How under construction homes can be beneficial for first-time buyers?

First-time home buyers often find themselves out of the loop when it comes to buying a property. Buying a house can be daunting for anyone, and first-time home buyers usually lack the experience. 

Any investment requires thorough research and real estate isn’t any different. It is why people recommend under construction homes for first-time buyers.

What are the benefits of investing in under construction homes? Here’s a list for you:

• It does not burn your pocket – The biggest advantage of investing in an under construction home is the price. An under construction home will have a flexible payment schedule as opposed to a ready to move in house. The best part about under construction homes is that you do not have to pay all at once. You have more choices such as EMI plans that do not burn a hole in your pocket. A ready to move in house costs 10-30% more than an under construction home. A first-time buyer will look for ways to save. 

• More control over preferences – As a first timer, you would want to keep your options open. It allows more space for creativity and customisation for the home buyer. An under construction home gives you wider options as compared to a ready to move in property. You can change the home as per your preferences. For instance, you get to choose the location and the flat for an under construction home. You can also make any changes to the design and decor of the house without worrying about the additional costs of renovation.

• Gives better returns in the long run – Under construction homes provide higher return of investments in the long run. As first time buyers you will be looking at the market value of the house. Under construction homes are available at a relatively lower cost. The price of the property will steadily increase. It means there is a better chance of price appreciation for under construction homes. However, remember to check on factors such as connectivity, employment opportunities, and other amenities before investing.

The buyer has an advantage when it comes to under construction homes. They can make good appreciation on their capital by selling the property close to the possession timeline.

• New construction – A new construction is more trustworthy than an old one. An under construction home gives you the opportunity to add modern facilities to your house. The ability to customize is more with under construction homes as compared to ready to move in houses. Buyers worry less about repairs and damages when it comes to under construction homes. You can see to the construction yourself and save some bucks on repairs and renovation.
• While investing, the first priority of the buyer is to increase their savings. A newly constructed house is a better deal as compared to one with old construction. Buyers tend to trust new construction, as you get better facilities with it.

• Better offers – Under construction homes usually come with attractive offers. It is natural that a first time home buyer would look for lucrative offers. Attractive offers act as a boon for nervous first timers and helps them save more money. Developers usually attract buyers for under construction homes with discounts and offers. It is one of the advantages of buying an under construction home. A ready to move in house has fixed payment schedules. The costs are fixed as per market fluctuations and developers are reluctant to offer discounts to buyers. Negotiations are easier and you could land better deals such as a free parking lot for yourself or a contemporary, modular kitchen.

The bottom line 

As an inexperienced home buyer, you need to look for a property that works for you. Buying a home is no joke – it empties the savings and takes time. If you feel that arranging the sum for your house is a problem, an under construction home is the right choice for you. It gives you more flexibility and a chance to save 10-30% more.

By choosing an under construction project, a first-time home buyer gets more options. Moreover, it is easier to find out if an under construction project is compliant with RERA.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.