What are the Benefits of Buying a Property in its Launching Phase?
The most common dilemma faced by real estate investors and homebuyers is - whether to buy a ready-to-move-in property or a property in its initial stages. Each of the investments has their respective pros and cons. In this article, we will focus mainly on the benefits of buying a house in its launching phase.
Is buying a new home worth it in the launching phase? Buying a property when it's in the ‘new launch’ phase is an economical option. It reduces your financial burden up to a certain extent.
If you are someone who can wait for a while before moving into your own house, you can invest in a newly launched project.
Let us see what exactly are the major benefits of buying a house in its launching phase-
The Early Bird Gets The Best Worm - Prices, Offers, and Discounts
Why is it better to buy a new home in new launching time? Let us delve into the answer.
The early birds always get the worms. The earlier you book a property, the more will be the monetary concessions.
During the new launch phase of a property, the builders and developers put in their maximum effort to promote it. With real estate being an aggressive and competitive market, the sellers offer affordable and reasonable prices in the initial stage itself.
Investing in a project when it is newly launched is an opportunity for those who are looking to buy a house within a limited budget. Instead, the saved money can be used to enhance the interiors of the house.
It is also advised that when you are investing in a property during its ‘new launch’ phase, it is safe to go with well-established builders. Top real estate companies in Vizag and Hyderabad can help you with making an educated choice in this aspect.
Step up Before the Hike - Price Blocks, Hikes and Revisions
Another major benefit of buying a house in its launching phase is that you can have the price blocked.
The demand for the property and the trajectory of the sales is most likely to decide the property price in the future. When demand is high, the prices are prone to be hiked. The price can also be hiked when-
There is a new infrastructure announced near the property
There are changes in the labour costs and raw material costs
By completing your purchase in the project's ‘new launch’ phase, you will not be liable to make further payments. That is, even if the builder hikes the prices, you do not have to worry as you have already made your payment. A solid advantage, right?
Ease of Payment - Loans and EMIs
Many of us go for home loans while purchasing a property. With loans come interest and down payments. But when you buy a property during its new launch phase you can avail of schemes like ‘No EMI Till Possession’.
According to the ‘No EMI Till Possession’ schemes, the homebuyer can only make an initial payment of 20% of the total property value to the builder. The homebuyer need not pay any EMIs until the property is delivered in their name. Very convenient, isn't it?
Find out more about such schemes by contacting the top real estate companies in Vizag and Hyderabad.
Early is Smart - Secure Investment
With the increasing speed of urbanization, investors are rushing to get their hands on properties. So when you invest in a property during its ‘new launch’ phase, you secure your investment before the price is hiked.
If you are investing in hopes of selling it in the future for a higher rate of return, a property in its new launch phase is your destination. The chances of the completed project selling for a better quote are likely.
Each to Their Own - Customizations and Modifications
When you purchase a property during its ‘new launch’ phase, you get to customize the house. You can have the interiors designed in accordance with your taste and style.
Ready-to-move-in properties do not have the option to customize them. If you need something changed, you will have to reconstruct. That would be such a hassle.
Properties in their new launch phase provide space for customizations and slight modifications. You can make some minor changes to the design layout and plan. You can plan your house according to you. Further, you can invest the saved amount into the interiors of the house.
The above mentioned are the benefits of buying a house in its launching phase. Clearly they hold a certain edge over a ready-to-move-in property.
So if you ask us, if buying a home is worth it in its launching phase, we would have to say yes. It is.
Investing in this phase is a feasible option for those who are starting out with their careers. As this phase requires a lesser budget than a ready-to-move-in property requires. It is also an affordable option for those who are looking to purchase property with a single income.
Many top real estate companies in Vizag and Hyderabad provide you with several options to select from. Moreover, most of the newly launched projects are likely to be located in a preferential locality. This means the locality you select will also play a role in deciding the future value of your property.
Like mentioned earlier, while investing in a newly launched project it is best to research about the builder or developer. Caution is advised when going ahead with such transactions. It is in the best interest of the homebuyer that they approach a well-known real estate company or property consultancy for the same.
Buying a property has several advantages. It not only acts as an asset but also acts as your safety blanket. Like the famous quote goes - “the best time to invest in real estate is always five years ago” and the next best time? It is always today.
At the end of the day, we all look forward for a place to call our own. Isn't that what drives us through hardships and difficulties?
For more on the advantages of owning a home vs. renting, refer to our previous article - “Why Buying a House is Better Than Renting?” - on our blog. Keep an eye out on our blog for more content from the real estate domain.
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