Sunday, August 29, 2010

How safe is buying property under construction

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A property under construction is usually cheaper than a property which is ready for possession. But there is associated risk of delays and quality of construction with the property under construction. Since investing in a property is a long term financial commitment, one should be very well aware of the risks associated with an under construction property. Also, the investor should be aware of some of the tips to mitigate some of that risk.

First of all, we would recommend investing in a under construction property of a reputed builder. Check the track record of the developer. Go and visit some of the previous buildings that he had developed and ask few residents on the reputation of the builder. If the builder is not known, it is better to go for a ready property as you then know what you are getting into.

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