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Under-Construction, Ready-To-Move Or Resale Property- What To Choose?

Are you hunting for your dream home for sale? But you are unsure whether to buy an under-construction, or ready-to-move-in, or resale property? So, you are at the right page where just for you we have analysed the pros and cons of each option, to help you get clarity.

Buying a Residential property is a dream for many all almost everyone. It becomes crucial when it comes to deciding between an under-construction, ready to move (new property), or a resale property. As a buyer can need that property for self-use or investment purpose or just to keep it as a second home.

Who Should Buy Under-Construction Properties?

An under-construction project provides a buyer time to arrange for money and cost lesser than ready to move. At this stage, the developers start with competitive pricing to attract buyers and boost the sales. As the project matures in construction and occupancy, the demand rises, leading to an increase in prices.

Thus, before making final decision for these homes for sale, the buyer should ensure that the developer has taken all the approvals, that the project should be RERA-registered and that it is being developed as per the development plan. There should be no financial stress on the project and the developer should have a good track record and the capability to deliver the project.

And, it is always advisable to invest, after thoroughly understanding the project, including the permissions obtained, government dues, project plan, etc.

Also See: What Mistakes First-Time Home Buyers Should Avoid?

Who Should Buy Ready-To-Move-In Properties?

Buying a ready to move in property is meant for the people who are living on rent and may find it challenging to manage the EMI and rental outgo at the same time. And if they choose an under-construction property the situation may become more complicated, if the possession of the property possession is delayed.

In case of ready-to-move-in projects, the buyer should ensure that all the property papers and approvals are in place. Along with that there should be no financial liability on the project. The amenities and utilities promised by the developer should be in place and functional.

A ready-to-move-in property allows the buyer to understand the quality of construction, infrastructure support and locality in a better way. Moreover, the end-user can immediately leave the rental home, to save on the rental money and move to their home.

Who Should Buy A Resale Property?

As per the experts, a resale property is a lucrative buying opportunity for the buyers (investors, first-time or otherwise) who intend to stay in a well-established location. Buyers, who lay more emphasis on the available utilities than price appreciation, prefer assured rental income, etc.

But points to consider while buying a resale property, the buyer should check the age of the property, repair costs (if any) and encumbrances related to electricity, water, society bills, etc.

A buyer who wants to live close to workplace, but cannot find any suitable under-construction property or ready-to-move-in, can explore more of resale properties options. Hence, it is up to the buyer what suits him the best under his budget and after comparisons. As the preferences and needs for every individual is different, vis-à-vis location, amenities, community type, etc.