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Have you experienced receiving flyers from ladies and
gentlemen that are in corporate attire in the mall, wanting you to sit down and
let them discuss the condo unit and then forced you to consider buying a
preselling condo unit? Well, you’re not alone. Because of the rise in numbers
of condo for sale Philippines,
a lot of real estate companies came up with this Preselling strategy. Is it
worth the money? What is preselling anyway?
Preselling
Also known as off-the-plan properties are units sold before
the actual completion of the development. This strategy allows developers to finance the
construction of the project and enables potential investors to purchase the
property at a lower price.
Advantages
Lowest price
Because the development is still in process, you will be
offered to pay at lower price to engage you into making a purchase. You may get
a discount if you pay the down payment in full. Yes, prices may fluctuate as
the years pass-by, but you don’t need to worry because you will be paying what
has been agreed upon.
Pay the easiest way
They usually offer more generous payment terms, so it will
become so easy for you to meet your monthly requirements. For example, if the
unit you’re interested with has a price of 1.8 million pesos and the project
will be completed in three years, with the down payment of 30% of the amount,
you’re looking to pay at 540,000 pesos. Distribute that across 36 months and it
would take you only paying 15,000 a month. Easy!
Faster and better return on investment
What you are paying for the down payment will remain
constant until the agreed upon date.
Your 15K monthly investment on the property will not be the same value
three years from now and what’s good about it is that property values will rise
like your unit to be valued at 40% more that its original price. This means
that you will get more money when you take advantage of preselling in
residential developments.
Some Disadvantages
Failure of completion
Investment in this preselling property is an ideal scenario
as long as the developer is able to finance the completion of the property.
Before deciding to buy a preselling condo, make sure that the developer is a
trusted, reliable and has a solid portfolio and has a history of completing
projects on time.
Failure of the developer in compliance with the requirements
of government agencies
Make sure that the developer can secure the necessary licenses,
certificates and requirements when it comes to Presidential Decree 957 of
Subdivision and Condominium Buyer’s Protective Decree.
Service of a corrupt broker
There are instances that brokers and agents took advantage of
their buyer’s absence. So make sure that your broker or agent is a legit one,
and have license to sell the property.
There are both advantages and disadvantages in all things.
It is up to you what will you take. The bottom line is that, still buying condo
for sale in the Philippines is a great investment. Did I miss anything? Please
feel free to drop it at the comment box!
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