Investing in a residential property is one of the best financial decisions that you ever make. With the availability of various residential properties in the real estate market such as plots, villas, apartments, independent houses, and many others, people tend to get confused in choosing the exact property they want. Today everyone are having a busy and hectic lifestyle, so it is very hard for them to find and move into a new property. So, to make this whole process of upgrading the residential property easier ready-to-move-in apartments are in trend these days.
A ready-to-move-in apartment simply means a residential property that is available for immediate occupancy and that is one of the major risks these types of apartments avoid, they will eliminate the delay in completion of the project as they are already completed and furnished. The following are the benefits of purchasing a ready-to-move-in apartment.
You Get What You See
You can physically verify the apartment and everything that they offer including the amenities before you buy it. This is one of the huge benefits that you will get if you are investing in a ready-to-move-in apartment. You will get the exact idea of how your home will be and be saved from any malfunction that occurs. If you are purchasing an under-construction project, it is purely sold on paper. You do not get to examine the final project before you invest in it. In this case, there is a huge chance to occur any misconception about the final outcome and what you have paid. So, to avoid any type of problem a ready-to-move-in apartment will help you as you could pay the money only after the final inspection.
Easy Loan Approval with No Down Payment
Securing a loan for a building under construction can get tricky usually as most people apply for a loan to buy a residential space. In fact, the loan approval rate for a fully constructed flat is high because it has a very low level of risk. Also, to add an advantage, you may also get the loan at a lower interest rate. Another important factor about a ready-to-move-in apartment is that you will have to pay only the EMIs for your home loan and no other payments.
Immediate Authority on Your Purchase
When you purchase a ready-to-move-in apartment, you can instantly move into your new home. You will immediately get possession of your home. Whereas for an under-construction property you have to wait for years for the apartment to get completed and delivered.
Immediate Tax Benefits
In a ready-to-move-in property, you can challenge tax exemption on your home loan on both principal and interest repayment instantly while tax benefits of a home loan for an under-construction property can be claimed only after you get the flat possession.
Taxes play a crucial role in buying any property. Today, if you buy a ready-to-move-in apartment, the buyer does not have to pay any GST. On the other hand, a property under construction charges GST. So, this way the investor can save money by opting for a ready-to-move-in residential apartment.
Save on Rent
If you buy a ready-to-move-in apartment, you can either save money or earn a passive income in the form of rent, if you are planning to move in later. This way you can use the rental income to pay the EMIs or keep it for any other needs.
You Can Purchase Within Your Budget
While purchasing a ready-to-move-in apartment, you have the complete authority to select a property that falls within your budget. If you have a lower budget, you can choose properties that fit your criteria. You do not have to expand your finances to buy anything out of your budget. But if you buy a property under construction that is taking years to get completed, the cost of the overall property varies from that of the initial amount, as years pass things get tougher, and with the inflation factor everything increases, which ultimately leads to the overall increase in the price of the property.