Buying a property is one of the biggest investments that a person can make in their lifetime. It is important to make the right decision when choosing a property, as it can have a significant impact on your financial future. One option to consider is buying an under construction project. This can be a great way to get a good deal on a property, as developers often offer discounts to early buyers. There are also many other benefits to buying an under construction project, such as the ability to choose your ideal unit, customize the finishes, and get a brand new home with all the latest amenities.
What is an under construction project?
An under construction project is a property that is still being built. Developers typically start selling units in under construction projects early on, in order to generate funds to complete the construction. This can be a great opportunity for buyers to get a good deal on a property, as developers are often willing to offer discounts to early buyers.
Benefits of buying an under construction project
There are many benefits to buying an under construction project. Here are some of the key advantages:
- Lower price: Under construction projects are typically priced lower than completed projects. This is because developers are offering discounts to early buyers in order to generate funds to complete the construction.
- Choice of units: When you buy an under construction project, you have the first choice of units. This means that you can choose the perfect unit for your needs and preferences, such as the floor plan, view, and location.
- Customization: Many developers allow buyers to customize the finishes of their units in under construction projects. This means that you can choose the flooring, countertops, cabinets, and other finishes to create your dream home.
- Brand new property: When you buy an under construction project, you will be the first person to live in your unit. This means that you will get a brand new property with all the latest amenities.
- Higher return on investment: Under construction projects can offer a higher return on investment than completed projects. This is because the value of the property is expected to appreciate as the construction progresses and the project is completed.
Comparison between buying an under construction project and a completed project
Here is a comparison chart between buying an under construction project and a completed project:
|Factor||Under construction project||Completed project|
|Choice of units||More||Less|
|Brand new property||Yes||No|
|Higher return on investment||Yes||No|
Risks of buying an under construction project
While there are many benefits to buying an under construction project, there are also some risks to consider. Here are some of the key risks:
- Construction delays: Construction delays are common in under construction projects. This is because there are many factors that can affect the construction timeline, such as weather conditions, material shortages, and labor disputes. If the project is delayed, you may have to wait longer than expected to move into your new home.
- Quality issues: There is a risk of quality issues with under construction projects. It is important to choose a reputable developer and to have the property inspected by a qualified professional before you close on the sale.
- Market changes: The real estate market can change rapidly. If the market declines between the time you buy a unit in an under construction project and the time the project is completed, you may not be able to sell your unit for the price you paid for it.
How to choose an under construction project
When choosing an under construction project, it is important to consider the following factors:
- Developer: Choose a reputable developer with a good track record of completing projects on time and within budget.
- Location: Consider the location of the project carefully. Think about factors such as proximity to schools, workplaces, and shopping.
- Amenities: Consider the amenities that are important to you. Many under construction projects offer a variety of amenities, such as swimming pools, gyms, and clubhouses.
- Price: Compare the prices of different under construction projects in the area. Make sure to factor in the cost of customization and other expenses.
Buying an under construction project can be a great way to get a good deal on a property. However, it is important to be aware of the risks involved before you make a decision. By carefully considering the factors listed above, you can choose an under construction project that is right for you.
Additional benefits of buying an under construction project
In addition to the benefits listed above, there are a few other things to consider when buying an under construction project. First, you may be able to take advantage of flexible payment plans. This can be helpful if you are unable to afford a large down payment. Second, you may be able to customize your unit
If your looking for under construction projects across prime locations in Chennai check out JKB Housing ongoing projects.
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