Buying a property is quite an investment. There are many significant factors that come to play when you are considering purchasing a property, like budget, location, size, payment methods, and a lot more. As a reputed real estate company in Navi Mumbai, Goodwill Developers have the best of ready to move in and under-construction projects in Navi Mumbai if you are looking for a new space.
One of the most pertinent questions that comes into mind is whether buying a ready to move in property is a better choice than investing in an under-construction property and vice versa. Both have certain pros and cons.
Ready to move properties: pros and cons
As the name suggests, properties that are complete and all-set for occupancy are ready to move in properties.
Let us go through the pros of ready to move in properties:
They are immediately available
Ready to move in properties are already built and hence can be occupied without further ado. There’s no delay and all you need to do is clear your payments after you have processed and completed the necessary documentation.
Avail tax benefits
You do not need to pay GST if you are buying a ready to move in project. Not just this, you are eligible to apply for additional tax benefits if you plan to buy the property with the help of a home loan.
A transparent ordeal
Before you purchase a ready to move in home, you get to visit the space and see for yourself if the conditions and amenities you will be signing up for are consistent to your expectations. There are seldom chances of any discrepancies in such a case since you get to assess the property before you pay for it.
Ready to move in homes are quite the convenient choice. However, they have certain cons which you must assess before you make a decision. Some are:
Comparatively more expensive
Since builders aim at providing a finished home by the decided date, they charge a premium for it, thus making ready to move in homes considerably more expensive.
Might not be regulated by RERA
Homes constructed before the implementation of RERA will not be protected by its regulations. Thus, builders of such properties will not be under the obligation to publish information on a public platform. This raises questions on the accountability of the builder.
Construction quality
You are not equipped with the advantage of being able to scrutinise the quality of construction, like the strength of the foundation of the building when you opt for a ready to move in property.
Under-construction properties: pros and cons
It is quite exciting to own a brand-new property and customise it according to your needs. However, tally the pros and cons before making a decision.
Pros of under-construction properties:
Comparatively less expensive
Under-construction properties are more affordable compared to ready to move in properties. It is more cost-friendly to buy an under-construction property in the same area and with the same specifications as that of a ready to move in property.
Mandatory RERA compliance
Projects with Occupation Certificate post 1st May 2017 are registered under RERA, thus protecting prospective buyers from frauds and other discrepancies.
Avail higher returns
There are chances of the prices of the under-construction property to increase between the buying period and the delivery date. Therefore, it is considered to be quite a profitable investment given the significant appreciation that you’ll get if you decide to sell the property closer to the delivery date.
Despite having quite a few pros, there are certain cons of buying an under-construction property that you should know:
Unable to enjoy of tax benefits
You cannot avail tax benefits registered under section 24, 80EE and 80C of the Income Tax Act of India if you buy with the help of a home loan. You can only avail the benefits when the property has been handed over to you. You are also liable to pay GST on the purchase.
Risk is higher
There can be quite a few risk factors that you must keep in mind, like late delivery of a project. Sometimes, developers even fail to deliver the project due to lack of funding. Thus, it is advised that you conduct a financial health check of the builder before you decide to invest in an under-construction property.
Difference between initial ideation and final delivery
There can be instances where there are inconsistencies between the promised layout and the actual project on the time of delivery.
Conclusion
Your property purchasing decisions are contingent upon what factors sit right with you. Being a prominent real estate company in Navi Mumbai, we at Goodwill Developers offer both under-construction projects in Navi Mumbai and well as ready to move in projects for you to choose from. Visit our office or get in touch with us to explore your options.