Whether to buy a ready-to-move-in house or an under-construction house is a difficult decision to make. We have simplified it by comparing the pros and cons of both options. Let’s see are there any Benefits of buying under-construction property
Why are ready-to-move-in houses preferred?
These properties are preferred because they are ready to move in, you can get instant possession of your new home and you will no longer have to pay monthly rent. Whereas, the under-constructions houses take years to get ready. A lot of construction companies have cases pending against them because of the delays they cause in delivering the houses.
There is no scope for increased cost while buying an already constructed and well-furnished house but when you choose to get your house constructed from scratch, there is a multitude of factors that can cause the cost to increase.
While investing in an under-construction property, things may not turn out the way you wanted them to but in a ready-to-move-in house, you get what you see, thus involving very less risk.
Why are under-construction houses in houses preferred?
Well, simply because they are cheaper. People reselling under-development projects can provide even cheaper rates. Many builders provide exciting discounts, further making under-construction houses economical in comparison with ready-to-move-in ones. These properties have more risk involved but they also yield higher returns.
The payment of ready-to-move-in houses has to be made upfront within a period of 2 to 3 months but in the case of under-construction houses, the buyer gets a period of 2 to 3 years, they just have to pay the booking fees of 10 to 15%. Also, there are various flexible payment plans available
Indians believe in having a house that faces a particular direction. Even the kitchen counters, in-house temples, and photo frames on walls, everything has to be placed in a specific way. These changes can’t be easily inculcated in a ready-to-move-in house.
Modification and customization can only be done to some extent and may cause a lot of money which one might not want to pay after already spending a lump sum on buying the house. Hence, a house in which you will probably be spending your whole life should be the way you want it to be.
RERA(Real Estate Regulatory Authority) protects the rights of a buyer of an under-construction property. If your property is RERA registered and you are not satisfied with it, you can always file a complaint with the RERA Appellate Tribunal, established under the Real Estate (Regulation and Development) Act. You can further reduce the risk factor by choosing a trustworthy builder with a good reputation.
If you feel that buying a house is not for you, you can always rent one. Read our article on why renting is preferred over buying homes.
