4 reasons to consider buying under construction property

Imagine this: you're faced with two options—you could move into your dream house tomorrow, or you could wait two years for added benefits. Which one would you choose? This dilemma often arises when considering whether to invest in an under-construction property or a ready-to-move-in one. In this blog post, we'll delve into the advantages of under-construction properties to help you make an informed decision.

Price Advantage:

Under-construction properties typically come with a price tag that's 10 to 30% cheaper than ready-to-move-in properties. The lower cost stems from ongoing construction, allowing builders to offer numerous discounts and flexible payment options. While waiting for possession, you may need to continue paying rent for your current accommodation, but the potential for negotiation and financial flexibility make under-construction properties an attractive option.

Appreciation Potential:

One of the significant benefits of under-construction properties is their potential for quicker appreciation in value compared to ready-to-move-in ones. As the property market experiences an increase in value during construction, buyers can secure apartments at lower rates, making it an ideal choice for investment purposes.

Customization Opportunities:

Personalizing your dream home is a priority for many buyers, and under-construction properties offer ample opportunities for customization. With a wide range of choices in location, property type, and inventory, buyers can select the floor plan, orientation, and amenities that align with their preferences. This level of customization is often limited in ready-to-move-in flats, where only a handful of options may be available.

Regulatory Compliance and Tax Benefits:

Thanks to regulations like the Real Estate (Regulation and Development) Act, builders are now required to register their projects, leading to compliance with fair trade practices and reduced project delays. Additionally, homebuyers can avail themselves of tax benefits while purchasing under-construction properties under sections like ATC and Section 24 of the Income Tax Act. These tax benefits are not applicable to ready-to-move-in properties.

Considerations and Conclusion:

While under-construction properties offer lucrative benefits, it's essential to weigh the drawbacks and benefits carefully. Factors such as project delays, builder reputation, and financial considerations should be taken into account. Ultimately, the decision between under-construction and ready-to-move-in properties depends on your individual needs, preferences, and financial situation.

In conclusion, under-construction properties present a compelling option for buyers looking to invest in real estate. However, thorough research, consideration of the pros and cons, and consultation with real estate experts are essential steps in making the right decision. Whether you opt for under-construction or ready-to-move-in, ensuring that your choice aligns with your goals and circumstances is paramount.