Why to Buy an Under Construction Property
Nov 19, 2016 Home Trading Steps
This is a common question that lingers in the mind of a prospective property buyer. A ready-to-move-in house always scores higher than an under construction property as one can enter the house as soon as purchasing it. From this point of view, a ready-made house might seem to be a more convenient option, but there are many other aspects that show buying an under construction property is more advantageous.
Lower Costs:
The biggest advantage is the cost effectiveness of an under construction project. The price of an under construction property is invariably 20-40% lesser than ready-made property. This huge difference in margin makes buying an under construction house a more viable option for an average home buyer.
Greater Flexibility in construction:
The buyer of an under construction property always has greater flexibility in choosing his preferred interior and exterior designs. On the other hand, the buyer of a ready- made house might have to compromise with the existing construction design.
Higher Returns:
As already discussed, the property cost of an under construction house is lesser than a ready to move in house. But once the construction work is complete, its property value spikes up. On the contrary, a resale property once handed over to the new owner already passes its prime. Therefore, on further resale, the value of this property naturally declines. This is the reason why an under construction property has higher returns than a resale property.
Feasible Payment Plans:
A huge amount of down payment has to be made in order to get the possession of a ready to move in kind of property. But in the case of an under construction property, the payments are staggered over the construction period and is directly related to the pace of progress of the construction work. Thus, buying an under construction property is more economically feasible.
No expenses for mending damages:
Last but not the least, a newly constructed home does not require any refurbishment and renovation expenses. Unlike a resale property, it is not worn out with time and use. Therefore, this extra expense is also saved.
This brief evaluation of the advantages of under construction houses over the resale ones must have given you a better clarity for your preferred choice of buying your own property. The rest is up to you to decide.
Lower Costs:
The biggest advantage is the cost effectiveness of an under construction project. The price of an under construction property is invariably 20-40% lesser than ready-made property. This huge difference in margin makes buying an under construction house a more viable option for an average home buyer.
Greater Flexibility in construction:
The buyer of an under construction property always has greater flexibility in choosing his preferred interior and exterior designs. On the other hand, the buyer of a ready- made house might have to compromise with the existing construction design.
Higher Returns:
As already discussed, the property cost of an under construction house is lesser than a ready to move in house. But once the construction work is complete, its property value spikes up. On the contrary, a resale property once handed over to the new owner already passes its prime. Therefore, on further resale, the value of this property naturally declines. This is the reason why an under construction property has higher returns than a resale property.
Feasible Payment Plans:
A huge amount of down payment has to be made in order to get the possession of a ready to move in kind of property. But in the case of an under construction property, the payments are staggered over the construction period and is directly related to the pace of progress of the construction work. Thus, buying an under construction property is more economically feasible.
No expenses for mending damages:
Last but not the least, a newly constructed home does not require any refurbishment and renovation expenses. Unlike a resale property, it is not worn out with time and use. Therefore, this extra expense is also saved.
This brief evaluation of the advantages of under construction houses over the resale ones must have given you a better clarity for your preferred choice of buying your own property. The rest is up to you to decide.
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