Know Pros & Cons of Buying Ready-to-Move-in Property
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Nowadays, there has been an increase in the trend of “Ready-to-Move-in” properties. Before we discuss “Buying Ready to Move in property” it is important to understand what is understood in general parlance as everybody would have different meanings for the same.
- One meaning of Ready-to-move-in” is a house that has been completed in all respects and ready for possession or in other words it is not like a new project that has been started from the scratch and you will be able to move post completion that can take upto two years or even more.
- Another meaning could be buying a house where everything is ready including furniture, fixtures like bed, sofa, dining table, chairs, freeze, washing machine, mattresses, wardrobes and so on. You just have to move with your bags of daily needs/clothes etc. This could also mean moving to an old and existing house may be ready with furniture and fixtures as discussed above or may be without it. The difference is that you buy from an old owner and not from the builder / developer.
They are usually available for those who want to shift immediately and these types of properties are preferred by the people who want to make a good investment for their money or who run short of time to plan or buy all the things. If it is in your mind to buy a Ready-to-Move-in property then here are few things which needs to be kept in mind before doing so.
Buying a Ready-to-Move-in property can prove either beneficial or disastrous. Listed below are some of the points stating the pros and cons of buying a Ready-to-Move-in property. These points will help you save yourself from any surprising and unexpected problem that can arise.
Pros of Buying a Ready-to-Move-in Property
01. Immediate Possession
- One of the best reasons is that you don’t have to wait for living in the house. As soon as the payment is done, you can occupy it and start residing there.
02. You Get What You See
- The main advantage of buying a Ready-to-Move-in property is that you get what you see as you can see the quality of work in which you will be investing.
- There is an opportunity for the buyer to examine the fixtures and accessories in the property and make any changes or improvement that are needed, if any, within the property.
- This will help you to judge whether the specifications and amenities that h are mentioned by the builder/developer regarding flat or property in the brochure actually matches the standards on the site or not. This will also give you an idea about honesty and integrity of the builder. This will give you a confidence of about quality of works that are hidden and cannot be inspected.
- The possibility of getting cheated by builder/developer is more.
03. Clarity on Legal Issues
- Most of the times, it so happens that the builder/developer tries to pass off disputed property as a fresh property which then lands the potential buyer(s) in the web of legal disputes.
- Ready-to-Move-in properties are already completed and have all papers and documents handy with the owner; so, it is easy to check them.
- If you are buying a Ready-to-Move-in property by taking a loan from bank, then the loan issuing bank will always help the buyer carry out the initial legal checks required in case of disputed properties.
- However, it is better to hire a good and experienced lawyer to verify the land title and various other documents related to properties in order to save yourself from any further legal disputes and hassles.
04. Get to Check the Neighborhood
- It allows you to know what kind of neighbors will be living around and then take a decision whether to sign up for the property or not.
- There might be some residents living there from whom you easily get to know about the builder and his work quality and its customer behavior and delivery on the whole.
05. Savings on Rent
- Ready-to-Move-in property provides relief to those who lives in rental accommodations as you get to move to your house right away once you purchase it.
- This leads to savings which otherwise would have been used for rent.
06. Investment in a Life-Long Property
- For those individuals who want to make an asset for themselves, Ready-to-Move-in property is an investment for them.
- So as soon as you get possession of the property, you have the option to either rent it out or move in yourself. Either way you have a property in your name.
07. No Inflation Cost
- As the house is ready and one can move immediately; the time taken for negotiation and conclusion of contract is very less and hence there is no question of any increase in price due to inflation which otherwise is a big headache in case of projects that are ongoing or gets started from ground / foundation.
Cons of Buying a Ready-to-Move-in Property
As there are pros of buying a Ready-to-move-in property there are various cons related to it, which are listed below:
01. No Flexibility in Payment
- There is no flexibility in payment when you buy this type of properties.
- Generally, the payment needs to be done in one go which includes payments such as down payment, stamp duty, registration charges, etc. You hardly will have time to negotiate bank loans.
02. Restriction to Modifications
- There is a little or hardly any scope of modifications to be done in the plan layout / design.
- If you want to refurbish entire home then it takes higher cost or rather not possible.
03. More Legal Paperwork & Documentation
- These types of properties involve lot of paperwork which needs to be resolved before the buyer can move in to reside in that property.
- So, it is necessary and advisable to know the rules and regulations which are involved in the sale and purchase of ready-to-move-in property to get the best deal and prevent yourself from any future hassles and disputes particularly for fixtures and furniture.
- But there are set of problems which comes with it so it is advisable to take required precautions before investing in a Ready-to-Move-in property.
04. Limitations in the Choice
- In case you move into a house where you have furniture and fixtures ready, this may save your time used for buying all things needed by you are buying those for the first time. At the same time if you own and possess everything then you will never like to go for such option as what to do with all that old stuff will be a major problem apart from its investment and money already spent.
- There is no scope or provision of making the rooms and house as per your preferences and requirements as they are already built up properties.
- So, there is very less possibility that you will get the floor or other finishes of your preferences.
- Buyers also need to decide quickly in this case as there are limited number of units and may be in high demand.
Listed above were the pros and cons of buying a Ready-to-Move-in property. The decision whether to buy it or not all depends upon the individual’s needs, preferences and financial situation. We hope the article would have provided you the basic knowledge regarding Ready-to-Move-in property. If you think some points have been missed out or you want to share your views on this topic, then please do so by commenting in the box given below.
Hoping for a better and peaceful home!!!!!
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