Stop Hunting, Start Buying! – Ready To Move In…

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There’s a puzzle in the minds of many when planning investments in the Indian real estate market, especially when the current situation of this sector has witnessed a notable recession. With previous decade’s fail-proof outlays, the individuals are now concerned of their current investments.

This time of the year is peak for the NRIs who visit their family and homes. It is the same time when most of these non-residential Indians buy homes either for self-use or for mere investment.Property shopping can be meek; however, this can be a fact only if there aren’t many choices. Both ready to move in and under construction homes are available and it is vital to understand how you want to get about buying a home.

Although ready-to-move-in houses can be comparatively expensive than under-construction homes, there are obvious reasons why we recommend you to buy readymade homes. 

Resale is not a choice

Normally, people start their home search with resale properties however they end up buying a new one. Because of many reasons such as –

  • Property not maintained
  • Unrealistic pricing
  • Facilities closed down
  • Older / Out-dated specifications inside the house
  • Lack of Clear legal documentation
  • One on One negotiation ( which is need based )

Cut-down On Your Waiting Times

Under-construction homes have long wait-times ranging from one to three years before they offer complete possession. You will have to wait until the property is constructed and furnished; you get possessions from builders only after the entire construction is done.

The option of ready houses/flats is more preferable. When you choose ready-to-move-in homes, it shall reduce your waiting time and expedite the process for you to start living in your dream home. All you would need to do is make payment, sign relevant property documents, pack your bags and get them shifted to your new home.

Save Money From Tax and Rent

In addition to saving on wait time, the ready-made homes also allow you to save a lot of money that you are spending on paying rent. Real estate experts also advice on investing and buying the first home in an early age; this not only aids your life settling process quickly, but it also helps in saving money that you may spent on rent. It also helps in availing income tax benefits. Vice versa, this may not be the case if you buy an under-construction property for living.

Let us have a brief idea on how buying ready property for living can benefit you in income tax deductions. Under Income Tax Section 80C, the principal amount paid (down payment up to Rs. 1 lakh) is eligible for deduction from your total income that comes under the tax payable amount.

Moreover, if you have a housing loan/mortgage set up and if this is your first house, then the interest amount paid (interest up to Rs. 1.5 lakh per annum) is also eligible for deduction from your total income, under Income Tax Section 24B.These benefits cannot be availed if you are buying an under-construction home.

Buy What You See

Under-constructed home are offered with 3D designs and architectural plans, which means you haven’t seen the premises physically. All what you understand and know about your home is what you have seen in virtual images. Your finished home may turn into a nightmare once it is actually presented before you.

You don’t want to have a nightmare, right! Ready homes are actually constructed living spaces. With ready-to-move-in houses, you get the opportunity of strolling inside each room and location prior to buying the living space.

You also get the opportunity of getting reviews over essential facts about the property that you intend to purchase. You may ask questions to the residing neighbors about housing complex, people living around, maintenance services offered, shopping facility in nearby areas, public and private commutation available and several other factors that may affect your living habits.

Pune realty market has seen steep demand for ready to move in homes in last 90 days time. Sales velocity has risen by nearly 40% for ready projects.Which is also alarming for the buyer as inventory is getting vanished from the unsold inventory figure.

Above all, the choice of buying a home should be absolutely associated with personal preferences. It should depend upon your financial condition and preferable location. If you don’t want to wait any longer to move into your new dream place and cannot have high risks associated with your home, then your preference should definitely stop hunting and start buying a ready to move