Under-Construction vs Ready-to-Move Condominium

An under-construction and ready-to-move condominium may be the same one in terms of construction progress. But in terms of timing to buy, the two have hidden pros and cons that buyers need to concern. Taking this information into account can help you make more precise decisions when buying a condominium and potentially save a huge amount of your costs.

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Major developers normally start to sell the units when the construction does not even start, and investors usually capitalise in this phase on the price leaps, by booking units and resell to others with higher prices before the ownership transfer date. The followings are the pros and cons of buying an under-construction condominium.

The earlier you buy, the lower the price. From the start of the project construction until the completion, the price could leap by 10-30% depending on the demand and economic factors. However, you are not able to see the real site and how the project actually looks, before the construction is fully completed in the next 2-3 years, on most occasions.

The developers always have a right to change the features prior to our notices. This means by the time you are waiting for the project to complete, the furnishings, brands, and designs could alter. Make sure whether the features are subject to change or not, otherwise, you might run into a non-negotiable argument with developers.

Economic, political, and natural crises are the factors that we can’t control. However, it can impact the price of the property due to the low residential demand during the time of unstability. If any of these happen, the project’s completion could be delayed, and the unit price would not surge, make it difficult for you to make a decent profit.

Ready-to-move condos are the fully constructed ones; it can be a new project that begins selling the units after the project’s construction is completed, or an under-construction condominium that is finally completed with residential units remained for sells.

Buying a ready-to-move condo has no risks of construction delay, uncontrollable factors, and changes of the features. You get to see the entire project on-site, know what views you will have, and experience the real feelings while living there. However, the price is usually higher compared to an under-construction condominium.

Whether you plan to live or invest, the unit is ready for you right after the paper works. This means you will get to rent a unit out sooner to make money or have a residence faster for your family members to stay.

However, note that if you could buy a unit during the under-construction phase, there will be more choices of unit types for you to select; the sooner you buy, the broader options you can decide.

To sum up, both under-construction and ready-to-move condos have pros and cons. Buying an under-construction condo comes with a lower price but you have to bear some risks of uncertainty, while ready-to-move condos are more feasible for you to make a precise decision but it comes with higher prices.

Notwithstanding this information, there are more concerns before buying a condo which you need to consider in order to make the best property decision.