People investing or buying homes are gradually shifting their preferences to readily movable homes because they come at inclusive prices considering all the amenities and facilities.
However, under-construction properties also prove a great potential for investment. Selling an under-construction property offers benefits for the developers because the initial prices are usually lower than the price which includes all the amenities.
Bajaj Housing Finance provides ample opportunities for its customers by assisting them through the whole journey of deciding about which is the best property to invest. They also offer affordable home loans starting from Rs. 30 Lakhs to 10 Crore.
Resale flats available in Piramal Vaikunth on the contrary, provide the guarantee of immediate possession because the price includes all the facilities provided by the developers. Also, under-construction properties have the disadvantage of being delayed due to weather or other factors. Here are some pros and cons which can help you clear your mind between the two:
Differences in Prices
The property prices differ according to the phase in which they are currently. The pre-launch rates are generally lower than the actual rates and they fluctuate over time as they are largely dependent on the changes in the current market trends.
The differences between supply and demand is also a driving factor behind these prices. The prices of under-construction properties only increase as it goes through the different phases of its completion.
However, the resale flats can have similar costs as a new apartment due to changes in the technology, lifestyle and relative acquisition costs. This is usually due to the materials which have become obsolete and the technologies which are no longer utilized in the construction.
Availability of Choices
Under-construction properties offer a wide variety of choices depending on the size, location, etc. They also offer lower prices than the resale flats because during construction they might get an increase in their value of appreciation as the construction would progress.
To attract more demand, developers have now introduced various easy payment options like construction linked plans, and down payments to make them more affordable.
Time to Invest
The best time for purchasing Thane property in the resale market is when the real estate sector is indicating a downward trend because you can get excellent discounts at that period. The resale market indicates a high demand for readily movable apartments considering trends in online real estate websites. A buyer who is willing to buy a resale flat can invest in a project which is almost close to completion and it would be ready for possession within a year of purchase.
The resale flats also include some risks with the payment of cash. Due to the dependence on bank loans by many people, they don’t generally have much cash to pay instantly if the price increases during the period from which the seller had purchased till the time he decided to resell it.
However, in the case of under-construction properties, the payment plans are usually linked with construction and down payments which makes a buyer capable of paying in installments.
While deciding between buying a resale flat or an under-construction property, it is extremely important to take care of the documents given to you by the developer at the time of paying the token amount. It is a good practice to check any pending dues that are left with the builder. It can be verified by asking for an updated statement which includes how much amount has been paid and how much is still due.
A transfer fee is also charged by many developers if the original owner of a resale flat has decided to sell it off before the project has completed all the stages. After taking care of the pre-requisites and ensuring the most favorable deal, you can easily invest in under-construction flats easily.