Why do buyers prefer ready to move in properties?
Buying a house requires careful evaluation of the property. It is no wonder that buyers are looking for ready-to-move-in properties now.
It does sound strange – why would a buyer invest in ready-to-move-in properties? It is no secret that an under construction home comes at a cheaper price than ready to move in houses. The most straightforward answer is the lack of risk in ready to move in properties.
What do you mean by ready to move in houses?
First, you need to know what ready to move in property means. It refers to a house which is fit for immediate occupancy. The house comes equipped with facilities, and you do not need to wait for the construction to be over. For instance, the house could be well furnished with a heating system.
Ready to move in houses are very convenient, especially if you need to move in soon.
Lesser risk compared to under construction projects
The answer lies in the uncertainty attached to under construction projects. People do not want to risk their savings on a project with no fixed schedule of completion. Moreover, the pandemic has increased anxieties related to uncertainties.
As compared to 2015, the sale of ready to move in houses increased to 21% in 2020, as per ‘Real Insight Residential-Annual Round-up-2020’ report issued by PropTiger. The report shows the recent trend of risk aversion amongst property buyers.
People want to make informed choices. They are making up their minds faster than before and want to have better control over their lives. Buying a ready to move property eliminates the element of uncertainty. You don’t find yourself nagging the developer about the completion of the project.
Immediate access to a home
There is no waiting period when it comes to ready to move in properties. Under construction homes, as the name suggests, require you to wait until the construction is over. If you’re looking for a new home, a ready-to-move-in house is your best bet. It usually comes with facilities and is immediately accessible to the buyer. Moreover, the buyer has to pay the GST on under construction houses.
Immediate access is one of the biggest advantages for ready-to-move-in houses. As the need for housing increases, more people are opting for risk-averse choices in big cities.
Better security
You can live rent free in a ready-to-move-in house. The idea of a permanent home gives more security to the buyer. It also removes additional costs, such as the cost of furnishing the house. There are no escalating costs when it comes to ready-to-move-in houses. You can inspect the house for construction qualities, infrastructure, and amenities. You can also meet your neighbors before moving in! This provides a sense of security to the homeowner, especially someone who is looking for accommodation.
As a source of income, a ready-to-move-in house can be rented out immediately. Hence, it brings in a steady income. The ease of selling is more as compared to under construction homes. However, you need to be more vigilant when it comes to ready-to-move-in houses. If you’re looking for immediate occupancy, keep the necessary documents ready.
Impact of the pandemic
The pandemic has given rise to new trends in the market. Real estate has also been affected by these trends. People today want better security – what could provide better security than a home? People are wary of risks. They do not want delays in projects, and this is motivating them to invest in ready-to-move-in houses.
There has also been a steady increase in demand for ready-to-move-in houses as migration and urbanization are on the rise. More people are moving to tier-I cities in search of better employment opportunities. They want ready-to-move-in houses with immediate access.
The bottom line
Ready to move in houses are more lucrative for those looking for homes. People who choose under construction homes are usually investors. They are not looking for homes, and they want higher ROI on their investments. Moreover, the cost of an under-construction house can increase as the date of completion comes closer.
To conclude, a ready-to-move-in house is perfect for you if you have the finances ready.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
