Investing in a real estate property is not an easy process and the process becomes even more strenuous when you have to make a choice between an under-construction property or ready-to-move-in property. While both the options have their own fair share of advantages and disadvantages but there are several aspects to consider while finalizing a decision such as what the buyer is looking for, what are his needs/requirements, and whether one is looking to make an investment for capital appreciation or for end-use. Especially, during a period like this, when the world is going through a global pandemic, it becomes even more essential to make the right choice. Here’s a quick guide to what you should consider when making the decision:
FACTORS TO CONSIDER WHILE CHOOSING A READY TO MOVE-IN PROPERTY:
One of the major benefits of choosing a ready-to-move-in home helps the customer to eliminate all the costs associated with living in a rental accommodation. Secondly, it also eliminates the grueling waiting period that one has to go through for an under-construction project to be finished. Additionally, it also provides a sense of security to the customers
Moreover, when people are living in and around the property, it also enhances the value of the project and also helps the buyer to know the locality in a better way by checking the neighborhood and the infrastructure, and establishments in the vicinity which is a win-win situation for both the buyers and the investors.
Additionally, one other benefit of investing in a ready to move in property is that there are no high expectations when making the move, the buyer gets what he sees and it’s up to the buyer if he wants to go ahead with the decision. This eliminates the potential risk of new changes in the future. Before making the decision, the customer has an added advantage of reviewing the construction quality of the project, infrastructure before the purchase. Moreover, there is no risk of delays and escalating costs, when it comes to ready-to-move-in homes.
Although the pros might outweigh the cons of investing in a ready-to-move-in home, one has to pay a hefty price for it. Ready to move in property is offered at a higher price compared to under-construction property. Hence, it may not be the right choice for many people.
When it comes to under-construction homes, these are generally located in the non-established areas of the city, and hence, it offers a potential price appreciation due to developments that may take place in that area in near future. However, this is not the case for each under-construction project, which makes the decision-making process even more dicey. Location is the most prominent factor while making an investment decision and anticipating the future value of an area can be difficult. However, in an under-construction project, a buyer has the freedom to choose the plot and review the construction on a weekly/monthly basis. The customer can stay updated with the construction progress. It also gives customers the advantage to get pre-purchase benefits like flexible payment plans and top place on the priority list.
The issues with buying an under-construction property are mostly uncertain but if the customer is well informed about the group, their previous developments, and their ability to deliver at the time – the risks can be avoided. One has to be well-aware of the property, location, and future value before making the decision to invest. Although, it is an easy process but requires due diligence at the end of the customer’s side to keep up with the progress.
Under-construction property has its own fair share of advantages and disadvantages but one is in for a lot of surprises, which one can know only after moving into the property.
