefits that you should consider to invest in them. This is the reason why ready-to-move-in properties in Sarjapur, Whitefield, HSR Layout, and Electronics city are always in great demand due to their close proximity to the IT and Corporate hubs of the city. Whether you are looking for a short stay or a permanent settlement, go for ready-to-move-in properties.