Celebrated poet T.S Eliot once said, “Home is where it starts from” and we can feel the thoughts deeply. As individuals, we all feel emotionally associated with the idea of home which brings a sense of emotional security and well-being. Thus, while we aim to purchase residential property, we not only consider the financial aspects tailored to it but also aim to determine which type of property will be best suited for us.
When we consider purchasing property, we can opt for diverse options. While some of us choose to buy ready-to-move apartments, some prefer to invest in under-construction properties. This is not all, some even consider buying resale properties.
As per statistics, people prefer to purchase ready-to-move properties more than under-construction properties. Research has revealed that almost 58.9% of people prefer ready-to-move properties while only 16.1% prefer under-construction properties.
So are you one of those 58.9% who want to purchase a ready-to-move property? If so, you must complete this blog as we will explain why purchasing a ready-to-move property is the best decision you can make.
You buy what you see & take possession immediately
One of the most significant advantages of buying a ready-to-move property is the opportunity of immediate possession of the same. Once the transaction is complete, you can easily move into your new home without delays. Purchasing a ready-to-move apartment eliminates the anxiety and uncertainties associated with construction delays, which are not uncommon in under-construction projects.
This is not all, the idea of purchasing ready-to-move property always ensures seamless transparency where you do not have to only rely on just brochures, miniatures or walkthrough videos but you can take a proper look at the property by visiting them before investing in them.
You can save on Tax
Purchasing a ready-to-move property is not just great for transparency. It has financial benefits as well. Ready-to-move properties can help you save a decent amount of tax every year. While you can save up to 1.50 Lakhs as the principal amount under section 80C, you can save up to 2 lakhs per year for loan interest under section 24(b). This is not all, if the property is not self-occupied or given out on rent, then there is no limit to the deduction amount and individuals can claim the entire interest on loan amount during their IT return.
You do not have to pay EMI and rent at the same time
While most of us purchase residential properties against home loans, every month we stay obligated to pay the loan EMI. While paying the EMI is consistent, purchasing the ready-to-move property can help us shift to the new place immediately and save us a bulk amount of money we otherwise would have spent on rent.
Free of GST implications
Whenever you try to buy an under-construction apartment, the Goods and Services Tax (GST) levies up to a maximum of Twelve per cent. This is, however, not the situation with ready-to-move apartments. So if you buy a ready-to-move property, you can save the GST amount seamlessly.
Who knows? You may even use that saved amount for your Interior design!
Transparent infrastructure and amenities
People who purchase under-construction properties often complain about the disparity between previously offered infrastructure, amenities and the end product they receive. Such challenges never occur in ready-to-move properties. As home-seekers get to see the property, amenities, existing condition and all its nitty-gritty – they do not feel the challenge associated with disparity.
Potential for Immediate Rental Income
A ready-to-move property can offer you the provision of an immediate rental income if you are looking at it from an investor’s perspective. As soon as you take possession, you can start renting out the property and earning returns on your investment. This makes it an attractive choice for those seeking regular income streams or planning for their retirement.
Investing in a ready-to-move property offers several advantages, including immediate possession, tax benefits, and the potential for primary rental income. It provides peace of mind, eliminates uncertainties, and allows you to enjoy the benefits of a fully developed infrastructure. However, it’s essential to conduct thorough due diligence, evaluate your requirements, and conduct a detailed inspection before finalizing any property purchase. With the right research and careful consideration, buying a ready-to-move property can be a wise decision that offers convenience, security and a smooth transition into your new home.
Being in the real estate space for more than a decade, Honer Homes offers an array of apartments and villas to Home Seekers. Honer Aquantis is a ready-to-move project developed by Honer Homes. Located at Gopanpally near Gachibowli, Honer Aquantis offers premium 2 and 3-BHK apartments which are a great amalgamation of modern lifestyle and environmental lushness and grace with each and every element thoughtfully designed keeping the end user in mind.
Visit www.honerhomes.com to know more.
