The real estate market offers the option of investing in ready to move apartments or under construction properties to the homebuyers. Both options have an impressive list of advantages and few faults. It mostly depends on the homebuyers to opt for which option as per their urgency.
Below are the factual points to show you the difference and make up your mind to invest in one or invest in both
Benefits of Ready To Move Property
1. Tax Benefits
The real estate experts suggest buying a home at an early age as it certainly helps in tax deduction. More importantly, there is no service tax involved in ready to move property. There is a considerable capital tax gain in this option.
2. Exemption from the Waiting Period
As the project is already completed, you only have to undergo the procedures of buying and other official things related to the purchase of the home. The condition of the waiting period is nil.
3. Rental Income
For those who are not planning to move soon to their purchased home can start earning by renting the home. This strategy will help you to repay the EMI for loan taken for the property. The trend of renting the new property by the owner is seen mostly in the case where the investment property is located in some other region.
4. You get to see the Final Product
While taking a tour of the property you are going to buy, you get to see the final product. It will give you complete satisfaction and justification to your invested amount.
Benefits of Under Construction Property
1. Profits
Want to gain benefits by investing in an under construction property? There is a particular advantage of investing in such a project. In case, if there are any repairs required in the amenities or facilities in the undergoing construction stage, the developer will take the responsibility of paying for the expenditure and not you. Also, when you decide to sell the property closer to its completion stage, the profits are most likely to be huge.
2. You decide the design
As a homebuyer, if you have a specific notion regarding the design of your home as you may have been inspired by seeing designs around you, the construction property gives you the freedom to decide. You have the right to customize your home as per your concept as well as the Vaastu to a certain extent. Any standard Developer would observe and execute your requirements.
3. Save Money
Buying a property during its construction stage can be a cheaper deal for you. You can save up to 20 to 40% of your money by opting this option.
4. More Transparency with RERA (Real Estate Regulatory Act)
The chances of being deceived by builders have reduced to a large extent with the introduction of RERA by the government. The act has given the right to the homebuyers to receive the entire invested money along with interest if the construction company fails to deliver the completed property within the mentioned time. There are other several policies implement by RERA that are in favor of the consumers and provides transparency in the property dealings.