Buying real estate under construction has had a dramatic boom in today’s real estate market due to its affordable price and incredible bottom-line results. However, this type of negotiation is a less tangible investment than a daily purchase, as it depends on a future project that may go through some unforeseen.
In addition, this type of purchase requires a lot of courage, since it means a financing investment for a property whose characteristics are only traced on paper.
These aspects can play a role against the perception of each buyer. Therefore, it is very important that they know and evaluate the advantages and disadvantages of this negotiation according to their particular needs.
Detailed below are some of the advantages and disadvantages of
buying real estate under construction:
- When you buy directly from a construction company you will save significantly on the management of certain documents and the real estate consultant’s fees.
- The investment you make will work to finance the work and will be rewarded and revalued. Because once completed, the property will cost much more than it cost flat.
- It allows you to make a payment in instalments as the work progresses. Without the hassle of adding interest over time.
- You can request a plan of the work to know in greater detail the characteristics of the property that will be enhanced. Such as dimensions, materials.
- Although these works establish an approximate delivery time, external factors such as climatic changes or the delay in the transport of certain materials can extend the delivery time.
- For these constructions to begin, the corporation must have a minimum of cancelled properties. And it may take a few months to achieve this.
- It is possible that once the property is delivered, it has undergone certain changes in the process. Most of them generated by lack of budget, changes in materials or legal limitations.