“The art of selling one house is different than the science of repeating it flawlessly over and over” –Chantel Ray
Today, the prospective homeowner is not without limitless housing options, In fact, he or she can find a myriad of options presented to them that finding an elusive deal such as the cheapest house and lot for sale in the Philippines is now easier than ever. It has been no secret that real estate in the Philippines is thriving and this much is evident with the condominium and housing developments being peppered all over the city. Along with these developments come enticing deals and competitive rates and promos which seem incredibly attractive to both buyers and investors. However, as a buyer it is your responsibility to have a sound judgment and know which property would suit you best. In this regard, the property you choose should be able to tailor your needs—whether that may be pre-selling properties or ready-for-occupancy (RFO for brevity) ones.
However, how do you determine which kind of property you need? Well, for starters a RFO property is one that is already completed and just like its designation, is ready for occupancy anytime you wish (so long as the homeowner has sufficiently accomplished all the necessary paperwork required). A pre-selling property on the other hand, is a property sold even before it would be turned over to the new owner. Future owners can buy it at different phases of its progress such as during its construction, before completion or even before its groundbreaking. But, which ones of these two properties would suit you better? Well, perhaps taking a gander at the pro’s and cons of each will help you arrive at a decision.
PRE-SELLING PROPERTIES
Pros
- As the condominium development is unoccupied, you have a better selection when it comes to premier locations and units. In this regard, you would be able to choose which floor you want your unit on, its distance from certain condominium amenities and how far it would be from the parking area. Furthermore, all the facilities of the property would be brand new the moment you move in.
- In order to complete the project on time (as well as entice more buyers to sign a contract with them), it has been a common practice among developers to boost their sales by significantly reducing prices during the pre-selling stage. Flexible payment schemes, waived reservation fees and the like are all things that a buyer can look forward to.
Cons
- As you are buying a property that is still being essentially built, you cannot occupy it even if you pay it in full. However, do not fret as the wait is not that long (Developers have their own timelines to catchup with as well). If you need to make the move immediately, then perhaps a pre-selling property is not for you.
READY-FOR-OCCUPANCY PROPERTY
Pros
- As the name heavily implies, the property you purchase is ready for occupancy so long as you sufficiently accomplish the paperwork required and defray all the essential expenses needed.
- RFO properties roughly translate to “what you see is what you get”. You do nothave to worry about hidden surprises or speculations seeing as you have full access to the property even before moving in. If you are wary and skeptical, you can simply check the unit out and make an inspection before moving in or signing any papers.
Cons
- RFO properties are exorbitantly priced in comparison to those that were sold during their pre-selling stage as homeowners can immediately occupy it after payment. Price appreciation might vary depending on how many units are sold, how many are left and how popular units are.
- You are constrained to choose those units which are still unsold which makes it a bit of a challenge if you are pretty bent on a certain type of condo unit. Furthermore, your choices might even be limited to the “bad” leftovers (units that have specific downsides such as near a perimeter wall, bad feng shui, etc.)
