- Customisable changes during construction phase
- Lower home prices during construction
- Increase in home value upon completion
- Quick move-in and reduced rental burden
Owning a home is a dream for everyone. To make the dream of owning a home come true, people go to great lengths. They save every penny with the goal of buying a house. When it comes to buying a home, many doubts arise. Should one buy a house that is under construction, or purchase a home that is already completed? Let’s find out what real estate experts say about the advantages and disadvantages of buying a home that is ready for occupancy versus one that is still under construction.
For the average and middle-class individuals, buying a home is often a once-in-a-lifetime opportunity, and they consider various factors carefully. Everyone wishes to own a house within their budget and in a desirable location. However, many people have several doubts when it comes to purchasing a home. The main question that many people grapple with is whether to buy a house that is under construction or one that is already completed. In the current scenario, what is more favourable for buyers is a question that many ponder.
In the major cities and towns of the Telugu states, the construction sector is thriving. In Hyderabad, Vijayawada, and other towns across both states, thousands of new projects are underway. Consumers have the flexibility to choose a home they like and in the stage they prefer. However, real estate experts say that buying a home during the construction phase offers several benefits. When purchasing a home during construction, you can choose your preferred floor and direction. Additionally, buying a home during the construction phase often means the price is somewhat lower. Furthermore, at the initial stage, you can have the house built according to your preferences. Such convenience is only available during the construction phase.
- Buying a home during the construction phase means it will take at least one to two years to complete. During this time, the price of the house can increase by approximately 20 to 30 percent. This means that even before you move in, the value of your property will increase. However, purchasing a home during construction poses the risk of the builder not completing the house within the promised deadline. Additionally, you will need to start paying monthly installments for a housing loan from the beginning of the construction period.
- On the other hand, real estate experts say that buying a completed home also has several advantages. Primarily, you can move into the house immediately upon purchase without having to wait. Furthermore, experts suggest that currently, prices for completed homes are lower compared to those that are still under construction. Due to rising costs of raw materials like cement and steel, new projects might come with higher prices.
- When buying a completed home, you need to consider the condition of making a one-time payment. On the other hand, if you want to customize the home to your preferences, it might incur additional costs. Therefore, experts recommend weighing all these factors and deciding whether to purchase a home still under construction or a complete one based on your budget and preferences.
