5 Reasons Why Ready-To-Move-In Apartments Make Good Sense
Given the volatile nature of the real estate market, you need deep pockets to purchase a house. With incessant delays in possession of properties, home buyers are aggressively opting for ready-to-move-in homes.
Today, home buyers look for time-bound possessions and security of their funds and ready-to-move-in homes cater to both these key priorities. MakaanIQ lists a few points to explain why 'ready-to-move-in homes' make for a smart choice in the current market scenario.
You buy, what you see
When you opt for a ready-to-move-in property, you buy what you see. Since the property is ready and people are already living in the neighbourhood, you don't stand a chance of getting duped.
In case of an under-construction property, you don't get to see the actual thing. Later when you get the possession, a lot of things may not be as promised.
The ready-to-move-in home buyers do not have to wait for moving in to their new home unless they have some plans to renovate it.
You just need to sign the relevant documents, make the payment and get your bag and baggage to the new place.
In case of under–construction properties, claiming tax deductions is not easy. The relevant tax laws state that the principal amount paid is deducted from the income under section 80C of the income tax Act, which is up to Rs 1 lakh.
The interest paid for the loan on the first home is eligible for deduction under section 24(b) of the income tax Act which is up to 1.5 lakh. These deductions are permissible only for properties that are ready.
An under-construction property does not quality for this deduction for the principal amount. The interest paid when the property is under construction can be deducted in five equal instalments.
A well-settled neighbourhood
Buying a ready-to-move-in property gives you the opportunity to live in a well-settled locality with all facilities in place.
Heavy on pocket
A ready-to-move-in home is slightly costlier than the under-construction property if the locality, size and neighbourhood are the same. As you don't have to wait endlessly for its possession, you can save on the rent you would have paid had to bought an under-consttruction property..
If you go for an under-construction property, you end up paying interest of your home loan plus the rent for your current accommodation.