House Under vs Ready Condominium
When it comes to deciding between a condominium under construction and one ready for occupancy, they might seem similar in terms of construction progress, but there are differences that buyers should consider in terms of purchase timing.
These considerations can help you make more informed decisions when buying a property and potentially save you significant costs.
Developers often start selling units even before construction begins, allowing investors to take advantage of lower prices by reserving and then reselling units at higher prices before the project’s completion. Here are the pros and cons of buying a condominium under construction:
By purchasing early, it’s possible to get lower prices. From the start of construction to completion, prices can increase by 10 to 30%, depending on various factors.
However, the project can’t be fully assessed until construction is complete, which typically takes 2 to 3 years.
Developers have the freedom to make changes to the project’s features before completion.
This means that furniture, brands, and designs may be altered before construction is completed.
Be sure to check if features are subject to change, as you may encounter discrepancies with developers later on.
Factors such as economic crises, political issues, or natural disasters can affect property prices due to low residential demand during periods of instability.
This can result in project completion delays and a lack of property value increase.
These condominiums are fully constructed; they can be new projects that begin selling units after construction is completed or projects under construction that are finally completed with residential units available for sale.
When purchasing a move-in ready condominium, there is no risk of construction delays or unexpected changes in features.
You can see the entire project in its final state, allowing you to experience life on-site and know the views before making a decision.
However, prices are usually higher compared to condominiums under construction
The unit is ready to be inhabited or rented out immediately after the contract is signed.
This means you can start earning money through rent or settle into your new residence more quickly.
It’s important to note that if you buy a unit during the construction phase, you’ll have more options in terms of available unit types.
In summary, both condominiums under construction and move-in ready ones have their pros and cons.
Purchasing a condominium under construction may offer lower prices but comes with certain risks, while move-in ready condominiums may be more convenient but at a higher price.
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