Deciding on a purchase of properties and a home is no small financial decision. Among the various decisions that a prospective buyer needs to make, one of the most critical is choosing between going for a readymade property or an under-construction property. Both alternatives come with their fair share of pros and cons, but more and more, readymade properties are gaining preference. Let’s explore both options in detail, do a property comparison and try to understand why, for most buyers, going in for a readymade property might make better sense.
1. Possession and Occupation Ready to move-in:
Properties have more advantage of immediate possession and occupancy. Immediately after the sale gets sealed, the buyer can occupy the property, and this does away with having to stay in temporary shelter or rent some other alternative. This is particularly helpful for those in urgent needs of a home, such as an employee transfer, looming lease expiration, or personal family considerations. On under-construction properties, however, there tends to be a waiting period-often for several months or even years-before the property is ready for occupation.
2. Property with Completely Developed Amenities and Infrastructure:
While buying a ready-to-move-in property, you get to see the entire development – its amenity, infrastructure, and surroundings, before deciding. Whether it is gated community, high-rise apartment, or villa, you can physically visit the property, see the parking, clubhouse, security features, roads, and common areas. There could be under-construction properties, for which the promised amenities may not yet be fully operational, and there is always a risk that certain amenities might get delayed or not delivered as promised.
3. No Construction Delays or Uncertainties:
Some under-construction properties have uncertainties over the timeline, and delays in construction are inevitable. For example, labour shortages or supply chain disruptions can lead to delays, and sometimes, regulatory hurdles pose a second setback. Such delays can be quite extensive enough to delay the move-in date, thus inconveniencing the buyer as well as causing more financial implications. A ready-to-move-in property is certain. The construction would be complete so that the buyer can inspect the property to take a final decision.
4. True Market Value Determination:
True Market Value Determination would be easier as prices would be more transparent with ready-to-move-in properties, it would be easier to determine true market value because the property is actually physically present and can be evaluated based on its actual condition and the surroundings. In the case of under-construction, the current price might be a projected value and market and location changes may have an impact on what the final cost might be at the time of its completion. The buyers are not susceptible to price increases that developers sometimes implement in the course of construction.
5. Lower Financial Risk:
An under-construction property brings with it a staged payment mechanism, where you pay in instalments directly linked to the progress of construction. Sometimes this can be a very high-risk proposition when there’s no surety as to when the developer will finish it or how he will execute it to your satisfaction. When it comes to a ready-to-move-in property, the transaction becomes so much simpler, and you will pay either all at once or much smaller disbursements on loan. There is also the benefit of steering clear of the possibility of additional hidden costs that may arise in case construction delays stretch the payment timeline.
6. There won’t be any threat of changes in design or specifications:
A ready-to-move-in property is one for which the buyer knows exactly what he is purchasing. The design, layout, and specifications are set, and any potential changes or upgrades are unlikely. In the case of under-construction properties, architects’ drawings or renderings are usually used as bases for selling, and what is delivered sometimes comes short of their expectations. Moreover, in most cases, developers often alter designs, features, or materials that have been planned during construction, which may lead it to not meet what has been promised or marketed.
7. No Rental Expenses During the Waiting Period:
One of the primary benefits of ready-to-move-in properties for most buyers is the avoidance of rent during waiting periods. If you are buying an under-construction property, you would normally have to pay rent for your current place until the completion of the new place, which makes the entire process more expensive and stressful. Ready-to-move-in properties help the purchaser save money on rental payments while still availing all the security and stability benefits of homeownership.
Conclusion
Though under-construction properties are laced with lower prices and customization options, ready-to-move properties have adequate benefits in convenience, certainty, and lesser financial risk. However, for those who need to begin to occupy right away, to prevent construction delay, or see exactly what they’re getting, buying a ready-to-move-in property can be the best. Most buyers appreciate this option because of added peace of mind and the ability to settle into a home immediately.
