The prices of properties fluctuate on a regular basis, based on the real estate market conditions in the country, regardless of the region or the city. Despite the stagnancy or no fluctuation in the past few years, people are often confused whether or not they should invest in a property, be it a commercial or a residential space. Real estate investments require a large capital and years of patience before it yields some profit. Many hold on to plots or properties for at least a decade before they consider selling, to get the best out of their actual investment. However, properties are not just a form of investment; sometimes people use spaces as per their requirements. One dilemma that many buyers, who want to buy a flat or home, have is whether they should go for a flat in an under-construction project or buy a ready to move in flat in Ghaziabad, Delhi, Gurgaon or any part of the country for that matter. Although both of these are good options, ready to move in flats are considered a better option for following reasons:
- Tax Benefits
Many experts suggest that a person should buy their first home as early as possible in life, in order to save on rent and gain tax benefits. The monetary gain that one can get from a ready to move in flat is harder to claim from an under-construction project. First-time homebuyers can claim tax deductions of up to Rs. 2 lakh on their home interest until the interest is paid.
- Reduction in actual investment
Many homebuyers wish to move in to a new apartment; however, not immediately. What they do in that case is buy a flat they would like to live in and instead of keeping it unoccupied they put the property on lease and create an extra source of income in the form of monthly rentals. The longer the property is on lease; the price of the property gets lowered for the owner. After 4 to 5 years of purchase, when the owner and his/her family wants to move in to the new apartment, they can sell the current home and move into a new one.
- No Waiting Period
The one factor that property experts consider, because of which they advise to buy ready to move in flats over under construction projects, is the waiting period. Real estate is a big industry. It has both new and experienced real estate developers. Furthermore, many real estate developers begin a project but are unable to complete it on time. Although most of the real estate developers do not partake in such unprofessional behavior, it does happen now and then. As a result, it becomes a better option to buy a flat which has been completed and the family can move in at any time. The owner and his/her family do not have to wait for a long period of time for the project to finish.
- No Down Payment, Only EMI
One of the key financial benefits is that the owner can begin paying the EMIs immediately, and the payments would include no other charges. However, when a person buys an under-construction property, he/she usually has to make a down payment and the EMIs begin after the project is completed. In case of any delay in the completion of the project, the EMIs still begin after the construction is finished.
- Buyer Gets What was Promised
One drawback of buying an under-construction property is that after completion, the flat may or may not look like what you imagined or what was promised. Completed projects help overcome this drawback, for the buyer gets exactly what the real estate developer shows. Homebuyers and their families in this case know exactly what they are buying.
More homebuyers now prefer ready to move in flats, rather than under-construction flats. This ensures that they have invested in a safe place. One can buy these ready to move in flats in Ghaziabad, Gurgaon, Mumbai, Pune, and other cities, by real estate developers who provide all the basic amenities and extra luxuries.
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