The decision-making process leading up to property investment can be a long process. It can even be a frustrating one if you aren’t informed enough about the pros and cons of the various choices on display. When it comes to flats in Chennai, home buyers are faced with the most common conundrum of whether to opt for a ready-to-move-in one or invest in a project that’s under construction. 

As real estate is a huge financial commitment, we are here to help you make an educated choice by listing the benefits and disadvantages of both. 

Check your budget

Your decision is largely defined by your budget. If you have zeroed in on a particular location or even a particular developer, you will notice that under-construction homes are always priced cheaper than ready-to-move-in homes. The price difference can be as much as 30%, which has a significant impact on your commitment and loan tenure. If you are not in a hurry to shift homes or you are looking for properties to rent out, then it is better to go for under-construction homes, especially if you are on a tight budget. 

Date of hand over:

A ready to move home is ready to be occupied immediately. There is no waiting period and for those who have dreamt of living in their own home, then this is a good choice. Once your payment or loan is processed, the documentation process can be sped up and you can move in on the next auspicious date. Under construction projects, especially those that have just started out will take considerable time to be handed over to the customers. If you are in a hurry but want a cost-effective option, you can choose projects that are on the verge of completion. 

Property Appreciation Rate:

As discussed above, under construction homes are priced lower than ready to move in, but the appreciation rates for the location will be the same. So investing in under-construction flats in Chennai will get you better value, since you would have paid a lesser amount but enjoy the incremental value within a shorter period. But this is true only for locations that have a standard appreciation factor or have large-scale infrastructure development projects coming up in their vicinity. 

Renovation and Remodelling:

In both cases, you may not be able to make major structural changes, but under-construction homes offer certain flexibility unlike ready to move in. In under-construction projects, you can change the interior layout any way you want, especially when it is in the brickwork phase. You can change the finishes like paint and tiles without much additional cost. This will be difficult in getting ready to move into homes. 

Tax Benefits:

This is one of the cases when the buyer lucks out by investing in Ready-to-move-in properties. Buyers who purchase ready to occupy homes by taking a home loan are granted tax benefits on the loan interest, under Section 24, 80EE, and 80C of the Income Tax Act of India. People buying under construction homes will also have to pay stamp duty and registration charges separately. 

These are some of the basic factors to be considered, but ultimately it boils down to individual preferences, and financial and time constraints. If you don’t have the luxury to wait, then your only choice is ready to move in homes. If you have time, or just buying to rent it out later, you can go for under construction flats in Chennai which are easy on the pocket. Either way, it is important to choose a home that you feel comfortable in and a location that is convenient to your family. The home should also have proper amenities to justify the investment. 

Lifestyle Housing is the best developer for luxury apartments in Chennai. With projects located in premium residential neighbourhoods, we offer affordable 3BHK flats for sale in Chennai. 

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