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If you’re looking to buy your first home, you’re almost certainly going to be seeking a ready to occupy flat. If not, you should be! Why? Because you will save on months of rent-paying - since you can move into your very own home immediately, you won’t have to spend on somewhere to stay in the meantime. With nuclear families becoming more and more common, this is a huge convenience to the end user. The current real estate climate is particularly accommodating to this trend, with the recent Repo-rate cut by RBI and the improving financial environment. It’s a great time to invest in real estate, and why not be able to enjoy the fruits of your investment immediately?
Here’s a point-by-point lowdown on the advantages of ready-to-occupy.
There’s no waiting involved. You can move into your own home, or rent it out if you so choose, immediately. Thus you instantly see a return on your investment, whereas you would need to wait months, perhaps years, for an under construction flat.
What you see is what you get. With a ready-to-occupy flat, you can view the final product, whereas an under construction flat is liable to change based on various factors and involves a lot of trust in the builder.
No unexpected obstacles. An under construction product can experience delays, changes in the originally-planned layout, issues due to changes in management, price fluctuations, and a host of legal complications, whereas a ready-to-occupy flat makes everything much more simple.
Tax benefits. There are several tax advantages available to home buyers according to the Income Tax Act of 1958. For example, here’s one - you are eligible for a 2 lakh deduction per year on the interest paid for the loan on your first home, and can deduct the entire interest payment on your second home when calculating your income tax. You’ll find that early possession comes with plenty of early bird advantages!
Price appreciation. Once the project is fully ready and operation, it gains another 10%-15% appreciation depending on amenities, occupancy, and other factors.
No rent! Ready-to-occupy flats are best for end users as they eliminate the need for rent. You can move in as quickly and easily as you would in a rented flat, except with no rent! And if you are an investor who is renting the flat out to someone else, the rent money takes care of the EMI on the flat.
So there you have it! Ready-to-occupy could be the smart decision if you’re looking for a brand-new home for your family. And don’t forget, Doshi is always there for you - we have some brand-new ready-to-occupy flats available at our new properties.