2020 was a tough year for everyone as the whole world is under quarantine due to COVID-19 outbreak. This pandemic has made people realise the importance of having their own property as those who were living in a rented place or away from their homes has to face numerous difficulties to stay protected.
This has resulted in the demand of safe and premium quality condos. But before choosing to buy or not to buy a property, one must think of a lot of things. Everybody has his / her own desires and life-requirements that will help him/her determine whether to spend for residential or business purposes. Decisions often differ with the amount you can choose to spend on property transactions.
You can either choose ready to move or under construction property as per your requirement and situation. You need to have good knowledge about real estate before making any decision as with the changing environment especially in 2020 various market factors affects your decision.
To help you decide better for yourself, below are the details of the property and their use for different people and scenario:
Ready to Move Property: Generally, individuals who need a house to dwell decides for Ready to Move property as there is no compelling reason to sit tight for ownership. Simply complete the documentation, make the instalment for the level or Apartment you like and you are Ready to Move in your spic and span home you had always wanted.
Considering the current situation, it is advised for you to choose ready to move in apartment so that you can stay in the safety of your home as soon as you can.
The main reason for preference of ready to move flat is that you get what you see. You can select the society, location, area, amenities, accessibility etc as per your need along with it there is also tax benefits in Ready to Move houses or properties. Having top-notch amenities is very essential now as many people are staying home, working from home so you should not face any kind of discomfort.
For those who want to live in the house and are not intending to sell it, later on, choose to prefer ready to move property. If you want to buy a house for investment purpose than these flats can provide you with good rental value, but not so good resale value.
Under Construction Property: Perhaps the best way to satisfy the desire to own your home is by purchasing an under-construction property. These properties are primarily found in the non – structured parts of the city and thus have the ability to increase value because of future growth opportunities.
It is really a good option for those who wants to buy a property for investment purpose since the property price is less at the beginning and continues to climb with rising position demand. As building assets grow, their cost also increases, eventually benefiting the owner. They also offer high resale value in comparison to ready to move in property.
If you want to do a property investment at less cost, then the under-construction property is advised to you, but due to outbreak many of the projects are getting delayed, resulting in high chances of delay in possession in future.
It is rational to invest, after careful understanding of the project, including the permissions obtained, government dues, project plan, etc.
Besides this, there is some risk associated with Ready to move property and Under construction property:
• The downside is that the cost of ready to move house is greater than the cost of under constructing houses. It could be an old residential property which you purchase and not a brand-new house.
• Besides the risk of delay in possession of under-construction property, there is also a risk of being ineffable costs brought about on improvement charges, GST, the rise of construction materials cost and increase in lending rates etc.
• The end product delivered to you may not be the same as the promised project because of which you invested in the first place.
• You should also check that if the property is registered with RERA 2016 or not, you should NOT purchase any property with is not registered under RERA.
• Another essential point is that Title deed is the most important paper you need to ensure you are given by the developer. Also, make sure that the developer has necessary permissions from the appropriate authorities.
You need to take care of all these factors before making the decision of investing in either of property. You need to invest with the developer who has goodwill and has always fulfilled its customer’s expectations. The year 2020 is very crucial for everyone and you need to purchase a property which can provide you safety as it the most vital facility right now.
This time is very good for purchasing a house as a bank are offering loans with less interest rate, which gives you an advantage of owning a property at an affordable price.
A better option among both of these depends on your purpose of investment if you are looking for a safe property to enjoy your life with your family than ready to move property is good for you and if your main aim is to get good capitalistic value from the property in future than Under construction property investment is preferred.
SBP Group is the most trusted housing company who has delivered the premium quality houses timely and at affordable prices. Safety and a healthy lifestyle have always been the priority of our priority, which is why thousands of families trust us for providing them a superior way of life.
With our 13 years of experience in real estate sector, we have learned the needs of our customer and has fulfilled there every desire. In Chandigarh Tricity and nearby areas you can get premium Ready to Move or nearing possession flats. You can select what kind of property you want and can also connect with us at social media platforms for more information regarding any of our projects.
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