If you’re in the market to buy a property, the most common dilemma you might face is whether to buy a ready-possession property or an under-construction one. As both have their own pros and cons, it is important to consider them all before making a decision. Today, we will discuss the advantages and disadvantages of both ready-possession and under-construction properties so you can plan what is better for you.

Ready possession vs under construction: Which Is Better?

Pros: Ready Possession Property

Basically, a property that is fully constructed and ready to move in is referred to as a ready-possession property. Here are some benefits of choosing the same:

• Immediate Occupancy: The most obvious advantage here is that there is no hassle of waiting; you can move in right away.

• No Risk: An already built property can be easily inspected for construction quality, promise delivery and eliminates the risk of unexpected delays or cost overruns at the same time.

• No Rental Expenditure: If you are currently living on rent, a ready-possession property advantage is that you are saved from the hassle of rental agreements, rent payments, or new lease negotiations now that you have your own property to move in.

• Immediate Rental Income: But if you plan on renting your property rather than using yourself, you can start earning right away by doing so.

• Less Stress: As you are saved from the worry of construction delays or coordinating with the builders for updates, moving into a ready-possession property prevents stress.

Cons: Ready Possession Property

While a ready to move in property may have many advantages, here are some cons to consider as well.

• Higher Prices: Since the builder has already absorbed the construction costs and the offers or discounts are generally over, ready possession properties are generally more expensive than under construction properties.

• Customization Limits: An already built property is not as easy to make structural changes to as one under construction. It would also cost you more and the entire cost would be borne by you. 

• Older Property: Ready possession properties may be older which would mean older designs, less advanced amenities, less energy efficient and more maintenance requirements in general.

Pros: Under Construction

A home or any other property that is still being built is an under-construction property. Let’s take a look at some of the major benefits of buying under construction properties.

• Lower Prices: Under construction properties are comparatively priced lower than the ready to move in counterparts. Developers and real estate consultant agents also offer many discounts or offers or easy payment plans to increase the buying power of customers.

• Potential for Customisation: Since the property is still under construction, you have the perfect opportunity to customize the layout, specifications, or design features based on your preferences.

• Modern Amenities: Under-construction properties usually have new, more advanced modern amenities to suit your liking. The designs are modern, and the appliances are more energy-efficient.

• Appreciation Potential: These properties may appreciate in value over time, thus making them a lucrative and smart investment decision.

Cons: Under Construction

Looking at two sides of the coin, there are drawbacks to be considered for under construction properties too while deciding on ready possession vs under construction property. 

• Waiting Period: The most important disadvantage of any under construction property is surely the wait time. This can range from several months to several years. It is important to confirm from the RERA website and sales agreement.

• Delay Risk: Various factors such as weather, calamities, events such as COVID-19, material delays, or labor shortages can contribute to delays in construction. 

• Risk of Cost Overrun: Sometimes construction costs may overrun initial estimates, but this is quite rare and is not the case when the developer is renowned and a trusted name in the industry.

• Quality Risk: The concern over final quality, materials, and workmanship delivered is a natural one and can even contribute to stress. 

The Ultimate Verdict: Ready Possession vs Under Construction Property

It is clear from the important points discussed above that buying a ready-to-move-in or an under-construction property is entirely dependent on the buyer’s circumstances, preferences, budget, and priorities. If you are looking for a home immediately and are ready to bear the higher costs for convenience, then a ready-possession property is best for you. However, if you want a customizable modern home at a potentially lower cost and are willing to wait, then an under-construction property is most well-suited for you.

Happy home buying!