Ready to move in vs Under Construction property

There is an ongoing debate on whether to buy a resale property or an under construction property. Well, the choice is of the buyer. However, when checked side by side the preference is given more to the resale property.

There are many reasons why the resale property is chosen over the under construction property.

You get what you see: One of the major benefits of buying a resale home is you get what you see. There’s no need to wait for the possession of the apartment. Whatever area you see in front is what you’ll get.

Affordable Maintenance: The maintenance is comparatively low when compared to the new property. You don’t have to pay for any extra spaces like parking but is mandatory for the under construction properties.

Know your neighbors and locality: Neighbors do matter for most of the people. What kind of neighbor demographics will be there is unknown for a new property. But that is what you will come to know in a resale property. Although not in person but it will give a general idea about them.

A benefit of having a new property is that the payment is spread across a span of 1-2 years which gives more time to arrange funds. Buying a new property also gives a sense of accomplishment and most people would prefer that if money was not the object. There are many schemes launched by the government which is helping the home buyers and encouraging new housing developments. Programs like HomeCapital is helping the first time buyers by providing 50% Down Payment Assistance through their partnered financial institutions.