Why homebuyers are getting keen on ready to move in properties?
A few years ago, when economic sentiments were high, the economy was on track and people were buying homes in hordes, their preferred choice of property was under construction homes. This decision was taken on the basis of various reasons like attractive subvention scheme offers that suited their interests at that time, but gradually this trend began to be questioned after these calculated risks backfired, projects got delayed and buyers got trapped under the double burden of monthly EMIs and rentals. This chain of events led to the rise of an important question among prospective buyers and real estate aficionados and is debated vigorously, which is the question of ready-to-move-in homes vs under-construction properties.
A ready to move home is a property where you can shift immediately after purchase. It also means that all the paper work and clearances for this property is complete, which makes the paperwork for loan processing and sale, much easier. It has been observed that instead of opting from amidst the many subvention schemes selling under construction properties, buyers are now preferring ready to move houses. And in light of the pandemic and the past experience with under construction properties, buyers are now preferring ready-to-move-in homes while the others are interested in projects that are in advanced stages of construction with six months or less to completion. Here, we have made a list of a few points on why people are keen on ready to move properties these days.
- A ready-to-move property, which has its completion certificate in place, does not attract GST as compared to an under-construction property, which attracts five per cent GST of the overall property cost. This makes ready-to-move property a better option with the buyers benefitting from financial gain in this process.
- Ready-to-move property offers buyers with the opportunity to make a decision on purchase after checking the quality of construction material and the promised facilities. Since buying a home is the most expensive investment decisions for most people and in light developers renegading on their promises, most home buyers are now wary and opt for ready-to-move homes, where you get what you see.
- In case of people living on rent, they may find it challenging to manage EMIs and rental payments at the same time, if the possession gets delayed, in case of an under-construction property, thereby making ready to move a better option. Moreover, in case a developer does not fulfil his promise of delivering the property at the stated date, homebuyers have to wait endlessly for delivery and possession, which makes them wary and therefore, they opt for buying a ready home.
Therefore, in our final analysis, it can be said that real estate is a dynamic form of investment and a good asset option, which also promises better returns in future. In case you are planning to invest in a property and have the resources to do so, you can think of investing in a ready-to-move home, given that there is not much of a gap in the prices these days between a ready-to-move and an under-construction property, which makes it a safe bet in these times.