The property prices in metro cities and the nearby areas generally keep on fluctuating from year to year. However, since the past few years, the property prices have remained stagnant or below par. Despite the stagnant property prices, buyers are still confused whether they should invest in land or ready-to-move-in homes. Well, one of the reasons why people can’t decide to choose between the two is because the existing projects often delay the possession.
Moreover, with GST coming into effect, this has also affected home buyers decision. Under GST, the tax a person needs to pay for an under-construction project has shot up to 12%. This is the reason, why it is beneficial to invest your money in ready-to-move-in apartments. Here are few reasons why ready-to-move-in homes are a better choice than their under-constructed counterparts.
Tax Benefit
According to real estate experts, you must invest in your first home at an early age as it will help you save tax. There is a huge capital tax gain which a person can receive by investing in ready-to-move-in homes. According to income tax rule, if the amount is reinvested in the property within two or three years, you can avail tax exemption on capital gains after selling the property. Moreover, ready-to-move-in homes do not involve any service tax.
Save on rentals
One of the biggest benefit availed by homeowners who invest in ready-to-move-in homes is rental saving. However, if you do not plan to move as soon as you get the possession, you can always start earning by renting out the property. While house rents generally vary depending on locations, properties in tricity generally attract high rental. So if you are buying a property as an investment, why not rent it out?
No waiting period
Another advantage of investing in ready-to-move-in homes is that there is no waiting period. As the project is already completed, you just need to complete the legal formalities of buying the house and you are ready to move in as soon as you get the keys.
No down payment
Buying real estate often requires you to pay some money upfront known as the down payment, before the EMI’s start. However, when it comes to ready-to-move-in homes, you only have to pay the EMIs on the loan you have procured without making any other payment. On the other hand, if there is some delay in possession, the EMIs will start once the home loan gets disbursed.
You Get What You See
Since the homes are ready-to-move-in, therefore they will be similar to what you have earlier seen in the brochure or on the website. On the other hand, if you choose to opt for under construction project, the design may vary as compared what is seen on the company’s website. In ready-to-move-in homes, you can take to other people residing in the building to examine the location or to know more about their feedback.
So if you are planning to get your hands on property in Mohali, Chandigarh or Zirakpur, evaluate your financial condition, get your hands on all the required documents and get in touch with the experts. Home buying can be a risky affair, but at Star Infrastructure, you and your money are in safe hands.
info@starinfrastructure.com