Why will I buy a pre-selling condo?
Lower purchase price
While it will take a while for the condo building to be finished, one of the main benefits of buying a unit is the usually lowered prices. Also downpayment is stretched until turn-over date, ZERO interest. The only downside is you need to be patient until the construction is over before you can set your foot on your condo unit.
Lower down payment
If you are worried about the down payment, don’t worry. Developers offer stretched down payment terms, and the amount is almost always lower than the required monthly amortization. The best part is, as an owner, you are protected in case of price increases in the future while taking advantage of the equity since the condominium already appreciates in value by the time the building is finished.
Buying preselling condo units is most beneficial when you are planning to penetrate the condo rental business. The process will give you higher return opportunities. This is more so because new units tend to be more tempting to tenants. Aside from this, since it is new, owners like you may command a slightly higher rental fee from the tenants. Better yet, you can sell each unit for twice the price that you have initially paid for it. This is particularly true if the condo building is situated in a prime location. Quezon City and Mandaluyong considering the current rate of economic growth, are one of the prime locations in Metro Manila.
Nonetheless, make sure the condo management will allow renting the units. Condo associations are very strict when it comes to this, fearing that tenants will never have the same high level of interest of protecting the condo building and its properties as the unit owners. A condo building that has more tenants than owners is not a conducive place to live in the long run. Rental process can be addressed by the developer’s Leasing Department.
Going back, location is non-negotiable. The overall architecture of the condo building and the design of each unit may differ from what was originally planned. However, the building will still be built on the designated location, and it will never change. Another good reason to buy pre-selling unit is you can choose which floor and unit (e.g. corner units) with the best view.
With all these, it is critical, buy from a reputable developers which include WeeCommunity, Rockwell, Megawide, Primehomes, Urban Deca Homes, Megaworld and DMCI Homes These developers have a solid history of high-quality condo developments in Metro Manila. Proven that they deliver properties on time.