Under-Construction vs Ready-to-move flats -How to Evaluate Them

If you are looking to buy a flat, one of the most important decisions you will have to make is whether to invest in an under-construction flat or a ready-to-move flat. While both options have their pros and cons, the primary difference between them is the cost.

In this blog, we will discuss the cost differences between under-construction and ready-to-move flats and how to evaluate them.

1. Cost Differences:

Under-construction flats are typically cheaper than ready-to-move flats. This is because the builder is yet to complete the project, and there may be some uncertainties surrounding the final product. Ready-to-move flats, on the other hand, are fully constructed and are available for immediate possession. As a result, the cost of ready-to-move flats is usually higher than under-construction flats.

2. Payment Schedule:

Another important factor to consider is the payment schedule. When you buy an under-construction flat, you will typically be required to make payments when demand is generated by builders, based on the progress of the project. This can be an advantage, as it allows you to spread out your payments over a longer period. However, you need to make sure that the builder is reliable and that there are no delays in construction. With ready-to-move flats, the entire payment is usually required at the time of possession.

3. Possession Time:

The possession time is another key factor to consider when deciding between under-construction and ready-to-move flats. When you buy an under-construction flat, the possession time can vary based on the progress of the project. There is a risk that the possession could be delayed, which could result in additional costs and inconvenience. Ready-to-move flats are available for immediate possession, so you don’t have to worry about any delays.

4. Customization

If you buy an under-construction flat, you may have the option to customize the design and layout to your liking. This can be a significant advantage if you have specific requirements or preferences. With ready-to-move flats, you may have to settle for the existing design and layout.

5. Quality of Construction:

When you buy an under-construction flat, you have the opportunity to inspect the quality of construction and materials used. This can help you identify any potential issues or defects and ensure that you are getting a quality product. With ready-to-move flats, you may not have the opportunity to inspect the construction quality in detail.

6. Resale Value:

Finally, it is important to consider the resale value of the flat when deciding between under-construction and ready-to-move flats. Ready-to-move flats are generally more expensive, but they also tend to appreciate value faster. This is because they are available for immediate possession, which makes them more attractive to buyers. On the other hand, under-construction flats may take longer to appreciate in value, as they are not yet ready for possession.

In conclusion, both under-construction and ready-to-move flats have their pros and cons, and the choice ultimately depends on your specific needs and preferences. When evaluating the cost differences, payment schedule, possession time, customization, quality of construction, and resale value, it is important to weigh the advantages and disadvantages of each option carefully. By doing your research and consulting with experts, you can make an informed decision and choose the option that is best for you.

References:

1. Moneycontrol
2. Housing.com
3. Magicbricks