If you are familiar with the real estate market, you might have heard terms like ‘pre-launch’, ‘new-launch’, etc. All these refer to projects which are newly launched. These are common terms that are used to market the property among prospective buyers. Investors show great interest in buying properties that are in the new-launch phase since they will be economical as compared to completed or ready-to-move-in homes. Hence the buyers can get maximum price advantage if they buy properties in the new-launch phase. Also, if you wish to buy a property in a particular locality of your choice, it is better to search for newly launched projects in the area. Apart from these, there are many other benefits of buying a new launch property. Let us find out what are the advantages of buying a property in its new-launch phase.
Early Birds Get the Best Price
Most of the builders will give attractive price offers during the initial launch phase. As real estate is a very competitive market, the players will try their best to attract buyers by offering such early bird discounts. Aspiring homebuyers can make the most of this opportunity to book a new home at the lowest prices. Whether you are planning to invest in a property or looking for a new home to stay, newly launched projects are a perfect choice any day. By doing a market research, you can find out that ready-to-occupy homes and semi-constructed projects will be priced on the higher side than newly launched projects. So if you want to invest in a budget property, look no further than a new-launch project.
Book Before the Price Hike
Another benefit of buying a property that is in the new-launch phase is that you can block the price before the rates go up. Price hike for properties following the new-launch phase is quite common in the real estate market. So considering this, investors mostly prefer buying properties when they are in the new-launch phase itself. Price hike can occur due to various reasons like increasing demand of property, new infrastructural development in the area, rising labour costs and cost of raw materials, revised laws, etc. Opting for a newly launched project will let you save a considerable amount for other future expenses. Also, you can consider selling the property in future when it is in the ready-to-occupy stage at a higher price and earn a high profit.
Customizations & Extra Features
If you are choosing a completed project, chances are less that you will get to own an apartment that offers the best view or with your preferred layout. But if you are buying a property in a newly launched project, you can very well choose from a lot and decide which unit best suits your requirements. You may want to get a customised interior layout or want to make minor changes in the design, all this becomes practical when it comes to a project in the new-launch phase. The same applies to gated villa projects as you can choose your custom design during the initial stages and create the home you have envisioned. And the good news is, you can get all these customizations done within your budget.
Easy payment options
Along with the tax benefits of a home loan, homebuyers can live the dream of owning a home without many struggles. Most of the newly launched housing projects will also have schemes or offers where homebuyers do not have to pay EMI till possession, which can be a huge financial relief.
Furthermore, purchasing a newly launched project, you would only require to pay 20-25% of the total cost to the builders. As the responsibility to pay the interest against the loan is on the builder’s shoulder, it can also drive them to complete the project at the earliest. This is one of the other benefits of purchasing a property during Its launching phase.
Smart investment
With almost all of our metro cities becoming overpopulated, not just the millennials, but also the corporates have started to move towards the suburbs or outskirts of the city.
Considering this as an ideal opportunity to invest in real estate, you can buy a newly launched property with all its price advantage and sell or rent it once the project is completed, at a profitable price.
Home is where the heart lies. Buying a home is a significant decision. A home is where you see yourself and your loved ones grow and flourish together. But do you know how sturdy and reliable is a newly constructed home? Do you know how to assess the quality of a newly built home? Should one only rely on word-of-mouth in the market about the builder while deciding to buy a new home? Or Should you have neutral parameters to test the quality of the constructed homes?
Although, what is a good quality construction home? A home that is safe and sound for its inhabitants, will remain occupiable for a long time, will not incur undue repair or maintenance costs, and may fetch a good resale value in the future is a good quality home.
Whether buying a bungalow, row-house, or flat in an apartment, it is inevitable to test the quality of construction. Let us dive a little deep to analyze how to assess a new home’s construction quality.
1) Check The Quality Of The Soil: The strength of the building’s foundation depends upon the quality of the soil. Builders or architects check the quality of the soil before they begin construction. You may ask for a report of the soil quality or the type of soil and get it checked by an architect. Ensure that the soil is loamy, sandy, or chalky, which allows the foundation to remain strong and enables easy water drainage. It should not be clayey or black-cotton soil that shrinks or swells on drying or wetting.
2) Verify The Design And Structure Of The Building: It is not easy for a layman to understand the quality of the design structure of the building. A buyer may ask the builder for the design layout and get it verified by an expert. As a result, you will be able to evaluate how well the walls, beams, roofs, and columns are constructed, as well as how well the building will be able to withstand earthquakes, whether it has firefighting equipment, emergency exits, etc. Quality construction is designed in such a way that the weight of the entire structure is evenly and scientifically distributed.
3) Gauge The Concrete Quality: The concrete quality should be good enough to bear a sufficient load. The ratio of concrete and sand must be appropriate for strength and resilience. One can ask the builder for the laboratory testified report of the concrete: sand ratio used in the construction. Or the quality may also be tested by driving a nail into the wall. If this is done easily, the construction is not of good quality.
4) Assess The Plaster Quality: The quality of plaster should be tested before the home is painted. Even after being constructed, the home may be left without paint for some time, as issues with the plaster may erupt a few months after the completion or mostly be detectable during monsoons. Water leaks and poor plaster quality are indicated by cracks in the plaster. Even if there are minor cracks, one should get them fixed, maybe by collaborating with the builder.
5) Assess The Quality Of The Paint: Good quality paint not only enhances the appearance and visual appeal of the home but also increases the life of the walls. Cheap paint, on the other hand, leads to poor finishing and durability. Try to ensure that the walls are painted after the quality of the plaster has been thoroughly verified.
6) Check The Thickness Of The Wall: The builder is required to mention the thickness of the wall in their layout design. It is essential to check whether the specifications match the actual thickness of the constructed building. One may tap the walls with their knuckles to check the hollowness or usage of plywood inside the walls. Builders often use plywood to strengthen their walls. However, termites can damage such structures when not appropriately treated. One may also hire a construction expert or an architect to verify the walls’ thickness scientifically.
7) Examine The Fittings And Fixtures: Inspect the minute details of the fittings and fixtures inside the house. Ensure that the bathroom fittings, taps, showers, and drainage pipes are in good working condition. Check the slope of the bathroom is in the direction of the drainage. The kitchen sink, taps, and exhaust system are all functional. Check all the electrical connections, fans, lights, and air conditioning facilities too. One may go a step ahead to check whether such fittings have been certified by the Bureau of Indian Standards.
8) Miscellaneous: Lastly, additional facilities like an elevator, play area, parking facility, and any other promises made by the developer in their brochure should be cross-checked to ensure compliance with such promises. Also, the quality of the doors and windows should be checked. It would be an added burden and costly to keep repairing these appendages. It reflects the worth of the developer in terms of delivering the promises made to effectively market and attract buyers.
Wrapping Up:
A book’s cover is not always indicative of its content. Builders and developers try to lure buyers by offering state-of-the-art facilities and using effective marketing strategies. It is the responsibility of the buyer to carefully examine the construction quality before purchasing a property. Buying property involves a huge investment and makes money immobile for a long time due to less liquidity of this asset. Many dreams, aspirations, and expectations are associated with buying a new home. Precaution is better than cure when deciding to buy a home. Safety and security are important factors in determining the quality of construction. Thus, it is advisable to pay heed to the suggestions made in this article before buying a new home.
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