Ready to move in properties: Advantages and Disadvantages
Ready-to-move-in property is fast becoming the most popular choice in recent times. Uncertainty over project completion has made ready-to-move-in property more of a necessity rather than desire! However, there is still a debate In cities like Delhi, Mumbai and Bangalore where most of the buyers can afford under-construction instead of Ready to move in properties. Anyhow, let’s have a look at the advantages and the disadvantages while buying a ready-to-move-in property.
- The risk factor involved in ready-to-move-in property in terms of delays and hassles during construction, is nullified, as the home buyer is getting a ready accommodation.
- People who are currently living in a rented accommodation can save on spending on rentals. Otherwise they can also offer the property on rent, the rent can be an additional income for an investor.
- More financing options are available, banks also readily give loans at better rates as the project is completed.
- The builder in an attempt to reduce his inventory may also offer you a better deal or a negotiated price for the flat. The builder might not add the floor rise or may give an additional free parking to reduce his inventory
- You can make some custom changes to your house. Whether its asking the builder to make an open kitchen or to merging the pooja room into the living room, all the changes that don't alter the basic construction of the building can be incorporated.
- Ready flats prove to be much more expensive than the one that have been bought during the launch and pre-launch stage.
- Higher price also makes the ready to move-in flats less attractive from ROI point of view.
- A new to ready-to-move-in property have unforeseen problems such as seepage, clogged drains, etc.