Home buyers always look for the best deal they can find with the time and available resources with them. Buying a property is truly a tedious task but when it comes to one’s own home she/he does all the possible work to choose the best one. When thinking of buying a property there are many pros and cons to be looked forward to before finalizing. Looking through newspapers, television, internet, and other mediums can help you out in tracing good builders and available properties.
When thinking of buying a property the main question which keeps the buyer puzzled is whether to buy a ready to move property or an under construction one.
There are many pros and cons in both the cases, it depends on the requirement of the buyer as to what she/he wants. Discussing the merits and demerits in both the cases can make it easy for the buyer to decide as to what would be best suitable for her/him.
Hence, one should know the merits and demerits of both and should decide as to which place would be convenient for her/him to buy.
Merits of ready to move property:
· You get what you see- In ready to move the chances of being duped by the builder/agent are almost nil. You can check out each and every charge like maintenance etc before. You can check out www.fairpockets.com for multiple options.
· Easy to check legal status- When the apartment is ready for possession, it is easy to check documents like occupancy certificate etc.
· Get to know about the neighborhood- In ready to move you can see your neighbors as to who would be living beside you to get a feel of a neighborhood.
· GST not required- Since, its ready to move there is no need to pay GST.
· Immediate possession- If you want to move out fast to your new home ready to move properties are the best option as it gives immediate possession.
Demerits of ready to move property:
· More documentation- Generally ready to move houses needs a lot of paperwork for the transfer of the property and ownership.
· Limited options- In ready to move you have limited options as not everyone is selling at a time and whatever is available will always be limited.
· Higher cost- When the property is at under-construction stage its price is less but no sooner it reaches the stage of possession its price goes up. Though www.fairpockets.com has some very cost-effective options.
· Payment is not flexible- You need to pay the entire money upfront, registration charges, stamp duty etc all at the same time.
Merits of under construction property:
· Cheaper- Under this the buyer gets the cost benefit as in under construction stage she/he gets a chance to buy the dream home at cheaper rates. On the other hand, it is beneficial as one can sell it at higher rates once it is ready.
· Low EMIs- Your money outflow is based on the work done so the EMI is generally low initially and grows as the construction progresses.
· Quality and new technology- In under construction apartment you can see to it what kind of technology and quality goods are being used or not as you know it before buying that how your house would be made and you can choose accordingly.
Demerits of under construction property:
· Risky- It has been seen many times that the work stops in between leaving your dream home on the stand. The builders many times leave the construction and move on if it was not a well-known one. Hence, in those cases, it becomes risky to invest there.
· No clarity about maintenance charges- Many times after possession subsequent increase in maintenance charges and other costs leads to a confrontation between the seller and the buyer.
· Percentage Carpet area may be decreased- It happens that at last, you don’t get what was shown before. It may have been decreased and the chances of being duped increases.