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Most of the people cherish the dream of owning their own home, be it small or big, a bungalow or apartment. If you are not able to arrange a huge amount for buying a ready-to-move-in property, you can look for other option. You can invest your money in under-construction property and get the possession within 1-3 year or as mentioned by the builder. Buying an under-construction property is boon for those who are keen to invest their small money and want to have a residential property within the next few years. The biggest advantage of buying such property is you need not to make the whole payment in one go, rather you are asked to make payment in different phases and the final chunk of payment will be done on the possession of the property. Buying the under-construction property has become a trend in metro cities, where people are not able to afford the rocket high price of ready-to-move-in property. Here are some advantages of choosing the under-construction property.
Pay at your ease: Under-construction properties are ideal for those who wish to buy a property. These kinds of properties are affordable even when you borrow the home loan. As in most of the cases, the payment is linked with construction, therefore, the customer is supposed to make the payment in phases as the construction get completed. Here, the booking amount tend to be small and within the reach of most of the customers. Generally, most of the builders ask you to invest 10%-12% of amount in the initial phase for booking.
Wide array of choices: There are plenty of choices available in various cities for under-construction properties. You can choose from any of the projects, which you feel is suitable for you and within your budget. You can make your decision according to your preference based on location, price, possession time and floor. You can choose the specific floor as per your convenience, whereas this is not possible when you want to buy a ready-to-move-in properties.
Best choices available within your budget: Most of the under-construction properties are based on the outskirts of the cities or at the edge of city. The price appreciation owning the future development is high for them. These houses have higher potential of price appreciation as compared to ready-to-move-in property in future. Thus, the under-construction properties are the best in case you want to buy a property with the purpose of investment.
Before investing your money in any under-construction project, you should do some reference check and get information about the previous projects. Try to gather information about the time-lines,delivery and reputation of builder in the market. It is the most important thing one should do before investing their hard-earned money into property.