Condominium units are selling like hotcakes for many years now. With the many advantages of owning a condo unit, more and more people are purchasing their own either as their main property or as additional to their existing properties.
With the number of available condominium buildings with units for sale, one can say that real estate in the Philippines is booming because of the sales of these condo units. However, a typical condo buyer might get confused as to which unit to purchase. One of the most affordable condominiums for sale is one that is pre-selling.
Pre-selling condos are those that are being sold before the condominiums have been constructed. Although you cannot immediately move in or use a condo being sold for pre-selling, there are a lot of reasons why you may want to consider buying a pre-selling condo instead of one that is ready for occupancy. Below are some of these reasons.
- More affordable. Pre-selling condos are often priced at around 30% lower than the equivalent price of a ready for occupancy condo. For those who are not in a hurry to use the condo, this is an excellent reason to get a pre-selling one instead. Most pre-selling condos have a target completion date of two to three years from the pre-selling period so if this time frame is acceptable for you, buying a pre-selling condo will provide you with a huge saving.
- Choice of unit. Condos that are ready for occupancy often have limited units available for sale. This means that your choice of unit is limited to the ones that have not been chosen by those who bought theirs during the pre-selling period. Hence, buying a unit during the pre-selling period will provide you with more choices in terms of the location of the unit that you want.
- Increased value after turnover. With pre-selling condominiums, the prices of the units experience a jump once the property is ready for occupancy. This means that the unit you bought at around 30% cheaper will immediately appreciate in value once the property is completed.
- Easy to pay for. When condos are being offered during the pre-selling period, potential buyers are often given more flexible payment schemes. Downpayments can often be paid in several months without any interest which is not usually the case for condos that are ready for occupancy. Also the monthly payments themselves after the downpayment can often be stretched up to several years.
