Buying a property can be an overwhelming process, especially when we are given a myriad of options at the time of making a buying decision. Out of all the relevant dilemmas, one of the most fundamental concerns is, should we opt for under construction property or a ready to move in property?
If we have to make a sporadic decision, then buying a home that is ready for possession will sound more lucrative; however, while coming to think of it, buying an under construction property will be a more sound judgement in the long-term. In order to help you make the right decision of buying an under construction property, we have put forward a list of 6 benefits that you can avail while buying an under construction property.
Predominantly, buying an under construction property will be much cheaper than moving into a fully furnished apartment. Generally speaking, an under construction property is approximately 30 to 40 per cent cheaper than the ready-made apartments.
#2 Lower EMIs
The actual cost of any property under construction will be cheaper, which means even the monthly EMIs that you will pay each month will be lower. Usually, you are expected to pay a 20 per cent of the overall property price as a down payment, and the remaining amount is paid through EMIs. Since the actual cost of the property is low, your EMIs too will be lower each month.
#3 More potential for price increase
Broadly speaking, under construction properties are built on the outskirts of the city, and, therefore, the price appreciation of the property is likely to surge due to future developments that will take place around the property. If you compare under construction properties with ready to move in properties, the under construction properties will surely have more potential for price increase.
#4 Freedom to choose your surroundings
Making a decision of buying a home involves taking into consideration a lot of factors such as surrounding, peaceful vicinity and safe locality. With ready to move in apartments, freedom to alter these factors turns down. But, it’s a different story with under construction properties; as a buyer of an under construction property, you have the freedom to choose your surroundings and built your home at your preferred location that offers you conducive climate to live and grow peacefully.
#5 Freedom to choose the floors and interiors
Lastly, you will come across plenty of locations where setting up of new projects occur regularly, which means you will have ample choices to choose what floor you want. If, for instance, you don’t want the 2nd floor, you can opt for a higher floor in the same building. But, with ready to move in apartments, you will usually have lesser choices.
In addition, with under construction properties, you can be your own designer and hire an interior designer to design your home the way you want. Such choices are not available when you shift to a newer ready to move apartment.