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Condo For Sale In Manila


zinnia towers , quezon city
 

Pre-Selling Condos: A Relief for First Time Home Buyers


By Pearl Angel at 2014-06-10 04:19:03

Renowned for its economic and political versatility, Manila is a popular destination for its historical, business and cultural landmarks.

The real estate development in Manila reflects a lucrative blend of properties that promote ‘ready for occupancy’ (RFO) condos for sale in Manila and also pre-selling condo units.

It makes logistic sense to buy homes not more than half an hour commute from your work areas. This is reflective of Manila’s growing business potential in offering good jobs which further translates into good lifestyle manoeuvres.

Although property prices in the business districts are steeper than the suburbs, the premium attached to condos for sale in Manila.

offer a profitable re-sale value in later years.

‘Off-The-Plan’ Condominiums

Being a first time buyer in Manila might pose a price challenge. But, the unique opportunity of pre-selling condo for sale, offered by realtors in Manila can be a breather.

Pre-selling condominiums are home units that are sold either during the construction or the pre-planning phases. Such incomplete condo units for sale are also referred to as ‘off-the-plan’ or ‘pre-constructional’ units.

It is an attractive proposition if you are keen on buying properties a little less than the market price or, are a first-time buyer with little or no choice for real estate investment.

Pre-selling homes are also a boon for those looking at ‘buy- for-rental initiatives’ and can pre-sell potential tenants in advance for appropriate rentals in the future.

It is a challenge to buy and sell such properties as the risks involved are hidden and needs to be well understood.

Pros and Cons of ‘Pre-Constructional’ Condos

The Pros:

• Extended Down Payment Schemes: Realtors are able to offer generous extended down payment intervals for attracting customers in the pre-constructional phase. Such offers are a good deal for first-time buyers with fund crunch. Sometimes these are available at 30 % lower than the prevailing market rates.

• Price Protection from Market Volatility: Investing during the ‘off-the-plan’ stages helps to protect buyer from volatile price hikes in the real estate market. This could get translated into earnings on equity as and when property price appreciates.

The cons:

The risks involved are multi-fold and therefore check on the following before you invest in pre-built units.

• Seek reputed builders and look for their triple ‘A’ certification.


• Verify if the realtor is legally licensed to sell the ‘pre-constructional’ project and locate its listings under the Housing and Land Use Regulatory Board (HLURB).


• Employ a licensed real estate agent for guiding you through the sale process.

• Deploy a trusted lawyer in case you run into a legal mess; especially with paperwork even before you sign the contract.

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