Benefits of buying under-construction apartments in Kochi

With more and more people seeming to have less time on hand, buyers seem to prefer ready-to-occupy flats in Kochi. However, it has to be said that there are quite a few advantages to buying under-construction apartments.

For any buyer, the temptation is to look out for apartments for sale in Cochin. For the buyer, with some proper research into the location, price, quality of the developer, it has been observed that under construction apartments often appreciate a higher value than ready-to-occupy flats.

Let us look at some of the advantages.

#1: Lower Cost

The cost is one of the most important factors for a buyer at the time of purchase. If you are looking for flats for sale in Kochi, it will be obvious that under-construction projects come cheaper than ready to possession flats.

However, it is also true that the buyer has to wait for a longer time period. With many regulations that have come into place, developers are bound to deliver projects within specified time slots. In case they do not, they are bound to pay specific amounts as compensation to the buyers. The best part is that the buyer has more options in hand when they buy a property that is only being constructed.

#2: Higher Appreciation

As the cost of a project under construction is lower during purchase, the percentage of appreciation is always likely to be higher. This is truer for luxury flats in Ernakulam that are being constructed. It is always a good idea to keep constant track of the price of the property.

However, if the buyer expects a high return on his/her investment, the buyer should thoroughly check the location of the property, the infrastructure provided, amenities that have been promised, and the conveniences near the upcoming project.

Usually, the price-point of a property goes on increasing with the passage of time. However, the rate of increase depends on the factors that have been mentioned above. The quantum of increase is also higher for under-construction projects than for readymade apartments.

#3: Payment Flexibility

If the buyer has decided to buy a readymade apartment, the buyer has to pay the entire amount in one shot. In addition to this, the registration costs would also be there.

When you decide to buy under-construction projects, you end up spending only 10 to 15 percent of the costs. You pay bank EMIs or as per the payment plan of the developer. Therefore, there exists some amount of flexibility and you need not have to be ready with a big amount at the beginning.

#4: Brand-new Construction

When you book for an apartment that is being constructed, you know for sure that it is brand new. The same cannot be said about a readymade apartment. You do not know how old it is or how many hands it has changed. You generally get more amenities for the cost that you are paying.

#5: Deals

There are more discounts and other deals available for property under construction. There will be no deal that you can take advantage of for readymade apartments.

For more reasons than one, it pays to look out for an apartment in a project under construction than for a readymade apartment.