There are only a handful of experiences that make us feel the way instant gratification does.
What we mean to say is, the joy of buying a ready-possession home and moving into it within a week/month is truly an experience like no other. It feels as if your life suddenly changes in that one month. However, the benefits of buying under construction property shouldn’t be ignored either. From costs to payments and offers, under construction houses come with their own list of perks.
Here are 5 reasons to buy under construction property instead of a ready one:
Lower Prices
The difference in pricing between a possession-ready property and under-construction property can vary from anywhere between 10 and 30%. Provided that the location, property area, property type and builder are the same. Though you would have to wait to move into or rent out your new property, the price difference will surely be worth the wait.
Higher Price Appreciation Rate
As the construction of a property progresses, its price increases too. Moreover, during this period, the development in the surrounding infrastructure also adds to the value of a property. Which is why, buying a property in its as nascent stage as possible is a wise decision. Though the price of a read property increases too, the rate of increase may be slower and the returns lesser.
Flexibility of Payments
In case of a ready property, the buyer has to pay the entire amount at once or within a short interval. But in the case of an under-construction property, there’s much more payment flexibility. Buyer can book a property by paying the token amount and pay the rest comfortably over a long period of time (until the construction completes).
New Construction
When the construction of an under-construction property completes, you move into a brand-new home with no maintenance problems and long life. Moreover, you get to enjoy the latest amenities and facilities available in the market. In case of ready properties, the home buying experience may be tarnished if the construction is old.
Offers
Being ready-to-move-in is the key differentiator for ready properties. Reason why, you would hardly find any offers on them. On the other hand, you can easily find a variety of schemes and plans on under-construction properties.
Earlier, homebuyers used to choose ready properties over under-construction ones majorly to avoid possession delays. However, with the arrival of RERA, homebuyers can freely choose an under-construction property as long as it has a valid RERA number and it is a project by a reputed developer.
