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Discover the Convenience of Ready-to-Move Apartments Near Me

Blox Social
Posted on
Aug 24, 2023

Should I buy a ready-to-move apartment near me or look for under-construction projects? This is a question most first-time homebuyers ask. While under-construction projects are sometimes discounted by the developers to improve their cash flow and sales even when the project is underway, readymade apartments come with many real advantages. Why are most online searches for residential properties variations of "ready-to-move apartments near me"?

What are the benefits you can expect as a homebuyer?

Let's take a look.

  • The first advantage that most homebuyers consider is being able to see and experience the finished unit that they are buying. Walking into the living room, knowing the kind of natural light that filters in through the balcony, being able to move around in the kitchen and gauging the comfort level, seeing first-hand the materials used in the construction, enjoying the view from the balcony before investing – these are invaluable to the homebuyer. In the case of an under-construction project, most of these aspects are left to the imagination. Many prefer to invest in a completed property despite a slightly higher cost.
  • Investing in an apartment or flat that is ready for occupation is also a wise financial decision. Buying a house and readily moving into it helps you save on rental expenses you may currently incur. This amount can be redirected to repaying the EMI on your home loan and creating an asset. Building a residential project may be a long process, often taking a couple of years. By investing in an under-construction property, you undertake to repay your loan while continuing to spend on the rent of the property you occupy, overstretching your monthly budget and cash flow.
  • When you search for "ready-to-move apartments near me", are you looking for a home to move into or a property that will fetch you a rental income? In both these cases, a completed apartment works out to your advantage. With nearly no wait time, you and your family can move in as soon as the registration is done and the completion certificate is issued. You can also immediately rent out or lease the property, bringing you a steady monthly income from your house.
  • Homebuyers planning to invest in a property in its construction state often fail to gauge the tax advantages of investing in a ready-to-move property. Readymade flats attract no additional GST, while under-construction properties come with an added 5 per cent (1 per cent in case of budget housing) GST component. This tax levy often offsets any advantage offered by lower pricing. Moreover, when you invest in an under-construction property, you can only claim a tax deduction on the interest component once construction is completed. The interest repaid during construction can be claimed retrospectively for five years after obtaining the completion certificate. The ceiling on this, however, is capped at INR 2 lakhs per annum.
  • Traditionally, buying an under-construction property, despite its lower cost, was considered a significant risk. This changed in 2016 when the introduction of the Real Estate (Regulation and Development) Act made it mandatory for projects to be registered with the RERA authorities and offer transparency about the size, quality, and timelines of final delivery. The act also provides legal protections to the homebuyer. Despite this, most homebuyers wish to invest in readymade properties to avoid the challenges faced by unforeseen delays and changes to the floor plans.
  • Buying a house and making it your home is a significant lifestyle change. Moving to a new neighbourhood can require some adjustment. You may need to find new schools or hobby classes for your children, locate trusted medical practitioners, and get used to a new work commute. It is essential to take the time to get to know your new community and assimilate into it. Choosing a pre-built flat can help you move in quickly and easily adapt to your new surroundings. Most homebuyers look for amenities like fitness and gym facilities, swimming pool, children's play area, etc., in their new home. Moving into the ready flat helps you enjoy them and have a better lifestyle.

Buying a property is a very personal decision. But it is also a major financial investment. When buying a new house, you must consider your family's future needs and financial commitments. In a city like Mumbai, where both under-construction and ready-to-move apartments are available, the decision should be a well-thought-out one.

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