The recent coronavirus pandemic has made people realize the importance of owning a home instead of living on rent. Owning a home is associated with a sense of security and safety in such turbulent times. However, when it comes to buying a home, should a property seeker choose a ready-to-move-in or under-construction home?
In this article, we explain the fundamental differences between the two, to help you reach the optimal decision for you.
Ready-to-move-in property:
Choosing a ready-to-move-in apartment helps the buyer avoid the costs associated with living in rental accommodation and the long wait until a project under construction is completed. It also gives homebuyers a sense of security. Moreover, the buyer can check the neighbors and infrastructure of the project before purchasing the property.
the buyer gets what he sees. There is no risk of possible changes in the future. The quality of project construction and social and physical infrastructure can also be checked. Furthermore, there is no risk of delays or cost escalation, when it comes to ready-to-move-in homes.
However, the drawback of a ready-to-move-in home is that it is usually more expensive than properties under construction. Nor will the buyer have the flexibility to choose the floor or configuration, compared to the property under construction.
Under-construction property:
If one looks from an investment perspective then buying a property that is under construction makes sense, while a ready-to-move home makes more sense if the buyer is looking for accommodation.
Properties under construction are generally located in the unestablished parts of the city, so the potential for higher prices due to future development is good. However, this is not true in every case. One has to look at the location and plans around that area. Also on a project under construction, the buyer has flexibility in payments, with options like plans linked to construction, flexible payment plans, etc.
Points to consider when investing in a ready-to-move-in or under-construction property:
- Ensure that the total value of the property purchase fits into your budget in advance.
- Determine the location, based on the requirements of your usual commute.
- The property must have all the necessary approvals and licenses.
- Obtaining all information related to the project to verify the feasibility and quality of the project.
Related Articles: