Investing in real estate is one decision usually taken with a lot of trepidation and after careful consideration of all options available and careful consideration of financial constraints. Numerous government reforms such as the introduction of RERA have made the process of investing in real estate relatively simpler and safer with builders more careful about the quality of the construction and delivering the project on time. A large number of customers opt for completed projects that are ready to move in; however, there is now a growing number of customers who are opting to invest in upcoming projects rather than completed ones. Here are some of the factors why investing in an upcoming project is better for home buyers and investors.
Lower costs and appreciation in value of property – Buying property in an upcoming project is usually much cheaper than buying property in a completed project. There are usually discounts offered by the developers at the launch stage of a project and as the construction of the project commences, the prices of the units inevitably appreciate, leading to a good return on your investment. Also, investing at the launch phase of a project will enable you to invest in a larger property within your budget.
Flexible payment – Investing in an upcoming property usually gives you the advantage that you can avail of the flexible payment schemes that the builder offers, with only 10 to 20% of the cost of the property being paid at the time of booking. Builders also offer different payment schemes that can be availed of, making the process of paying for the property much simpler and easier on the pocket. Conversely, investing in a completed project means the amount has to be paid in full along with all other costs involved.
Flexibility to modify and personalise the unit – This is another major advantage of investing in an upcoming property. You not only have the option to select the property that you desire, but you can also be involved in customisation and minor modification of the unit according to your own personal specifications in the early stages of the development of the project.