The decision of purchasing a home is already a big one. While choosing a flat to purchase is no easy task, what further adds to the dilemma of homebuyers is multiple advantages and disadvantages that are inherently linked to under-construction homes and ready-to-move-in units. The decision ultimately depends on the buyer’s financial ability and the motive of the purchase.
There are many property development companies in Goa and home buyers today have a lot of options to choose from. One key decision that a buyer usually makes is the decision of choosing between an under-construction project or a ready-to-move-in project. Here are some of the key points:
I. Under-Construction :
- Advantages :
Price: The biggest advantage of ready to move in homes is the price. They are considerably cheaper than buying a ready-to-move apartment. Many builders also have flexible payment plans and special offers for under-construction projects.
Choice of unit: If you are buying an under-construction project then you most likely have a wide range of units to choose from. You also might get the option of modifying/altering the design/layout to your liking.
Return on investment: There is usually a long time frame between the construction phase and the completion phase. As the project nears completion, the property will most likely appreciate giving you a healthy return on your investment.
RERA Compliant: RERA registered properties give you many advantages like builders’ compliance with fair trade practices, reduction in project delays, and speedy redressal of grievances.
- Disadvantages :
The finished project is uncertain: This is one of the biggest drawbacks of under-construction projects. Many things can go wrong like builders defaulting, land disputes, new regulatory policies, delays, etc. all of these are risk factors to take into consideration. This is why it’s important to purchase from top builders in Goa who have a good reputation.
Possession will take time: Under-construction projects take time to complete. Time until possession depends on which stage you make the purchase. This is why it’s important to get proper timelines for the project as under-construction projects usually incur delays.
GST: Buying an under-construction property without a Completion Certificate at the time of purchasing will attract GST of 12% of the total cost of the unit.
II. Ready-to-move-in :
- Advantages :
What you see is what you get: When purchasing a ready-to-move-in flat you can see what you are buying first hand so you can be confident in your purchasing decision. There won’t be a discrepancy between what you have seen and what you have got.
Immediate possession: For ready-to-move-in projects, you can move into your new home as soon as payment and documentation are done. So if you have an urgent need to move in this will be a better option.
Better surrounding infrastructure: There are usually more infrastructure projects and facilities like supermarkets, restaurants, etc. near-completed projects.
- Disadvantages :
Price: Ready-to-move-in flats are more expensive as compared to under-construction projects, a big part of this cost is property appreciation which leads to inflated prices after the property is ready for possession.
Can’t modify internally: It is very difficult to have major alterations in the structure and design in a ready-to-move-in house.
Quality of construction: You can have the option to check the quality of work and progress for under-construction units, but with ready-to-move-in projects you will not be able to perform these internal checks.
With the varying advantages and disadvantages of both types of units it can be a confusing choice. But, in the end it depends on the purpose of purchasing the unit. There are many affordable 1 & 2 bhk apartments available in Goa to choose from which are located in prime areas. Regardless of the type of unit you opt for, it’s important you buy from a reputed builder who has a good track record.
