There are many factors that go into buying a home. You have many options to choose from, including the location, price range, offers by builders, home loans, down payment, underconstruction, and ready-to-move in projects. Today, home buyers are more inclined to choose ready-to-move in housing projects. This choice by home buyers may be due to a variety of factors. The most important factor is the impact of the pandemic upon the real estate market.
What does a Ready-To Move-In Home mean?
A ready-to-move in home is one that a real estate developer has completed the construction process. Everything is already installed, including bathroom fittings, woodwork and kitchen fittings. A ready-to-move in home is sold by a builder who also has all required paperwork such as completion certificates, fitness certificates for occupation, and any other documents.
Why Home Buyers Prefer Ready-To-Move In Homes
These are the reasons home buyers make the decision to buy ready-to-move in houses.
1 Multiple Choices:
This benefit of a ready to move-in home is not only obvious but also has two sides. First, India has a lot of reality projects. The options are endless. There are many new housing projects in India, as well as buildings that are still under construction. You have the opportunity to select the right ready-to-move in housing project for you. You can also choose the home or flat you want within the ready to move-in housing project.
2 Move in Swiftly:
This home comes fully furnished and ready to move into. You don’t have to wait, unlike a home that you buy in an under-construction housing development. You don’t have to wait, unlike a home you purchase in an under-construction housing project.
3 Rent Money Saved:
If you’re looking to purchase your first home, consider a ready-to move-in property. You will save a lot on rent, as the house can be moved in quickly. You will find all you need in a home for comfortable living. You can use the money you save on rent to pay the home loan EMI. You will also have an asset that will continue to increase in value.
4 Less Risky:
This is because people often invest in housing projects still under construction as it is less expensive. The problem is that many builders are unable or unwilling to complete a project on time. A ready-to-move in housing project is safer because it has been completed. All you have to do is verify that the paperwork is correct. It is important to carefully choose your real estate broker and to consider well-respected brands when making a home purchase.
5 Before You Buy:
You can view everything before you buy a ready to move-in property. If you live in an apartment complex, you will be able to see the finished house and all its amenities. These apartment communities often offer other amenities such as shops, recreation centers, playgrounds, and swimming pools. A home you buy in a completed property will give you the ability to live there and invest.
6 Home Loans are eligible for tax benefits:
The IT department offers tax benefits on houses that are completed. A property that is ready to move in will be eligible for these benefits. When you borrow money to buy a house or flat, you can get tax deductions. A ready-to-move in home is also eligible for tax benefits, which you cannot claim for under-construction properties. These tax exemptions apply to both your principal home loan amount and the interest you pay. This will allow you to save money on a completed home project.
7 Ease in Documentation:
Before you buy any property, it is important that you verify all land documentation. The benefit of a ready-to-move-in-home project is that much of the documentation and paperwork is already in place, like the completion certificate and any other related certifications. A completed housing venture makes it easier to obtain a loan.
8 GST Exemptions
For properties under construction, ready-to-move properties don’t require you to pay GST. The rate is 5%. Because property costs are high and expensive, this exemption can help you save substantial money.
9 Time and effort saved:
It takes a lot of effort and time to build your house, or a property that is part of an under-construction project. To ensure everything runs smoothly, supervision is required from the beginning of the construction to the final interiors. This is possible only if you are willing to put in your time. You save time and effort by purchasing a ready-to-move home.
Conclusion
A major decision that requires significant financial investment, buying a home is often a big one. Buyers are increasingly choosing to buy ready-to-move in houses due to the current pandemic and uncertainty about taking over unfinished projects. Although a ready-to move-in home offers many benefits over a home still in construction, there are some things you should be aware of. A lawyer can help you make sure that your property is legally title and free from any legal issues.