What are New Launch Projects? Why Buy a New Launch Unit?
What’s the first thing that comes to your mind when you hear the word Home Buying?
Well, clearly, the pictures of a new family moving into a fresh and fully furnished home or apartments are right.
However, contrary to popular belief, not every homebuyer prefers ready-to-move-in properties; there are people who explore other options which can save them a lot of money while buying the asset.
There are many smart investors and homebuyers who choose New Launch properties or Pre-Launch properties as well as under-construction properties as opposed to Ready-to-Move-in Homes.
What is a New Launch Property?
A New Launch property is just recently launched or introduced to the market. Buying New Launch properties is seen as a more economical choice to counter the market competition. The builders and developers often provide lavish discounts and schemes.
The difference between Under Construction & New Launch Projects?
Under Construction properties, as the name suggests, are in the process of construction, this stage can span from the foundation laying to the last and final coating of the building.
Whereas
The New Launch phase starts from the second phase of planning to the initial construction phase of the building.
Advantages of Buying a New Launch Property
The Advantage of Buying a New Launch property is definitely these early bird discounts. Much greater reductions are offered to the buyers during this time, and thus they can get the best catch before the price hike.
The price hike depends on various factors, including the market appreciation of
1) Location
2) Raw Materials
3) Logistics costs
4) Labor costs.
The buyers who book the property during the New Launch phase drive clear of all these unexpected hikes and get the greater end of the deal.
New Launch properties are the best vehicles to profit for the ones who look to buy the property at a lower rate and sell the finished product at a higher rate.
Another major feature is the choice of floor + side and extra customizations of the unit. If it’s still before construction, many builders provide the customer the benefit of choosing the floor and even add in extra customizations apart from the same build.
Disadvantages
However, the major drawback of New Launch properties is correlated to the goodwill of the Developer. Only go for the pre-launch units from a well-established builder group, which has a great financial backup. Otherwise, if the builder defects or lacks the funds to construct the building, the buyer shall be in trouble. Hence always go for the best builders and developers of the city you want to buy from!
So, folks, that’s all about New Launch properties.
