Regardless of the fact that ready-to-move-in properties seem captivating, let’s reacquaint a few benefits that one can reap after the investment in an under-construction property. Venture out and perform due diligence on under-construction projects, you would inevitably come across to the higher appreciations that development properties furnish in terms of location, price, developer and other relevant aspects. No doubt, ready to move in property offers certain desired merits like you get an exit from your rental pay-outs by shifting immediately. However, let’s not overlook the advantages that one could get with an investment in under-construction property.
Here, we are debunking a few quintessential benefits of buying an under-construction property that outweigh the advantages of buying a ready to move in property. After going through these points, you would definitely change your mindset towards the fact that buying a ready property is merely beneficial. Commencing with costs, payments to offers, an under construction property could profit a home-buyer in an unforeseen way.
- Lower Costs: The most imperative factor that knocks your head prior to buying a house is the cost of it. Well, it is known that under-construction projects cost less than ready to move in homes. And, so forth home buyers get ungodly quantum of options in under construction properties to select from. Possession might take time, however the wait worth every penny and that too on the cheap.
Moreover, with RERA registrations up to date, developers could neither fraud game with any buyer nor delay the possession of the asset. Inasmuch as if any sort of such activities are entertained, developers are penalized to pay compensation to the home-buyer. Although, prior to investing in any under construction property, the buyer should perform basic due diligence on the desired under construction property. So, the home-buyers are safe and secured, once assured the dealer has furnished all RERA related norms.
- Savor High Returns on Investment: Investment in under-construction property is not confined to merely low price point advantage, rather there’s a plus point of getting good returns since your investment grows in value over a span of time.
As the time goes by, the construction of your development home progresses, you pay off your EMIs till the time of possession, the price of your property also surges and so forth the value of your asset grows over a period of time. Since, you are buying the property at lower cost, it’s natural that you anticipate the appreciation to be higher. Be circumspect about the location, upcoming infrastructure and the presence of nearby IT hubs. These are indubitably the pivotal aspects that are to be taken into account while selecting a development property in order to yield huge returns on investment.
- Flexibility in terms of Payment: In case, you buy a ready-to-move-in property, the buyer has to pay the entire cost of the home at once that also includes registry cost and other miscellaneous expenses. On the contrary, when you choose to buy an under-construction property, the buyer needs to pay off the booking amount that is just 10-15% of the total amount of the money. There is a distinct flexibility in terms of payment in case of under-construction property, since either you pay the entire cost of the house in installments or according to the payment plan drafted by the developers.
- Contemporary Infrastructure: Purchasing an under-construction property means you are opting for a newly contemporary and upgraded constructed home that doubtlessly has long life. And this one is the biggest advantage of buying an under-construction property. So forth, buyers shift to a house that doesn’t require any sort of repair or renovation. And it totally does not make sense to shift to an old house after spending a huge amount of money for your new house. So basically, on the cheap, you are getting a newly remodelled house with all new features and an assortment of varying other amenities as well.
- Offers and Discounts: Home-buyers can hardly avail any offer or discount while buying a ready-to-move-in property. Since a developed house is already radically built, thus buyers need to pay the entire cost of the house at once along with the expense of other facilities offered. On the other side, if a home-buyer purchases a developing property, he has the advantage of availing the discounts and offers that the developer is offering.
- Small Tweaks in Home Design: Many times, home-buyers prefer to make a few tweaks in their new home design. So when you tune into an under-constructed property, you get an option of facilitating small changes to your home as per your requirement by investing another few bucks. You have an advantage of customizing the design of your home to some extent as per your vaastu ideations when you buy an under-constructed property.
So, the bottom line is that under-construction property comes with a rapprochement of several varying advantages that are more lucrative than what you benefit by investing in a ready to move in property. Investment in an under-construction property seems daunting, however, without any shadow of doubt development properties radically serve as a good investment as it helps you yield good returns on the cheap, in the long run.