In 2023, among the most bought items in the world, the industry that is booming among new buyers is the real estate industry. The number of projects have increased rapidly due to the vast demand of first-time home owners and so has the need to educate these first-time buyers, about the nitty-gritty of buying a property in its new launch phase.
The properties during the new launch phase happen to be the most economical as compared to ready-to-move-in homes and completed homes.
Let’s look at the 5 main advantages of buying a property during the new launch phase:
Avail Benefits of Early Bird:
The advantage is that during the ongoing construction phase or the newly launched phase of any property, the builder either offers hefty discounts or allows a far lesser rate of land as compared to the later finished stage of the same property. This is to attract buyers’ attention. So it is a win-win situation for both the developer as well as the buyer.
Avoid Price Hike:
Properties have a price hike in two stages. One, right after the HIRA certification and the other when the finished property is in great demand. It is thus wiser to pre-book your home during the newly launched phase to avoid the price hike later.
Customization Of Features:
In the newly launched phase of the property when it is still being constructed, when you pre-book any flat, you get the benefit of asking the developer to customise your particular property design wise, material wise, and space wise. The added advantage is that you can choose your location, floor, view, etc. When the project nears its finished stage, these bonus advantages and customizations become difficult to offer by the developer.
Easy Mode Of Payments:
Many and most newly launched properties offer the benefit of schemes that help the buyer stay EMI-free until possession along with gaining tax benefits from the home loan. Also, you would only have to pay the initial 20-25% of the total cost to the builder. The developer will bear the interest against the home loan.
With the recent industry shift from developed areas to developing areas, most millennials and corporates are keen on investing in properties that are located a little away from the city. This usually comes with the advantage of a lower price. Purchasing a newly launched property at a price advantage and then selling or renting the same property at an increased price when the property is ready-to-move-in, is an ideal investment for all.
In conclusion, there are several advantages of buying a property during its newly launched phase. You just have to look for the right location and gauge the developer’s construction legacy. After that, you can reap the benefits of seeing your dream home take shape in a matter of years in which you would have saved a lot of money due to the advantageous cost of purchasing the property in its newly launched phase.