Buying an apartment is one of the most crucial decision that one makes. Investing a huge part of the saving, one also needs to invest in a lot of time and effort. In addition to which builder or developer to invest, one also gets indecisive about whether to buy an under-construction property or to buy a ready to move in house.
There are various ways to make a decision regarding the two by analyzing its pros and cons in every aspect.
Let’s start with discussing a few topics:
For most of us when we look out for properties for commercial or residential purposes one of the most important factor which is to be considered is clearly the ‘Budget’. One of the biggest advantage of moving in a ready-to-move in apartment is that we have a clear idea of how much will be the total cost of the apartment will be, including the interior of the apartment. Whereas in an under-construction property one goes through a lot of budget fixation. One does not get the actual amount until the entire property gets fully furnished and this leads to increasing the budget until we reach the final finished product.
In today’s high rise living many apartments have special and extra amenities. Gated community apartments in Hyderabad is one such property that offers you ample of amenities to have a higher standard of living. This is one of the major factors that plays a role in people buying ready to move in apartments. An apartment consisting of a pool, gym, steam, salon, grocery, library or a club house is mandatory. Mostly all high rise buildings do have these amenities and most of the apartments are sold on this factor.
Get what you see
A move in apartment is what exactly you get when you see. One can look for flats for sale in Kukatpally, Hyderabad to get a hint of number of properties that are ready to move in. There are no changes that are made when you move in. You also get to do the quality check of the apartment before you actually pay the price for it. Whereas in the case of an under-construction it’s just a sample of what it would look like if constructed. The sizes of all the rooms and most importantly of the kitchen are clearly shown to you which gives you clear idea compare to an imaginary size of an under-construction apartment.
One of the most important factor to be considered is the neighborhood. The advantage of getting a ready to move in apartment is that you can familiarize yourself with surrounding neighbors. It gives you a reason to decide whether you want to stay in such surroundings or no. This therefore helps you to decide whether you want to get the apartment or no. As for the under-construction apartment since partial money is already paid one has no choice of backing out without losing any money.
Monetary Value of your Apartment
It is important to know what your apartment will be worth 2 to 3 years down the line. Is the price that you’re paying accurate or way higher and will be at a loss 3 years down the line. All of this depends upon the area you’re situated in. Most of the times under-construction building are built in places located away from the city. Usually they are closer to airports or even further away where the land cost is cheaper. Whereas most of the ready to move in apartments are near to the city and also have basic amenities like groceries, movie theaters, malls etc.
Along with the above mentioned factors security is also important point to be considered. With ready to move in apartment you can scrutinize the locality during the late hours as well as earning morning. One can check the security within the community as well as CCTV coverage if it offers. On the other hand, an under-construction building, you will have to believe in if assured by the builder.
The best part about getting ready to move into an apartment is that you get the immediate possession of the apartment once the payment is complete. This saves the rent of the current apartment. Whereas the under-construction building gives you an approximate construction time. Though the period could be approximate only and not exact which leads to changing your current rent agreement contract.
Free of GST
The benefit of investing in a ready-to-move-in apartment is that it is free of all goods and services taxes. Since they don’t come under the boundaries of GST. One also has the merit of claiming tax benefits with ready apartments.
From all the above mentioned important points it gives the individual a clarity and a sense of understanding as to how it is better to move in a ready apartment as compared to an under- construction flat. The advantage is the immediate position of a ready apartment. It helps us to mitigate the risk of builders not being able to build the property on time due to unforeseen circumstances. This also cuts down the risk that persist in a semi constructed building.