Are you planning to buy a dream house? If yes, then you must be having a lot of questions that boggle you like whether to choose for a ready-to-move-in house or buy an under-construction property. Well, owning a property is one of the major investments that one makes, therefore, it requires serious deliberations.
One of our anxious readers wrote in asking us if he should invest in an under-construction one. Depending on one’s financial backing and preference, buying an under-construction property comes with various benefits. These days, buying an under-construction property has become a trend in metro cities, where people are not able to afford the rocket high price of the ready-to-move-in property.
In this article, let’s know the advantages of buying an under-construction property.
An under-construction property is more affordable and does not hurt a buyer’s pocket compared to ready to move in property. Earlier buyers were in doubt whether the purchased property would be delivered on time or not but with the introduction of RERA, the chances have reduced as builders have to pay compensation to the home buyers if the property is not delivered on the given time.
Flexibility in payment:
Under-construction properties are ideal for those who wish to invest their small money and want to have a housing property within the next few years. One of the biggest advantages of buying an under-construction property is you don’t need to make the whole payment in one time and the loan amount, if any, is also comparatively lower. Generally, the payment is linked with construction, therefore, builders and construction firms ask you to make the payment in phases and deposit the maximum amount on the possession of the property. Here, the booking amount of the property tends to be small and are within your reach. In an under-construction property, a buyer typically pays 10 to 20% in the initial phase of the booking. In a nutshell, those who are on a budget get more time to manage their finances.
Wider and better options:
In case of an under-construction property, you get plenty of choices and better options to select from. Every other day these builders launch a new residential project in various cities. So you can choose from any of their projects, which you feel is suitable as per your budget. From the desired unit to the desired floor to the location, price and possession time you can easily finalize a unit according to your preference.
Most of the under-construction properties are generally on the outskirts of the cities or the non-core part of the city. Buying an under-construction property has a higher potential for price appreciation owning future development. As a buyer, you have to check the location, upcoming infrastructure, and employment opportunities to get high returns on investment. If you want to sell the property closer to the possession, you will have a good chance of getting the best price on your property.
Scope for modification
If you are buying an under-construction property, it is guaranteed that the property is new. A ready to move property leaves very little scope for any changes, but in an under-construction property, one can opt for some customisation (only if the builder allows). One can also monitor the construction work whether the layout has been strictly followed and everything is as per the plan.
Discounts and Offers:
In an under-construction property, home buyers can also enjoy a number of discounts and builders often have attractive schemes like foreign trips, gold coins discounts on price per sq feet, and free parking and many other offers to sell their properties. Also, you can negotiate with the builder to get a better deal.