When it comes to buying a home, you usually have two options. You may either buy an under-construction property or get a ready to move in home. It is also possible to design and construct a home on your own piece of land. As a first time homebuyer, it is easy to get confused among all the available options. So if you’re in such a dilemma, we can help you.
Designing and constructing a home can be a daunting challenge. So, now you’re left with two options- under-construction home and ready to move-in. The most obvious choice of home buyers is under-construction properties because of the low price. However, if you consider a few things, buying a ready to move-in home has a multitude of benefits.
It is lucrative to invest in under-construction projects. But don’t you think that investing your hard-earned money in a long project can be quite risky. Move-in ready or inventory homes are a safe investment because these are already complete or nearing completion. Wise home buyers prefer move-in ready home because of the benefits that come with it. However, if you’re unsure which choice is right for you, here are the biggest benefits of buying a move-in ready home.
Get What You Pay For
If you buy an under-construction apartment, you will decide based on a sample flat. The developer will show you either a 3-D model or a finished sample flat. However, often people complain that the actual apartment they get is different than what was shown to them earlier. There is no guarantee that the end result of an under-construction project will be the same as the sample flat. But when you buy a move-in ready flat, you can verify everything by physically inspecting the actual apartment before making the final decision.
The inventory homes are available for immediate sale. There is no waiting period and you get possession as soon as you make the payment and sign the necessary documents. This is one of the biggest advantages of buying a ready to move-in home. If you’re planning to relocate to a new state, you can move into your new home without waiting for months. It also eliminates the risk of the project getting delayed or stuck for years. Moreover, you don’t have to spend months and hire a contractor, pick out flooring, kitchen countertops, and cabinets.
No Rental Payments
When you invest in an under-construction property, you have to wait for months and even years. During this waiting period, you will have to rent an apartment. You invest in an under-construction property because you think it costs less. But if you add monthly rental payment and your monthly loan EMIs, then you will see that it is in no way cost-effective approach. If you buy an already compete home, you would get relief from monthly rental payment. Even if you do not intend to live on that home, you can rent that house and use the rental income to pay your home loan EMIs. This will ease your financial burden.