There are several advantages to buying real estate during its new-launch phase, including:
Lower prices:Developers often offer lower prices for units in a new development during the pre-construction or new-launch phase in order to generate interest and attract buyers. This can provide an opportunity for buyers to purchase property at a lower cost than they would be able to after construction is completed.
Flexible payment terms:Developers may offer flexible payment terms during the pre-construction phase, such as allowing buyers to make a small deposit and then make payments as construction progresses. This can make it easier for buyers to purchase property, as they do not need to come up with the full purchase price up front.
Choice of unit and finishes:Buying during pre-construction also allows buyers to choose from a variety of available units and select finishes such as flooring and cabinetry, making the unit feel like a custom design.
Potential for appreciation:If a new development is in a desirable location and is well-designed, it has the potential to appreciate in value once it is completed and people start moving in.
Potential rental income:If you’re an investor, buying during pre-construction stage can give you a chance to get in early and be one of the first to rent out the unit, potentially at a higher rate, or selling it when the development is completed.
It’s important to note that buying real estate during its new-launch phase can also come with certain risks. For example, there is always a risk that a development may not be completed on time, or that the final product may not meet the buyers’ expectations. It is crucial to research the developer, location, and the unit you are interested in, and hire a real estate attorney to review the purchase contract to ensure that you understand the terms and conditions of the purchase.