The process of owning a house always gives a sense of security. Additionally, owning a house within a community feels prestigious. Therefore, before you invest your money, you need to be aware of certain things about real estate.
One of the most common questions that property-seekers have is whether to purchase an under-construction flat or a ready-to-move-in flat. Also, what are the benefits of investing in an under-construction flat? We are here to clarify your doubts and help you make an informed decision.
As a rule of thumb, we suggest that buying an under-construction flat is a wise investment. The blog will further explain the ‘why’ aspect of this.
There are a lot of benefits of buying under-construction flats, and we have listed below a few to give you a better understanding.
Under-construction flats cost less compared to ready-to-move-in flats. Why? It is because of the inflation aspect of the market. As years go by, the cost of materials increases, and so does the cost of the property.
Not just this, the buyers get more options with an under-construction flat. Let’s say you want to invest in another piece of property in 3 years. By then, the price of the current property will increase. Since there are always people looking to move into the city, you can easily put your property up for sale and get a considerable profit too.
In the case of ready-to-move flats, you have to pay the price all at once. It also includes stamp duty, registration charges, and other miscellaneous expenses as well. Whereas with the under-construction flats, you have the advantage of paying only the booking amount, and you further pay according to the construction plan.
Before investing in an under-construction flat, you must remember certain things. It can be effortless as knowing the payment flexibility to the value of the property. Below are a few things you must remember before investing in an under-construction flat.
One of the common problems that any investor face with an under-construction flat is the delay in delivering the flat at a promised time. Here is where the Real Estate Regulatory Authority (RERA) comes into play. This body helps in bringing transparency to real estate deals. It ensures that the developers act responsibly to deliver the flat within the promised time. And if they delay, you have the right to receive compensation from the developers.
Before investing in any real estate property, you must check whether the builder is a trustable source or not. It is also advisable to check whether the builder is financially well-founded. Also, check the previous projects they have completed.
If you keep these things in mind before investing in a property, you’ll be making the right step. Buying or investing in a property should always be a smart decision. If you want to purchase a property, please check out our projects. We’re sure you’ll fall in love with our motto and outcomes. Connect with us today to know more about us.