Why Is It Preferable To Register A Flat When Under Construction?

There is absolutely no dilemma in saying that everyone wants to buy a house, a dream home which they can call their own. When we start exploring the property for purchase the first thing which comes to our mind is under-construction-property or ready-to-move-in property. Which is the right choice? Both properties have some advantages and disadvantages. But buying an under-construction property is good with the purpose of investment as you will get a good property within a low budget.

It is not really simple to make this tough choice. In such kind of situation, it becomes more necessary to make a learned decision. You should not decide in a hurry or in confusion, rather make a wise pick based on facts and calculation. There are many real estate agencies and firms which introduce various residential complexes and units every year. Such companies launch different projects in real estate meeting the demands and requirements of the people. These companies showcase the project of the under-construction properties and ask the customers to book or buy the flats, apartments in these under-construction sites

However, these under-construction properties are comparatively cheaper and offer a bigger area in the given price as compared to ready-to-move-in properties. Over the years, buyers seem to have developed a taste for ready-to-move-in projects. However, the under-construction projects are no less in terms of quality and cost. If you perform due diligence on the project, location, price, developer and other related aspects, the under-construction projects offer higher appreciation than ready-to-move-in properties. Gone are the days when buying an under-construction property was risky. In fact, opting for an under construction property can be really profitable. Be it for living, for rent, or for investment purposes. Buying an under construction property can be beneficial in all these cases. Read on to drive away all your fears.

Lower Cost

Time is money. The earlier you buy a property before its completion stage, the cheaper it will be. Ready to occupy possessions are always more expensive than under construction undertakings. You can save up to 20 to 40% of your money by going for the latter. Also, your EMIs will be shorter and/or smaller as the loan amount will be naturally less burdensome. When it comes to paying EMI for a property, even an increase in percentage by 1% can become a huge sum. So going for an under construction property will bring down your overall cost and help save a lot of money.

Higher Appreciation

Since you are buying at a lower cost the appreciation is expected to be higher. As the construction progresses, the price of your property also increases. You should wait and watch and track the price of your property. For high returns on investment, buyers should check the location, upcoming infrastructure and employment hubs located nearby. Traditionally, it is the price-point increasing over a period of time - from booking to until one gets possession of the unit vis-à-vis the growth once the property is handed over. Historically, the price-points increase over a period of time. Logically it stands to reason that ready possession units will also increase in value, but the quantum increase for the under construction stage would be at a higher rate. It’s an excellent source of investment. When you buy a property during its construction stage you are most likely to earn a substantial profit if you decide to sell it closer to its completion stage. Moreover, there is an added advantage of buying an under construction project, i.e. If there are any repairs required in the amenities or facilities in the pre-possession stage, the developer will foot the bill and not you.

New Construction

Sometimes, consumers have an apprehension behind buying an under construction property because they are afraid that the final product will not be the same as the plan. Small changes in materials, the brand used for fittings etc. can make a big difference in the quality as well as the look. While in the under-construction stage changes in the design can be made timely and efficiently, an under-construction undertaking can give you the chance to customize your home as per your specifications or Vaastu to a certain extent. And when you buy from a trusted builder like Ashray Group who have built their reputation on quality assurance, the chances of your dream home not meeting your expectation is close to nil.

Payment Flexibility

The best part of Under construction properties is that it is affordable for most of the people through a home loan. Affordable, here, implies that from a payment perspective life is easy. You make a down-payment which is generally 20% of the property price and then start making the monthly EMI’s every month and this is how a lot of people are able to own the house. Later after a few years, a lot of people feel comfortable as their salaries go up, but the EMI’s value is very much the same. Even if one is not taking a home loan, they can pay the money in parts as it can be construction linked payment.