Buying A Ready To Move In Property: Pros And Cons
If you are considering buying a ready to move in property, then there are a lot of things you will need to consider during the buying phase. Ready to move in homes are usually available for immediate occupancy, and are some of the preferred properties for people looking to make a good, sound investment.
Like the two sides of a coin, even buying a ready to move in property can prove to be beneficial for you as well as disastrous, at times. In order to avoid any unforeseen challenges, here are some points which might help you make the right decision:
• What you see is what you get?
The prime most benefit of moving into a ready to move in property is that you can see the quality of the work and what you will be investing in. Once the property is ready, you can examine the fixtures in the property, and the improvements which need to be made within the property. This way, there would be lesser opportunities to get duped by brokers or builders.
• Skirting away from disputed property
Most often, it so happens that you end up buying disputed property. Brokers and builders try to pass off disputed property as fresh property, which more than often, lands the potential owners in the midst of legal cases. However, when you invest in a ready to move in property, you can have the status the property checked before hand, to avoid any unforeseen legal cases. If you are taking a house loan, the loan issuing bank will always help you do the initial legal checks for required in the case of disputed properties.
• Investment in a lifelong property
Ready to move in property is like an investment for people who are looking to make an asset for themselves. This way, you have an option to either rent out the property as soon as you get possession, or move in yourself. Either way, you get a property to call your own. This also helps you steer clear of any possession based disputes, which has become an apparent case these days.
• Tax benefits for the buyer
House buyers can avail service tax benefits, as ready to move in houses are often accompanied with little or almost no service tax charges. Since the property is ready to move in, the charges don’t need to be paid, as the initial owner/builder might have already paid them on your behalf or at the time of construction.
• Inflated costs
The first drawback of buying a ready to move in house is that one has to bear inflated costs for purchasing the property. When comparing ready to move in properties with under construction properties, the charges might tend to be on the higher side, which might dissuade some home owners. However, at the time of purchasing, one can always explore the various options, and then make a well calculated move accordingly.
• Modification challenges
When you invest in a ready to move in property, there is hardly any scope of modification available to the end buyers. The buyer is pressed for choices, as there are very limited chances of modifying anything within the house. This could mean the living spaces, the fixtures, or any other combinations available within the house.
• Legal hassles for registration
Ready to move in houses involve a lot of legal paperwork which needs to be resolved before the buyer can move in. Unless one has a lot of patience, it’s advisable to stay abreast of the rules and regulations involved in the sale and purchase of ready to move in property to get the best deal.
Buying a ready to move in property might seem like a lucrative deal for people. However, it comes with its own set of problems; ideally, you should take the required precautions before you invest in a ready to move in property.