Buying a house of your dreams is a life-changing
decision in any Indian household. It is something that is present in the bucket
list of many Indians. But when you make a big investment like this, there is a
lot of research that needs to go into it. You have to ascertain the pros and
cons when buying your dream house. You have to perform extensive research and
evaluate multiple options before jumping into a big decision like this. What
type of house you would like to live and so on.
Here are a few pros and cons as to what
type of property you are considering to buy before buying a life-changing
investment:
1.
Older property: If you consider buying
an old property which is already in
use there are a few advantages and disadvantages to consider.
Advantages:
·
Old style construction of the
property
·
Living near long-term neighbors
·
Spacious yards
·
Security in the neighborhood
Disadvantages:
·
Ongoing maintenance
·
More money to be spent on repairs
·
Smaller closets
·
Often more expensive than newer
homes
2.
Under-construction property and Ready to move in project: Many prospective buyers get confused as to whether invest in the under-construction project or a ready to move in the project. Here are
a few pros and cons to it.
Pros of buying an under construction project:
·
Low prices
·
Scope of appreciation
·
Customize your payment
·
Various options
Cons of buying an
under-construction project:
·
Delay in Possession
·
Quality may be compromised
·
No income tax benefits till
possession
·
Final product may differ
3.
Pre-launch project and Pre-construction project: A pre-launch project is
when the property builder announces about the proposed project and they have
the necessary approvals, it is to create a marketing buzz by offering many
freebies and discounts. Pre-construction project is when the builder makes an announcement about the project but has
not received the necessary approvals. Here are a few pros and cons of
purchasing a pre-launch project and pre-construction project.
Ø Pros:
·
Early bird discounts and
freebies to influence the customer’s minds
Ø Cons:
·
Conscious delays by the buyer
·
May not have obtained the
necessary approvals from legal authorities.
·
The project could get canceled
if the property is not able to come up with the necessary funds.
So before making the big leap, evaluate your
options and see what fits for you based on your financial situation, loan
re-payment capacity and then decide to purchase what type of dream house you
wish to reside in.
