From common people to the wealthy, everyone wants their dream home to be according to their budget and personal preferences. For the middle and lower classes, owning a home is something they aspire to do once in their lifetime, and they often have many thoughts about it. They wish to own a house within their budget in a preferred location. However, many people have doubts. One of the main concerns is whether to buy a house that is still under construction or to purchase one that is already completed. In the current scenario, the question that arises among many buyers is which option is more favourable.
Buyers have the flexibility to choose the home they like and select it according to the stage they want. If purchasing a home under construction, they can opt for a floor plan or direction they prefer. The price may also be somewhat lower. At the initial stage, they can even make changes according to their needs.
When buying a house during construction, it may take one to two years for completion. During this time, the price of the house could increase by 20 to 30 percent. However, buying a home during construction comes with the uncertainty of whether the builder will complete the house within the promised time frame. Also, payments for the house loan start immediately from the construction period, which means monthly installments will need to be paid.
· Buying a completed home offers several advantages. The main benefit is that buyers can move in immediately after purchasing the home, without any waiting. Experts suggest that homes that are ready for possession generally have a lower price compared to homes under construction. With the rising prices of raw materials like cement and steel, new projects are likely to be priced higher.
· However, purchasing a ready-to-move-in home requires paying the full amount upfront. On the other hand, if you want to make changes to the house according to your preferences, additional costs will be incurred.
