How do you prefer to have your condominium or town house? Do you want to be the first occupant, or do you not mind living in a place that was previously owned by other occupants? Do you want to see the actual finished product before purchasing, or would you not mind investing in a building that’s yet to be finished?
Those are just some of the concerns often heard and talked about as clients scout for options regarding condominiums, house and lots, as well as town houses. Good for real estate developers and clients, there are two types of properties available in the market. Let us give you some useful information on what these options are.
What is Pre-Selling?
The term “pre-selling” refers to the condominium units or townhouses/house and lots that are sold prior to its completion. Real estate developers wanted to cater to clients who might not exactly have the budget to purchase the finished unit but has money in the bank enough to pay for a spot in a physical property.
One setback in pre-selling units is that you don’t get to appreciate the finished infrastructure because you don’t really get to see it until it’s really done. In fact, your expectations may be a tad different from what you will see when the final product is ready.
However, the good news is that there are dressed up and turn over condominium units, model townhouse units/ house and lots that your agent or broker can show you. It means that you don’t really need to do guesswork or blind buy into something costly.
Given these considerations, you might also want to get in touch with a developer with a good track record in terms of infrastructure and design so that you can at least enjoy the aesthetics as you envisioned it to be.
Is RFO for you?
After the building or property has been completed, it will be sold and RFO or “Ready For Occupancy.” If you need a roof on top of your head as soon as possible, then RFO is the way to go.
If you’re the type of client who wants to be guaranteed of quality in terms of construction and design before making a purchase, then RFO will allow you to examine the physical aspects – amenities and facilities — of your property. It will be easier for you to judge whether you will push through with your investment if you have seen it.
The potential issue with RFO is that most of the good units or home properties with good views and prime spots have been sold during the pre-selling stage. That would mean that the units that have been left will be your only choices.
Making your smart choice
Now that you’re well-versed in these terms, you can better weigh your options in case you’d like to invest in a real estate property. Pre-selling is financially more accessible to most potential clients, but it has its risks. RFO has lesser risks but indeed it’s heavier on the pocket.
Again, we advise you to get in touch with a real estate broker or a developer that has a good record that you can trust so that you will have more chances of making the right choice.
The post THE DEBATE BETWEEN PRE-SELLING AND RFO appeared first on PHILREP Realty Corp..
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