Which type of property will you prefer to buy?

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.