If you are on the lookout for a flat in Trivandrum and your requirement is not immediate, you can think of purchasing one in a building that is under construction. It actually can give you many advantages, and you need to include it in your real estate investment strategies in Trivandrum.
New Construction
Buying a brand-new flat that is not yet completed means you won’t have to bother with repairs and maintenance costs for some time to come, and you can get many years out of your home. Stay informed about the importance of property insurance in Trivandrum, and make sure you insure your new home right away.
Latest Technology and Design
Reputed builders tend to use the latest methods, technology, materials, and tools in the market; so you can be sure that when you purchase a flat that’s still being constructed, it will use everything that’s the latest. Improved methods give the best results. You can also be assured of getting contemporary design for your new home.
Customization
If you’re not happy with the tiles the builder has chosen, need extra points for appliances or lights, want additional cabling to incorporate tech to convert your flat into a smart home, or want any other changes, you can make them easily at this stage, with minimal rework. With customization, you can maximise the resale value of your apartments in Trivandrum.
Financial Benefits
Buying under-construction flats can give you money benefits like:
- Getting discounts – the builder is likely to offer attractive early-bird discounts to those who want to purchase flats that are not yet complete. This enables them to get more funds early, and helps you book a flat at a lower price, get a bigger flat for the same price, or get one in a better locality.
- Reduced down payment – when you are purchasing an under-construction flat with a home loan, you are generally required to pay a much lower down payment as you will not be getting possession immediately.
- Flexible terms of payment – when you decide to invest in a flat that is under construction, the builder is likely to offer you flexible payment terms, like a certain percentage of the amount at each stage of completion. Even if you take a home loan, provided the builder enjoys a goodwill in the market, you can get favourable repayment terms, longer tenure, and lower interest rate if you negotiate well.
This is beneficial to builders as they get funds quickly and can advertise that their flats are selling out, and to buyers for the above-mentioned reasons.
Better ROI
When you invest in property that is still being constructed, you are more likely to get excellent returns – higher than when you buy an already constructed and in-use home. This is because the flat under construction does not yet command its full potential price; you get it for a significantly lower price, but the price increases substantially once it’s completed. So, when you want to rent it out or if you decide to sell it, you can get excellent returns on your investment.
Conclusion
Trivandrum is home to one of the biggest IT parks in the country; as the state capital, the city has all the amenities and conveniences one could want.
Make sure that you purchase your under-construction flat from a builder like Varma Homes who adheres to all the legalities, regulations, environmental requirements, and RERA norms. You can be sure to get a high-quality construction at a surprisingly cost-effective price.
Varma Homes has prestigious projects in Poojappura. Sreekaryam, and Kazhakkoottam; call now to know more
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