The one word answer to the question “Should you buy a ready to occupy house” is YES!
Buying a house is once in lifetime decision for many of us. Once this major decision is taken, we need to take another set of small decisions. Decisions like what is the budget, how many bedrooms are needed, which locality will be perfect etc will be taken, scored off and retaken.
One such important decisions is to decide if we need to buy a ready to occupy house or a house still under construction. There are both pros and cons in buying a ready to occupy house but pros outweigh cons according to me.
To summarize, the points that swayed me towards buying a ready to occupy house:
1. Instant gratification
I have known friends who have waited 7 years for a property to be handed over. There is a TV ad which shows a bride groom being congratulated on booking a new house, but the house was not delivered even after his child is grown up. This is no figment of imagination. So getting a ready to occupy house is pleasure that can be felt immediately.
2. Interest on investment
When you buy a ready to occupy house, the investment happens immediately. Whatever interest you pay if you are buying using a home loan is meaningful. Imagine the plight of my friend who had to pay interest for a home loan for 7 years without getting his house delivered. Even in the normal case, paying interest for a house which you have not taken over is a burn to bear.
In case, you are buying a house for investment purposes or if you are planning to move to the new house at a future date, then renting out the property will be a prudent decision. You investment will start yielding returns immediately.
4. Bargain from Builder
From a builders perspective, its costs them a lot to hold a completed property. So, you can expect to have an upper hand while price negotiation.
5. Price appreciation
Some people, tell that price appreciates when you buy a under-construction house. Yes, you can feel good that you bought a property at Rs XXX while your neighbor might have got the similar house next to you for few thousands more 3 years later. But price appreciation is universal and it happens even if you bought a ready to occupy house.
6. Interior design
If building of the house takes 25% effort, interior decoration takes 75%. It is this 75% that matters most, as it is what is seen and felt when one moves into a house. So, you can save up your energy to find the right furnitures, designing the perfect cabinets and choosing the right coloured soft furnishings etc. Moving into a ready to occupy house lets you concentrate your efforts in converting the house into a home.
Community is a key to a peaceful living. In a ready to move property you can see in real time if you would have no qualms leaving your child to play in the play area. If the security is decent enough. If school buses ply to your door step and much more.
So, in today’s world buying a ready to occupy house is far more practical than buying a house under early stage of construction.