Under-Construction vs. Ready-to-move-in Apartment: which one to buy?


 

The Dilemma to choose between a under construction apartment vs ready to move in apartment is something that every individual faces. The solution to this dilemma is only on the basis of requirement of an individual. Yet, there are a few advantages and disadvantages to look into before finalizing.

Here is a guide to help you decide better between a ready to move in apartment vs a under construction apartment!

Advantages of a Ready to move in apartment vs a under construction apartment.

1. Immediately available: You need not wait for months or a year for your house to be ready. This is a major advantage as you will see, in real time, what you are going for. Be it the structure, or the material used, the amenities, the final outcome and so on. You get what you see. Many people tend to buy a ready to move in apartment because of this particular advantage. Reduces risk of delay in possession and poor-quality construction.

2. Better budget planning: The Advantage of not paying GST for a ready to move in apartment vs a under construction apartment will help you plan your budget. The money you pay as taxes can be invested in the interiors or your house. Also, for buying furniture etc.

3. Lesser Risk of legal implication: The legal angle, when it comes to a ready to move in apartment vs a under construction apartment is very tricky. Today with so many litigated properties, developers are blindly going ahead to construct and flats in these properties. There are many instances when the competent authorities have stopped an on-going project, because it did not follow the said legal terms and conditions. Here, it is none other than the buyer of the flat that is affected.

The Disadvantages of a Ready to move in apartment vs a under construction apartment.

1. Higher risk: There is more risk in buying a under construction apartment than a ready to move in apartment. But, you have an advantage on the price for an under-construction apartment. There is the risk of delay, risk of legal implications and risk of not actually getting what you had thought of. There are also chances of poor construction quality, and lesser amenities than what was promised.

2. GST: Buyers have to pay GST if they are purchasing an under-construction apartment. It will also attract taxes of up to 5% of the total property value. There is also extra expense such as stamp duty and registration fee. An affordable home under 40 Lakhs will attract 1% GST.

3. Last minute changes and disparity: One of the most common disadvantages of a under construction apartment is the deviation. There will might be differences between what was promised and what was delivered. You might not get what you saw! There might be minor changes in the look and feel of the flat, the paint job, the interiors etc!

Conclusion

We hope the above gave you a gist of buying a ready to occupy flat vs a under construction apartment. We at SGR Buildtech are coming up with various projects across Bangalore, to fit the requirements of an array of home buyers, follow our website for more details on upcoming projects.

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