Sometimes, it may be a tough decision to select between a completed property and one that is still under construction. Both property types have their own merits and downsides, but it all fall down to what you really want and if you don’t mind the demits. Now if you are faced with a decision of booking flats under construction, take a look at the pros and demerits.
Benefits of booking flats in building under construction
Booking flats under construction surely has many benefits, and here are some of them:
Payment made easy
A building under construction doesn’t normally have the mad rush one that is ready to move in has. For this reason, you can negotiate with the developer to pay in installments, and you can even pay the biggest part when the building is ready. This is good especially if you don’t have the complete cash at hand.
Many options available to you
When it comes to buildings under construction, you always have the advantage of selecting the best apartment. This is always the opposite for completed buildings because there will be fierce competition for apartments in a completed property.
Extra facilities and bonuses
Developers surely wants fast returns; hence they can beat down the price for you. They may even tempt you more by promising to give you extra facilities that are different from the prearranged ones. This will not just help you negotiate better; it will also make available added facilities to you as bonus.
The downsides of booking flats in buildings under construction
While it may sound great to book flats under construction, be wary of these demerits:
Certainly, this is a major setback with buildings under construction. Some developers will already prepare a never ending list of excuses for not meeting the expected deadline that may seem genuine to you. If this happens, you are in for a long battle with the developer or you can ask for a refund and start searching for a home all over again.
Sudden increase in price
Some real estate developers have always looked for a way to inflate the price without you suspecting at first. They will entice you with all the promises at first, and after you might have fallen, they intentionally drag the deadline, and if they see that you are still adamant and have payed everything, they now ask for extra price to speed up the completion process and meet the deadline faster.
Construction site under legal battle
No developer will ever let you know that the land used for construction is under any dispute. They only hope you make a complete payment, and they keep postponing the deadline because the dispute has not been settled. This can get scary especially if it is a serious case that may take years to settle.
Low quality turnout
It would be hard to tell how a property still under construction will turn out, but you can still get an idea through the pictures of the building you see. The problem here is that the developer may show you attractive pictures but end up cutting corners and using substandard materials to finish up the construction.
You shouldn’t be terrified by the downsides of booking a flat in a building under construction. All the demerits listed here happens mostly if you deal with developers of questionable characters. The benefits far outweigh the demerits, and you should ensure that the developers you are dealing with are of good reputation.