If you are wondering whether to buy a property while it is still not constructed or get it when it is completely ready for a higher price, this post will definitely help you make the final decision. In it, the specialists working in our residential construction company have listed a few of the pros and cons each option has!
PROPERTIES WHICH ARE UNDER CONSTRUCTION
- The builder will customize it only to a certain extent.
- The pricing will be really attractive.
- You will be the first one to inhabit the property.
- You can monitor the quality of construction yourself.
- There is a risk of the project being abandoned if certain permits are not issued or the budget does not allow the project to be finished.
- There is a risk of the project getting delayed which will cost you more rents.
- The builder may not deliver what was initially promised.
- The builder may raise the price citing an increase in the overall construction costs.
PROPERTIES WHICH ARE READY FOR POSSESSION
- What you see is what you get.
- The price you are initially offered will not be altered.
- All the amenities are in place.
- You can get to know the people and neighborhood before actually making your decision to buy the property.
- There are higher transaction costs, and the overall price of the property is much more expensive.
- Fixtures and fittings might be outdated and you may need to invest in some remodeling.
- You may have to compromise on the design and construction.
- The joy of building a new property will be missing.