The real estate prices in metro cities keep fluctuating every year. But over the past three years, the prices have been down or little stagnant. This has not changed anything in the price but has left most buyers in two minds. The primary reason behind this is the inherent delays in the completion of existing projects which eventually results in the buyer losing their confidence in the property. This, in turn, will affect the investors who might consider it as a loss of investment.
Nevertheless, the present generation of home buyers are more enlightened than before. They are well aware of the property prices and take enough time to decide on choosing a property. In this article, we will be highlighting the main reasons why a ready-to-occupy home is the best choice for your next real estate investment.
#1. All set for the date of delivery
Many under-construction projects in India are notorious for causing delays in the completion and this has led buyers to double their cost. This not only affects the EMI but also affects the rental value while waiting for the possession of the property. The delay of projects happens due to several factors in the real estate segment, complicating the buyer’s financial situations. The additional rental expenses take a toll on the buyers who have invested in the delayed under-construction projects. So, many buyers prefer to invest in immediate occupation projects that make a lot of sense to them.
#2. To get settled in a good neighbourhood
It is extremely important to know about the neighbourhood you are going to settle in. Prospective buyers will examine the infrastructure, the available amenities, nearby markets and connectivity issues. Most buyers prefer to go for a building which is already built, offers these amenities, have good security, a decent neighbourhood and well-developed infrastructure. Many ready-to-occupy homes offer these facilities and it’s always better to go for a completed project. There are many ready to move in apartments in Medavakkam Chennai which come pre-loaded with the amenities.
#3. Have the advantage of receiving income through rentals
If your intention is property investment, then you can use it to for earning rentals as soon as you purchase a ready-to-move-in property. Rentals will assist you in paying part of the EMI in case if you take a loan and improve your returns. It’s better to study the rental trends in the particular location and check for any upcoming infrastructures in the vicinity which could significantly increase capital appreciation in the future.
#4. Due to the presence of fraudulent developers
Majority of the real estate sector in India is very unorganised and there have been instances where many developers have duped buyers of their hard-earned savings by collecting the initial sum of money and vanishing without a trace. With the implementation of RERA Act (Real Estate Regulation and Development) in 2016, many developers have got reduced. Their strict guidelines have ensured that only serious and genuine players operate in the real estate market.
#5. No potential project delays
When you are opting to go for a ready-to-move-in house, you eliminate the grave risk of potential delays. There is no need for you to wait until the final completion of the apartment and the facilities associated with it. The RERA act has laid out strict timelines for completion of housing projects and in general, many developers usually list five to six years for the completion. Earlier the deadline was about three years. The advantage in moving to these homes is that there are no waiting periods. The project would have already got completed and you just have to complete the regular formalities of purchasing a home and issues related to purchasing
#6. You receive a completely-furnished apartment
As a buyer, you can start living in a readily available house as quickly as you buy it. This is very advantageous for those who want quick fixes. This also helps those who are unable to afford both rent and EMIs every month while waiting to move into a home under construction. Almost all the ready-made homes come with complete interiors and amenities, giving you the opportunity to experience the best of the house at an early stage. As mentioned above, most of the flats for sale in Medavakkam are completely furnished and come with a ready to move tagline.
#7. You can save quite a lot from rentals
One of the primary reasons you should go for a ready to move in home is that you can save a lot from rentals. If you have permanent employment or if you are already settled down in one place it’s better to go for ready-to-occupy homes. House rents are usually fixed on the basis of the locality, the amenities available and depending on the quality of the new project. Especially new projects in Thiruvanmiyur have high rental charges. Therefore, going for premium rental homes with maximum amenities in suburbs can be quite an expensive affair.
#8. Pay through EMI with no down payment
For a possession-ready home you can pay only through EMIs on home loans and it would not include any other payments. While in the case of under-construction properties, the EMIs usually start after the entire construction is complete. With the delays in the construction, the EMI will once again start after the home loan gets expended. But in most of the cases, the buyer may cancel the purchase of the property due to the increased financial strain and the ever-increasing interest rates.
If you are planning to go for ready-to-occupy homes, please check your financial condition and the documents required to purchase a property. Based on the reputation of the developer, the banks will assist you in availing for the loan. Purchasing of homes is an expensive and risky affair so please ensure you do your research before considering the long-term returns.