5 Ways to save money while Buying a Home - Land Sprout

5 Ways to save money while Buying a Home

One of the most common problems you face while purchasing a house is whether to invest in a ready-to-move-in home or opt for an under-construction project. Right now, the Ready-to-move-in homes are more popular. Here we look at the pros and cons of each that will help you decide what the best choice is for you.

Under-construction properties: The pros and cons

Properties under development come with flexible pricing estimating choices like staggered payment plans and numerous appealing offers connected to the price, making them simpler on the wallet than Ready-to-move-in homes.

With any remaining facilities like area, size, and amenities remaining the same as before, a property under development is often slightly more affordable than a completed home with the same features.

The difference in pricing can range anywhere from 10% to 30% or more.

One more potential profit of buying a property that is under development is that it is ordered to be enrolled under the Real Estate (Regulation and Development) Act (RERA).

This regulation gives you many benefits like developers’ consistency with fair exchange practice, a decrease in project delays, and fast redressal of complaints. You will also get a wider choice of units to select from, plan for any alterations in the layout as per your requirement, choose the floorings, etc. Properties under development likewise make for an excellent investment, primarily because there’s a longer window of time between paying for the property and selling it. Moreover, the GST rates on under-development houses have likewise been cut down to 5% from the prior 12%.

Read more on 11 Factors to Consider Before Buying Land to Build Your Home in Nigeria

What, then, is the opposite side of the coin for these properties? The most apparent drawback to buying a property under development is the chance of the manufacturer defaulting. Many developers either create exorbitant setbacks for the task or fail to deliver the house altogether, which can result in heavy financial losses for you. To avoid this costly mistake, it’s advisable to buy only from trusted builders with years of industry experience and a history of consumer satisfaction. One more possible issue with under-development houses is that new regulatory policies or unforeseen circumstances could affect their prices and/or delivery.

Ready-to-move-in houses: The pros and cons

If you’re thinking about putting your cash on a finished private property, you have many reasons to celebrate. Firstly, you get what you see, and there are no surprises here. With ready-to-move-in homes, you can get a first-hand look at how a property is constructed before deciding to buy it. Additionally, there’s no chance of discrepancies in layouts, highlights, or amenities, since everything is accessible for inspection beforehand.

Ready-to-move-in homes additionally offer many benefits from a financial point of view. Every one of the expenses is straightforwardly spread out to you before you sign the arrangement.

Read more on: Tips to Manage Financial Budget for House Purchase

You can profit from more clearness on the absolute expenses of buying and living in a finished property, with details like the upkeep charges, EMIs, and other extra charges clarified for you in advance. With Ready to move-in houses, you will likewise save money on paying the GST. Once you’ve completed the formalities related to payment and paperwork, the unit is yours to move into and enjoy the lifestyle. On the other side, ready-to-move-in homes don’t offer a lot of extension for any inner change to your space. Additionally, they might cost higher compared with under-development homes.

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