Which is the better choice: Ready to Move In or Under-Construction Property?

Everyone wants to own their dream house, but the decision of choosing the one is difficult. Since it impacts your living standards and financial planning, choosing the right type of residential property can be confusing. Ready-to-move-in properties are available for immediate occupancy without any waiting period while Under-Construction properties are still being built and can be purchased from developers even before its completion. Whether an under-construction flat or a ready-to-move-in flat is the better choice for you will depend on each of these factors mentioned below.

1. Price Differences

Compared to under-construction, ready to move in flats are expensive as they are completely constructed and available for immediate possession. Under-construction projects are lower priced but their construction is still ongoing, they have a longer waiting period, and their possession is uncertain.

2. Possession Time

Another important thing to consider when purchasing a house is possession time. You can quickly relocate in ready-to-move-in flats as it offers immediate possession with no waiting period. While in under-construction flats, the occupancy period depends upon the construction stage. Additional costs and inconvenience may result, delaying the possession.

3. Payment Terms

While purchasing ready to move in flats, you need to make entire payment at once. However, if you choose an under-construction flat, you can pay in installments based on the progress of construction. This can be beneficial as it allows flexible payment options.

4. Customization

Ready-to-move-in flats are already built so you can get limited customization. It can be complex and expensive if wish to do any. For under-construction flats, builders offer more flexible options for changing the layout and finishing based on the stage of development.

5. Risk of Delays

Ready-to-move-in houses have no risk of delays as it is already built. Alternatively, investment in under-construction properties can be a risky since builders may fail to deliver on time or, in the worst-case situation, fail to complete the construction due to lack of resources.

6. GST & Tax Benefits

For ready to move in flats, GST is not applicable as it has received completion certificate. Under-construction flats are subject to up to 5% tax on the property price. Additionally, paying for stamp duty and registration costs separately can result in significant tax expenses. However, buyers can claim tax deduction on interest paid during the construction phase.

7. Quality Assessment

Ready-to-move-in flats do not promise a completely new home. Although you cannot verify building quality, you can personally inspect all of the amenities that a property has to offer, ensuring quality transparency. Under-construction properties provide a brand new house with minimal maintenance. However, you may face a common issue of not getting what was proposed. This could imply a smaller space than expected, a different layout or fittings, or insufficient amenities.

8. Resale Value

Ready-to-move properties are expensive, but their resale value increases more quickly. This is because they are accessible for quick possession, which attracts buyers. On the other hand, under-construction flats may take longer to rise in value as they have not yet been completed.

You can gain insights about the latest property trends with Lucky Builders & Developers, one of the top real estate developers in Navi Mumbai, helping you make a wise investment choice. Our real estate company in Navi Mumbai builds residential projects just like you envision living. If you are looking for ready to move in properties or under-construction projects in Navi Mumbai, you can contact our reliable real estate builders in Navi Mumbai to find your ideal home.