As urban populations grow and real estate developers build more properties, people are beginning to think about investing in condominiums. While residing in a house and lot property isn’t all bad, a top condo unit offers attractive advantages. High-end amenities, convenient locations, and in-house security are among its many perks.
As a condominium buyer, choosing between a pre-selling or a ready for occupancy unit is a major decision you’ll have to make. You’re only a few steps away from indulging in the perks of condo living, it is vital that you understand the options.
The main difference between the two choices involves property availability. A pre-selling condo is currently being built. It’s either under construction or in the planning stages. On the other hand, a ready for occupancy unit is already built. Once the paperwork is complete, it is waiting for you to move in.
It can be overwhelming to be faced with so many facts. Luckily, we’ve rounded up a simple article on how a pre-selling property compares with a ready for occupancy unit. Read on to find out which one will fit you best!
Pricing
The low introductory price is arguably the best reason to invest in a pre-selling condominium. Buyers are typically attracted because of the discounts provided.
Because the building is still under construction, pre-selling condominiums are cheaper compared to a ready for occupancy unit with low to even zero downpayment payments. For example, Megaworld Manila offers promos for pre-selling units with a 5% discount on the total contract price and no downpayment.
A ready for occupancy unit is much more expensive as the value will increase upon completion. You’ll also have to pay for the perks of not waiting for the construction phase. While for pre-selling condos, the original price can be cut down even more. On top of that, you’ll be offered flexible payment schemes as well.
Payment Schemes
There’s no doubt that it is much easier to work around your budget with a pre-selling condominium. In such a setting, real estate developers typically provide flexible options for payment.
Others may let you pay the remaining balances upon turnover, while some may offer payment terms of monthly installments that are payable in 3 to 5 years. They can even offer zero interest rates.
Furthermore, you can also pay with a variety of funding options such as in-house financing or bank financing. A great real estate company will make your life easier in terms of finances. Investing in pre-selling condominiums has never been easier.
As stated earlier, ready for occupancy units can break your bank even more. You won’t have the luxury of saving up for the payment since a spot cash full payment will be required.
Unit Choices
For pre-selling condominiums, you can freely choose the best unit option for you. Since the property is still being built, you have the opportunity to think about which floor and location you want to reside in. Never worry about fighting over the best sunset views of the city or being closer to premium in-house amenities.
Do you want an infinity pool? Or maybe a fully-equipped fitness center? Pre-selling condominiums typically offer the latest amenities. While you’re at it, you can also request for unit customizations. You can easily adjust it according to your preference since it’s still under construction.
As for the ready for occupancy units, only the rooms left unsold during the pre-selling are available. This means you won’t have much of a choice in terms of location because the prime units will likely be taken already.
However, the benefit of a ready for occupancy unit is that you tour the whole building. You get the feel of living in the unit before you make the final commitment to buy. What you see is what you get.
Waiting Time
In terms of waiting times, ready for occupancy units hold leverage. It is waiting for you and your family to move right in. All you need to do is to process the documents needed.
While for pre-selling condos, you’ll have to wait until the building is completely ready. The construction phase can take up to five years or more. Moreover, the turnover date can be delayed when the company encounters financial problems.
Key Takeaway
When it comes to investing in a top condo unit, it is vital to identify what you really need. The two types of condominiums have their own perks.
Pre-selling condominiums are ideal for people who are seeking flexible payment terms and people who are securing their future home. On the other hand, ready for occupancy units are for those who need a place as soon as possible and want to experience a stress-free lifestyle.
Regardless of the options, you can minimize the risks by buying from reputable real estate developers. Investing in their units means having high-quality properties and getting the most out of your investment.
