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.
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.
As the properties in the new-launch phase tend to be economical than the completed or ready-to-move-in ones, investors or prospective home buyers also show more interest in such properties. But is that the only advantage of such properties? Definitely not.
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.
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