Purchasing a property is probably one of the most important decisions most people make in their whole lives. It’s a huge milestone to do, but the entire process demands a lot of research, contemplation, patience, and time. While there are many things while looking for a place to live, most buyers’ primary concerns are whether they should go for an under-construction or ready-to-move-in property.
There are precise pros and cons to buying a ready-to-move-in or under-construction property, but your last decision should depend on your own set of terms and what works the best for you.
Factors to consider while purchasing a property
If you are stuck within buying under-construction property vs. ready-to-move-in property, here are a few things you need to take into account.
- Risks of delay
- The difference in price
- Quality and infrastructure
Risks of delay
Buying a ready-to-move-in is excellent for those who want to go into their new home.
Under construction, properties may face stays in possession and completion due to multiple problems, such as zoning disputes, land-related litigations, and developers abandoning the project’s lack of funds. The timeline of achievement for under-construction properties can be very unpredictable.
Meanwhile, you do not have to suffer about such problems when it comes to purchasing ready-to-move-in homes. Since the house has already been built, all you want to do is select the payment method and complete the transfer method before moving.
Quick possession is probably one of the top benefits of buying a ready-to-move property.
The difference in price
Usually, there is a price variation between the properties
One of the most significant advantages of purchasing an under-construction property is that it would not put as big a dent in your account as a ready-to-move-in house. Although the properties vary broadly with their housing scheme, type, location, and even the constructor, the truth is that available units for sale cost about 10 to 30% more than under construction. This is the same as purchasing an old one vs. a newly constructed house.
On the flip view, the fact continues that you never know how much you will end up paying for an under-construction property if the housing society increases its construction rates. If the constructor faces any significant hiccups, the user may have to carry the brunt of unexpected costs related to the construction process. But, it is vital to point out that this is not a very common incident.
Quality and infrastructure
If you are buying an under-construction house, be prepared for the result to look different from what you have been expecting
With ready-to-move-in properties, you know what you see in layout, construction, facilities, and amenities. When investing in an under-construction property, you want to prepare yourself for the worst-case situation where the final product may look blank like the sample unit. Of course, you can ignore this problem by regularly visiting the construction site.
Who should consider purchasing an under-construction property?
There are numerous advantages of buying an under-construction property
Related to buying a ready-to-move-in house, purchasing an under-construction property is an excellent real estate investment option.
Except you are looking for comfort on an immediate basis, investing in an under-construction property makes more sense. Since so properties are mostly located in developing neighborhoods, the potential for value appreciation is also high. However, this changes with each housing society.
Also, most under-construction plans offer manageable payment and installment strategies to facilitate buyers. It is recognized most important pros of buying under-construction property.
Also, the property delays and additional expenses in development charges are significant downsides of purchasing such properties.
Who should consider buying a ready-to-move-in Property?
By ready-to-move-in apartments and flat, you perceive what you are paying for.
As explained above, the decision to buy a ready-to-move-in or under construction property depends mainly on your personal preference.
For instance, if you are looking for a place to live on an urgent basis, buying an entirely constructed unit is going to be your best option since waiting for the completion of an under-development project might take a very long time. Most under-construction properties are in newly built housing schemes on the outskirts. So, if you want to live somewhere close to the city center with a friendly, well-established neighborhood, you will most likely have to opt for a ready-to-move-in apartment or a house.
Furthermore, in ready-to-move-in homes, there is no risk of obstacles in possession. The construction, design, and other infrastructural aspects of the house are also right in front of you. You do not have to suffer about any sudden development charges and can even apply for a home loan to make the purchase. INDIGO BOUTIQUE APARTMENTS, a luxury apartment, project by Indigo Developers, is a marvelous addition to Lahore’s READY-TO-MOVE-IN PROPERTY. Hi-speed lifts, spacious corridors, wide stairs, a rooftop swimming pool, a health club, and a host of top-notch amenities let you enjoy a high-end luxury lifestyle. Indigo Apartments at 64-L, in central Gulberg, is purely a residential building targeting affordable luxury in downtown Gulberg.