To Buy or Not to Buy a Pre-Selling Condo in Manila
Saving lots of money to devote to your condo-hunting, then you chance upon the word ‘pre-selling.’ What does that mean? Should I buy a pre-selling condo instead? Will it be a good investment?
Buying a condo has its intricacies; what more when it comes to the purchase of a pre-selling condo. That’s the common nuisance. Below are the things you ought to know about buying pre-selling condo units.
What is pre-selling?
Pre-selling is an industry term that refers to a condominium building and units that are being sold before the completion. It means the units are sold while at the planning stages or while construction is ongoing. The developer may have or haven’t broken ground for the project yet.
With this, some buyers would be skeptical thinking that they would be buying a parcel that hasn’t been even dug for.
If truth be told, the question is not about to buy or not to buy a pre-selling condo. Instead, one should be asking – why should I be buying a pre-selling condo? What’s in it for me?
Why should I buy a pre-selling condo in Manila or elsewhere?
1) Low prices
Any pragmatic investor takes advantage of the low introductory price. A condo unit on a pre-sell may cost 30% cheaper than a fully-furnished unit.
On top of this, some developers are offering a 10 to 15% off for those who will pay the down payment in full. Some even throw in a more flexible payment scheme such as 10% down that’s payable in 3 years.
Looking at these numbers, buying a pre-selling unit is a promising investment. Why? It’s because the market value of the condominium may skyrocket by the time the condo building is completed. This is particularly the case for buildings located in prime locations and developed by reputable firms.
If you decide to sell your unit, you can resell it for a higher price than what you’ve invested in.
2) Better options
Since it is in the construction stage, any investor is allowed to choose the best unit location. You can have a unit with a better view, that’s closer to specific amenities, and with lesser foot traffic.
Although this may depend on the contract, some developers allow pre-sold unit owners to inspect their units for any adjustments deemed appropriate. Yes, that means customizing the unit based on your needs and preferences in addition to the new features of the new condo.
Again, it is no longer an issue whether to buy pre-selling units or not. In fact, if you have the capacity to buy, and you want to move in your own time, you should purchase a pre-selling condo now. First, you can take advantage of the hefty discounts. Second, you may capitalize on the integrity of the development in case you want to resell in the future.
An indeed wise investment after all!