We all have imagined to buy our dream home. While the enjoyment of having the house drives you to speed up the buying process, the amount of documentation that one has to gone through could be a difficult task, and often annoying.
Besides, most of us face the situation of whether to buy an under-construction property or go for a ready to move in one. Here We discussed at both options and estimate their benefits and drawbacks.
Under development property:
Today, under development house the most ideal option for buying a property. A builder declares a new real estate venture through ads in Tv, news paper and other media. Agents start going around the marketplace, shopping malls, companies and houses to spread a word about the property.
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• High Risk Factor: All is not so well in under development houses. There have been times when the developer does not finish the work in a specified time because of money problems, increase in the cost of raw materials and interest levels.
• With time the marketplace outlook may change: The industry outlook may modify eventually, like what actually occurred in situation of Samshabad place. The place was supposed to variety many engineering universities, medical facilities, biggest Infosys university and so on, but due to economic problems of 2008 nothing came up.
• In some instances, customers won’t get everything what they have been promised:This is one of the common compliant made by real estate customers. They usually do not get what is guaranteed to them in the documents related to the property. In these instances, Property customers feel troubled.
Ready to move in property
• Immediate accessibility: Property customers do not have to stay around to go into their dream house. Here the home buyer has just to make the payment, get the signed document and then move to their new place.
• You get what you see: In a ready to move in house, customers will pay for what they see. As there are people residing in the community, the customers get a reasonable idea about the place, close by shopping shopping malls, community and utility, servicing etc.
• Savings on rent: Benefits on rental income starts instantly. This is a big enticement for real estate customers to buy a ready to move in houses.
Also, in some case of ready-to-move-in properties all payments have to be made advance. Compared with an under-construction property, there is no phased payment schedule here. Hence, the buyer who is buying the house via a mortgage will have to spend more EMIs from the starting itself.
So the final summary taken from various reviews is that if you are going to buy the property from investment point of view, then buying an under development house seems sensible. However if it’s mostly from residing objective and you want to consume it for your own purpose, then buying a ready to move in house is more efficient. Also all the benefits and drawbacks mentioned can differ from case to case and the points mentioned here are based on a general information and reviews.
Thus, it is important to take into account all these concerns before signing on the dotted line.