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Owning a place and calling it home is a dream harbored by all. For most, this is a once in a lifetime decision. It is a decision that requires careful planning and investments. This is also perhaps the most daunting challenge faced by people. They get easily confused between under construction properties and ready to move in properties.
Buyers are dissuaded to invest in ready to move in properties due to the higher cost. They are dissuaded due to the lack of flexibility in payment. But this does not necessarily hold true for all situations. There are a few aspects that shine bright in this option available to buyers.
To start off buying a ready to move in property does mean you pay extra. But on analysis, that extra you paid will assure you don’t lose sleep. The extra you paid helps you circumvent the inordinate delays that plague under construction properties. Another advantage of ready to move in properties is that you get what you see. You distance yourself from the scare of the sample not matching the finished product. The advantages of a ready to move in property keep on increasing from here.
A ready to move in property requires large capital. But it does turn into a profitable option in the form of returns instantly. The buyer can rent out the newly acquired property. This way your house will immediately start providing you returns. To claim the tax benefit on the principal amount of a home loan, a completion certificate is required. This blows under construction properties out of the water.
When the buyer chooses a ready to move in property he can immediately claim this rebate. The buyer will also save the trouble of paying EMI and rent at the same time. The buyer does not pay service tax in a ready to move in property. Service tax is to the tune of 5%, this is another healthy amount saved.
A ready to move in property saves you from the promises builders make to attract investments. Promises of amenities, promises of facilities, promises of accessories; promises that stay mere words and never materialize. If investing in an under construction property, it is advised to have these in writing. For a ready to move in property all these have been done and taken care of.
Not all builders go through the trouble of keeping a spic and span record. Often the construction of a project is halted due to not acquiring required permissions. When this happens the construction stops and buyer money is blocked. Delays in possession due to any reason are common in Indian real estate and expected. In a ready to move in property, all the legal work has been done. It is still advised to have an expert look it over.
Investing in a ready to move in property does have its cons. It also has its own pros. At the end of the day the ball is in the court of the investor. A responsible investor will weigh the pros and cons, stitch out an investment plan and act on it.