Practicality of Investing in a Pre-Selling Condo HomeJune 3, 2022
Purchasing a condo home offers convenience and practicality nowadays. It may be a smaller living space but that also means less cleaning and maintenance for you. Buying a condo home is not inexpensive, so you better make sure you are putting your hard-earned money in the right place.
We will make you a better investor by equipping you with the information you will need. Here are more tips you can look into before signing that contract.
As the buyer, you have the responsibility to do research. You need to find the best developer and the best condo home That will suit your needs and your budget. Investing in a newbie or first-time developer can be a trap. The worst case is, that you might not get a refund for your deposit in case the project does not push thru or the developer goes bankrupt. You should check the reputation and integrity of the developer. How would you do that? Check their track record when it comes to turnover and completion of projects. Is it delayed or is it on time? Investigate. You may also check their previous projects, it should be of good feedback from buyers and sellers.
The developer should also have a good reputation and quality should not be compromised in their past and present projects. Some developers over promise and some showrooms you visit are not precise and accurate representations of their finished unit. What you can do? Check brochures, maps, and charts of the location. Is it the actual area where the building will rise? Is there a space for living in the area or is it too cramped? Ask around. It won’t hurt to know your neighborhood. But sometimes, things do not go as planned. So as a buyer, it is your responsibility to probe. But remember, when working with a trusted developer such as Megaworld, you get fewer risks and you get more security. Why? They are more financially secure and more likely to deliver. Why? They need to protect their reputation.
Check, Check, Check
As a responsible condo buyer and soon-to-be condo homeowner, you should always check from time to time the building you purchased. There might be changes within construction because if you read closely the contract, there is a clause that says “subject to change without prior notice.” What can these changes be? It can be Changes in material, floor plan, unit sizes, finishing, or changes in the amenities. Make sure your trusted developer remedies any defects or changes before settling in. Remember, quality should not be compromised. I’m sure you don’t want to pay for a unit that falls below your expectations.
Moreover, asking a lawyer for help with the statements and clauses in the contract is advisable. They would help you understand the statements stipulated and the fine prints in the contract. They can also explain to you grey areas that our normal eyes don’t easily notice and understand.
A lot has already been discussed and the decision must now be made. Is pre-selling a condo really for you?
One last piece of advice, purchasing a pre-selling condominium will give you more time to decide and save up for your appliances and furniture and decide on the theme you will work with within your new condo home. Pre-selling condominium is the ticket to your future condo home.