Pros and cons of buying a ready-to-move-in property.

Today, the Bangalore real estate market does offer you ready-to-move-in options across all budget and customer segments. The advantage about these options is that one doesn’t have to wait for the construction to be completed and one is freed from the uncertainty of the time frame of completion. As there are advantages there are certain things that the buyers need to be aware of. We discuss below the pros and cons of the ready to move in options of residential properties to help our readers to be aware and be cautious while going for the deal.

The pros:

• Financial deals: Additional financing options can be availed in case of ready-to-move-in apartments. The builder gets a brownie point from the banker due to project completion. Few developers can obtain a good rate from the bank on customer’s behalf. These factors help to drive a better deal by the customers.
• Scope of better bargain: The builder can be under financial pressure depending on the time of completion of the project in which case he may be in urgency in selling off the property quickly. This can help buyers in bargaining a better price for the new home.
• Scope of customization: The experts of real estate industry opine that addition and alteration for customization of the apartment according to one’s choice without changing the basic nature of the construction is possible at this stage.

There are few disadvantages also, opine experts.

The Cons:

• Lesser ROI: Ready-to-move-in properties are generally more expensive than the ones booked at the launch and pre-launch stages or even if one books the apartment during the course of construction. Experts feel that if one is looking for buying a property for investment, one has to wait for longer period to ensure notable price rise in the market.
•  An arbitration clause: Lawyers specialized in realty consumer disputes opine that in few cases the developer includes an arbitration clause in the agreement if bought at this stage. This clause bars the buyer to file a law suit in case there are any concerns with the construction. In such cases the buyer has to follow the dispute resolution process which is designated by the builder. They opine that arbitration is a quicker way of solving problems but one should check the track record of the arbitration company ensuring that the arrangements are consumer friendly.
• The property should be livable: The ready-to-move-in property may be situated in the outskirts of the city, or may be near many under construction projects. One must ensure that the flats are ready to live in and even in case if one is looking for renting it, one should be aware about the area and availability of tenants as new houses face problems like unidentified seepage, dust and sound problems for construction in the neighborhood and a tripping generator among few.

Cutting the long story short, one must ensure that the house and the neighborhood is livable and make an well informed decision, lest you land up in a home which is not livable for which the premium is already paid.

Go thourgh more intersting property news and real estate trends articles on Property Reviews news blog .

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