The residential real estate market today has options of under-construction and ready-to-move-in apartments available for home investors to choose from. Either option has its fair share of proponents and their own opinions about which is advisable as a home investment. An advantage of a ready-to-move-in apartment is immediate possession, which might be delayed in the case of an under-construction project.
Ready-to-move-in properties do involve extensive legalities and paperwork due to title transfer, which is not the case in under-construction apartments. An under-construction apartment is easier to pay for as the home investor has more time for payment versus a ready-to-move-in-apartment. These apartments, however, may be more expensive due to the added expenses of development charges, rising property rates, GST, etc.
Ready-to-move-in apartments are a financial saving because you can move into your property immediately, saving on the expense of rent. For an under-construction apartment, you have to be well prepared to take on the added financial burden of paying EMIs. Also, ready-to-move-in apartments, due to their already-established social and physical infrastructure, may have higher entry costs compared to under-construction apartments.
Investing in a ready-to-move-in apartment means that you are aware of your neighbors and the community you are moving into. In the case of an under-construction apartment, you only get to know your surroundings and community once you move in. This is critical when deciding what locality to move into, as neighbors can positively and negatively impact your life experience.
Ready-to-move-in apartments can be easily rented out, generating a good rental income for the investor immediately without a waiting period. In case of return on investments, these apartments can also be sold and generate a good profit for the investor. Under-construction properties will not easily generate an income on themselves, especially if there are delays in possession of the unit.
Prestige Group launch a new apartment is Prestige Primrose Hills.