Under-Construction Property, Yes or No? When we think of purchasing a new property, it is very difficult to choose the best. We look for ready-to-move-in houses as well as under-construction property. There must be days where you visit many properties in a single day and in the end, you are just left with a dilemma. Confusions like these are normal and natural to happen. So before taking this crucial decision, you must know everything about the purchase, right? Therefore, you should be aware of advantages, cost, future returns, mode of payment, uncertainty, and, in short, everything.
We should take no decision in a rush, and especially the property ones, never! In this blog, you will get to know about the Under-Construction property.
What is under-construction property?
A property that is yet to be completed is an under-construction property. In these, you have the option to alter an aspect if you aren’t confident about it.
Moreover, it is easier to evaluate the work. Also, you can keep a regular check on the construction quality easily, as it is still in process.
Many real estate companies in the market offer their customers under-construction properties. Erisa Projects is one of them.
We show the under-construction properties and ask the client to book or purchase them. And in return, we provide the best house you can ask for.
Should I Go for ready to move in houses or under-construction?
Well, the answer to this solely depends on your needs. A ready-to-move-in house saves time. In these, you just have to pay the amount and voila, it is yours. In short, there is no risk of uncertainty whether you will get the property or not.
But if you are looking for a property for future investments, then under-construction ones are the best you can choose. It is comparatively less costly than the ready-to-move-in one and, hence, more affordable. Also, you get to know about the construction material used. You also get a greater space at less cost compared to the former.
Now we will talk in-depth about the pros and cons of under-construction property.
Pros of Under-Construction Property
Many advantages that will compel you to go for under-construction properties are-
With no second thoughts, if you book an under-construction property, you will surely have various choices and options.
You can choose the best one for you.
You will have the advantage of choosing quality work.
Extra Perks and Space
It is possible to ask the contractor for alterations in an under-construction property. And the constructor can provide all the amenities you wish for. Not only this, but you will also get a more covered area in comparison to ready-to-move-in, and that too at the same price.
Easy Payment Method
For under-construction property, mostly the contractors or companies ask to pay in various stages.
This means you don’t have the pressure to pay the full amount at once.
You can have the time to cater the money.
You can even pay in EMIs as per your suitability.
Investment is one of the main criteria when choosing a property. Under-construction sites offer more in the future. As they are mostly on the outskirts of the major cities, so the chances of development are high. This will provide you with a handsome return in the future.
Cons of Under-Construction Property
We saw above that investing in the under-construction site is not a bad option. But you should remember there are some disadvantages you should also keep in mind. Some of them are-
Exceeding The Deadline
While we book a house, we ask for the timeline.
But when this is not fulfilled, we feel cheated and disheartened.
This is the most common issue with the under-construction sites.
Buyers face the discrepancy.
The projects get delayed because of some reasons.
The delay can be two, three, or even worse, five years.
Hiked Land Price
Customers deposit the amount in hope that they will get their fully constructed house after the stipulated time. But first, it gets delayed, and then second, the contractors ask for more money. In this situation, you are stuck and end up paying more because of a huge chunk of the amount already deposited. This means you pay for others’ mistakes of not finishing the work on time.
When you first get in touch with the contractor, they show you their best construction.
It has premium quality products and construction materials.
But this can be just a way to attract. You will hope to get the same quality of work and book the under-construction site.
But it often gets reported that the final house is way different from the sample one.
There are issues like low-quality construction material used, no finishing, and many more. Commercial contractors and companies try to make maximum profit and thus can use cheap materials.
Income Tax Reduction
You can gain income tax benefits only when you have complete ownership of the property. This means you can not enjoy any benefit for an under-construction one. Even then, you invest in them with a plan for income tax benefits, but due to delays, you face problems. You end up paying more than earning the perks.
Like others, this is also a common issue associated with under-construction sites.
The contractors make false guarantees and promise to win your trust.
They may assure you to provide a swimming pool, gym, or maintained parks.
But when you get the ownership, you may find none of them is true.
They were all false promises.
At the time of sale, no contractor provides you with a complete history of the project. There may be some issue related to the property which you are unaware of. And after depositing the amount, you get to know about the controversy and are in shock. Sometimes this may cause a delay of the project for many years.
By now you must have a decent knowledge about under-construction properties. We saw their plus points as well as drawbacks. So, whether to invest in them or not is wholly your choice.
But yes, the under-construction property is a decent choice to make. There are many perks, like regular checks, lower prices, chances of alteration, and many more. And if you talk about the problems, these can be solved by hiring a reputed real estate agency like Erisa Projects.
We fulfill all the promises and provide all the amenities informed at the first. We are famous for their quality work, so the chances of cheap construction are none. Also, we try to finish our project on time. Therefore, Under-Construction property is a Yes.