Those who are looking for new property often face a dilemma. Should or should not they be investing in new properties, under construction properties or resale properties? Well, the answer actually lies in a number of factors that need to be considered. Every family is different and so is their requirement. For someone who is in urgent need of home, decisions can be hard to make in a very short span of time. But the longer the purchase is put off, the greater time is spent on paying the rent of a rented apartment.
There are some who believe that renting a home is a much better option than buying one because the latter would take up a lot of investment in a very short span of time. It would be financially taxing and it would mean having to compromise on other areas of life which would bring down the quality of living. However, one thing to consider here is that no matter how much rent one pays, that apartment will never be their own. There is something very secure about having one’s own roof over one’s head.
Renting an apartment also means that one would have to move the moment the landowner wants his premises back and it would mean scouting for another apartment all over again. Renting is a good idea for a short term basis- when one is sure they will not be staying in a particular city for a long period of time. Or else, it becomes a liability because the long term expenses will go on increasing. And while this is alright while one is young, eventually one will miss having one’s own home in one’s old age.
So the question is whether one should opt for a new, resale or under construction property?
Which one is your best solution?
A new property, which is ready to move in, is always a good option. For those who need a home on an urgent basis, it would be a good option to choose a ready to move in house because then they would be able to move in immediately into the home they have always dreamt of having. Also, according to the current tax rules, there would be no GST payable on a ready to move in property. This is why many are opting for ready to move in apartments. Moreover, there is also something of buying a brand new home for oneself and family and no matter how small or big the home is, there is great satisfaction in that. The modern new homes also have a lot of amenities. There is also the advantage of seeing your completed home before you move into it, and so you are absolutely sure about what you are buying.
Should you choose an under construction property instead?
In case of an under construction property, this is definitely a huge dilemma. Some tend to book an under construction flat and go through most of the payment procedure, only to be dissatisfied by the flat when it is handed over to them. However, those who want to stretch out their payment over a period of time, would be better off when they buy an under construction property since the entire amount will not have to be paid in one go. This is a major advantage for those who have some budget constraints. This is also a good option for those who do not have an urgency to buy a home or are just buying a flat for investment purposes.
Will a resale property be better?
The last option to consider is a resale property and frankly speaking, there is nothing wrong in buying a well maintained home. However, there are certain things that one has to check thoroughly when they buy such a property and the maintenance is a key issue. Such properties are old and the sellers usually have a tendency to cover all the flaws with a coat of paint before selling it off. They are also lacking in a number of amenities which might be the need of the hour. The problems of an old property only start to show after one has moved into it and one could have to shell out a considerable amount over and above the cost of the home, to repair the old property.
One solution to this problem is to have the premises checked by an engineer who will be able to ascertain the actual quality of the apartment and also the building in which it is housed. Also, these properties are relatively cheaper and hence they are great for those who have some kind of budget constraints. Moreover, the water and electric supply line are already built in and hardly any extra time is spent on them either.
Hence, it depends on the buyer as to which kind of home he/she wants to move into. Whichever category of home you may buy, it is important to make sure that all the papers and the documents are in place. It is a good idea to choose a RERA property because the property is registered and one can check the details of the home online even before one has moved in.
For RERA approved homes, it is necessary to submit the building plans and the other related documents on part of developers and there are lower chances of any fraud or misleading information as a result. These are approved homes and as far as security is concerned, they are the best homes to opt for in the current market scenario.