Investing in Ready-To-Move-In Homes Vs. Under-Construction Homes – Their Respective Advantages and Disadvantages

Buying a property is an emotional and long-term decision. In all possibilities, you won’t be changing your home in the next few years. For most of us, property investment is a long-term decision. So, it is crucial to weigh the respective advantages and disadvantages of each property.

Nowadays, you will commonly come across ready-to-move-in homes and under-construction homes during your property search. Besides researching the top builders and developers in Mumbai, you must be aware of the differences between these property types.

A ready-to-move-in home refers to a type of property that is ready for  occupancy. It is also a legal phrase that describes that the property has clearance from the local municipal authorities for habitability.

 As the name suggests, under-construction homes are in the process of completion. However, as a buyer, you will have to wait to get possession from the real estate company. Listed are the advantages and disadvantages of ready-to-move-in homes and under-construction properties.

The Advantages of Ready-to-Move-In-Homes – Top Things to Know

Here are the advantages of ready-to-move-in homes you should know.

Availability of Immediate Possession

If you are looking for apartments with immediate possession, ready-to-move-in homes are an ideal option. As there is no waiting period, you can settle with your family with immediate effect. These properties are instantly available, and you can save a considerable amount of money.

You Get What You Paid For

While buying a ready property unit, you will get what you paid for. In other words, you can inspect your home before finalizing the deal. So, there is no chance of discrepancy with the actual design and layout.

No Need to Pay GST

The Goods and Services Tax (GST) isn’t levied on ready-to-move-in properties. This is because ready-to-move-in homes are immovable assets. You must consult with the real estate developer to inquire about GST before buying. Investors looking for tax benefits must buy ready property units.

 Considerations of a Ready-to-Move-In Home

One of the most common  points to account for when  investing in a ready-to-move-in unit is the higher cost. 

The Advantages of Under-Construction Property Units

An under-construction property from prominent builders in Mumbai offers flexibility in payment methods. Here are the benefits of investing in an under-construction property.

Value Offering Prices

Usually, new projects are launched and sold at value offering prices. By keeping the price such, developers aim to attract prospective buyers who want capital appreciation. It works for property buyers who aren’t in any sort of hurry to take possession.

Allows you to Customize Your Home

Under-construction property units by luxury home developers offer buyers ample customisation choices. For instance, you can select between a higher or lower floor. You will also have a say in which direction you’d like your home to face.

RERA Compliance

All the under-construction homes in Mumbai must be registered with the Real Estate Regulatory Authority of the state. A RERA-registered property has higher returns and abides by ethical business practices.

Considerations of Under-Construction Property Units

One of the considerations you need to take note of when purchasing under-construction homes is that you need to wait for at least a year or more to be able to move into your home. 

So, both these property types have their own advantages and considerations. To diversify your investment portfolio, you can invest in both ready-to-move-in and under-construction property units from Sunteck Realty.