What are the Benefits of Buying an Apartment under Construction?

For the majority of people, buying a home is of utmost importance. When it comes to living in a city, apartments are the top choice. When making the decision to purchase a home, you usually have the option of selecting either an under-construction apartment or a ready-to-move-in one. But what does an under-construction apartment mean? An under-construction apartment refers to a housing unit that is still in the process of being built but can be purchased. 

We’ll explore the benefits of buying an apartment under construction in this article.

• Lower Acquisition Cost

By purchasing an apartment that is currently under construction, you can get it at a lower cost. Property costs are lower during the beginning of construction because developers aim to sell units to fund the project. Value automatically rises when the building is fully constructed.

When you receive the keys, your apartment’s value could rise by 20-30%. If you had to sell soon, it would mean a significant profit for you.

Another perk is that you can make your flat uniquely yours by personalising it. The builder can assist you in selecting floors, types, permissible alterations, and finishes that suit your preferences. Modifying an old apartment is both complex and expensive. If you choose to take a home loan at the beginning or during the construction phase of a property, you can receive certain payment benefits. 

Although there are risks involved, the advantages of purchasing under construction often outweigh the negatives. If you plan carefully, buying an under-construction flat could be the most cost-effective way to own a house.

• Flexible Payment Options

If you purchase a move-in-ready property, the full payment must be made at once. On the other hand, an apartment under construction allows for flexible payment options. Homebuyers have the option to make an advance payment to reserve their home. While the construction continues, you have the option to pay the remaining amount in smaller, monthly instalments.

With the staggered payment method, you can easily afford to own a home without the burden of a huge lump sum payment. If you opt for a home loan, chances are high that you’ll need a smaller amount.

• Customisation Opportunities

Under-construction property owners can decide on fittings, finishes, and floor plans. Buyers can personalise the floor layout by selecting the tiles, cabinets, and flooring. During construction, builders are typically more flexible to demands for personalisation. Customisation allows you to build the ideal house that fits your needs, adding significant value. It’s important for buyers to be reasonable in their customisation requests to avoid increased costs and delays. The goal is to complete all changes in the early stages of construction. Project delays can occur when significant changes are made once construction has already begun. Buyers need to assess how customisation requests will affect property possession timelines, in addition to obtaining written approval from the builder.

• Capital Appreciation

Under construction properties typically appreciate faster than completed properties. As construction advances, the location's infrastructure gets better and more advanced. Reduced pre-launch costs result in a higher rate of appreciation after the project is finished. The level of appreciation depends on factors like supply and demand, builder reputation, and location.

Purchasing properties that are still under construction, for either personal use or investment purposes, can result in significant long-term profits. Once the property is ready for occupancy in a few years, owners can expect significant profits upon selling it. It’s a smart option for individuals with a long-term investment outlook. On the other hand, project delays come with potential risks that may impact returns. Before making a purchase, it’s advisable to conduct thorough research.

• Latest Amenities and Advanced Technology

Technology is consistently redefining the world we live in. New technologies are giving rise to novel trends and amenities in the housing sector. By choosing a move-in-ready property, you receive up-to-date features and amenities.

On the other hand, if you decide on an under-construction apartment, you can expect futuristic technologies. Homeowners can look forward to even more advanced features and capabilities as smart home systems, energy-efficient designs, and advanced security measures continue to evolve. By selecting a home under construction, you can anticipate advanced technologies that will improve your overall quality of life.

• Legal Aspects

When purchasing a house, the legality of the property should be the top priority after finalising the developer and location. How can you ensure the legality of a property under construction? The straightforward answer is the Real Estate (Regulation and Development) Act, commonly known as RERA. According to the RERA mandate, any property that did not receive an occupancy certificate before May 1, 2017, must be registered with the respective state’s RERA.

Furthermore, it is compulsory to register with RERA to obtain the required government approvals. This means that you can trust the legal validity of a project that is still in progress. Moreover, you can also review project details and legal aspects on the RERA website of the respective state where the property is being built.

• Monitoring Construction Progress

While there are several advantages to buying properties that are still under construction, it is essential for buyers to regularly monitor the project’s development. It’s important to visit the site often as construction delays are common in the industry. You can assess the quality standards by examining workmanship, inspecting materials, and checking for defects during these visits.. Also, ensure that all approvals and legal requirements are met. Taking proactive measures guarantees timely completion and the desired quality of the property. If you notice any deviations from the project plan, it’s important to inform the builder right away. Buyers may sometimes engage third-party quality inspectors to regularly oversee construction progress, mitigating risks and preventing major hurdles in project completion.

Buying under-construction projects offers buyers several benefits, such as lower prices, customisation choices, and potential appreciation. While waiting can be challenging, the ultimate financial and lifestyle benefits make it worth it. 

Desai Homes is a trusted builder in Kerala, offering quality under-construction properties in different areas. Due to our commitment to client satisfaction, on-time delivery, and after-sales care, Desai Homes stands out as a reliable choice when buying a home that is still under construction. If you are interested in acquiring a property under construction from Desai Homes, connect with us to discuss further.