7 Tips for Buying a Pre-Selling CondoFebruary 15, 2021
What are the tips for buying a pre-selling condo?
- Manage your financing plan
- Check the payment terms
- Choose a reputable developer
- Consider the location
- Read the contract terms and conditions
- Inspect the model unit
- Check for premium features and amenities
In an era where real estate properties are built left and right, there is nothing more appealing than buying a pre-selling condo. The best condo developers in the Philippines have pre-selling condos that reward early buyers with discounted prices and the promise of capital appreciation. If you are planning to invest, it is paramount that you know about the important tips for buying a pre-selling condo.
What Is a Pre-Selling Condo?
Pre-selling condos are those properties being sold to buyers or investors before it is completed. This can be from the planning stage or during the construction period of the building.
One of the biggest hesitations of buyers towards investing in a pre-selling condo is that they do not see the ready-made unit. There is also a concern in the waiting period before turnover wherein the capital growth is at stake. We’re here to ease your uncertainties with a list of tips for buying a pre-selling condo. This way, you can protect yourself and your investment.
Manage Your Financing Plan
If you plan to acquire a pre-selling condo through financing, make sure you manage everything in the first place.
Taking out a property loan can be a long process. You will have to prepare all the documents, check interest rates, and choose the best term plan. Alternatively, the lending organization will assess your credit score meticulously to approve or pre-approve the loan.
One of the common mistakes many buyers commit when buying pre-selling condos is not getting their financing plan in check. Avoiding this allows for a smooth purchasing process. The loan approval allows you to make an offer with confidence and shows that you are a serious buyer with the means to purchase.
Check The Payment Terms
Even if you applied for financing or you are pre-approved to buy a pre-selling condo, you would still need to check the payment terms. Buying pre-selling condos are highly attractive because of their low down payments, discounted prices, and low-interest rates. However, you may still need to have money for the down payment, taxes, and reservation fees.
Make sure you are familiar with the payment terms should you decide to push through with the purchase to avoid surprises.
Choose A Reputable Developer
As stated earlier, a common concern among buyers of pre-selling condos is that the unit is not yet completed. There are uncertainties with how the result can turn out. Fortunately, you can ease all your worries by choosing a reputable developer.
Do your research. Skip the developers without an established reputation in the real estate industry and those with negative reviews from clients. Chances are, the project they produce will encounter problems with turnovers such as financial complications.
Keep in mind that buying a pre-selling condo is a critical decision. When done right, it can be a major investment that garners good returns. Hence, the best tip for buying pre-selling condos is to purchase only from reputable developers.
Reputable developers are generally well-funded and maintain the excellence of their projects. They are highly likely to deliver their promise on units mainly because they have a reputation to protect.
A good example of this would be major condo developers Megaworld Manila. Since being founded in 1989, Megaworld Manila established a solid reputation for building high-end residential condominiums, townships, business parks, and malls across the Philippines.
Consider The Location
Choosing a good location should be among the top priorities when buying a pre-selling condo. Given the traffic situation and rapidly growing population in the country, it is an underrated benefit to get to and from places with ease. Check if the condo location is nearby workplaces, schools, malls, transport hubs, and major highways. To add to that, check if the area is prone to natural disasters such as flooding and earthquakes.
It is also worth noting that the location of the pre-selling condo increases market value. The better the location is, the more the tenants will demand to rent out your unit.
When you purchase a pre-selling condo from Megaworld, you can take advantage of our live-work-play-learn-shop lifestyle concept. At the very least, the project will be nearby work, health care, shopping, and education infrastructures. It is strategically designed to encapsulate all that you need for the rest of your life.
Read the Contract Terms and Conditions
When buying a pre-selling condo, it is a must to read the fine print. Read the contract terms and conditions. Sit down with your real estate agent to talk about every detail.
Discuss your expectations and ask crucial questions such as potential market value, contract price, payment terms, additional fees, layout plans, or perhaps which floor would be best for you. This is the time to negotiate a deal and ask for adjustments in your unit as well. Buying a pre-selling condo can give buyers the freedom to customize their unit because it is not completed yet.
Before you sign the contract, have every deal written to avoid disagreements upon the completion of the project.
Inspect The Model Unit
As you are buying a pre-selling unit, carefully inspect the model unit for now. Oftentimes, these are designed to look attractive. Make sure to ask what the finishes and fittings will be included in the actual unit. Will there be built-in kitchen fixtures? What about shower provisions? All these help set your expectations for when the project is completed.
Check for Premium Amenities and Features
You might find added features and amenities an attractive living feature that can increase the unit’s market value. While most condominiums are already expected to offer features and amenities, you would want to check for added premium factors.
When you choose a reputable developer like Megaworld Manila, you can rest assured that the project will have world-class quality. For instance, the Kingsquare Residential Suites has premium amenities such as a playground, fully-equipped gym, maintained gardens, kiddie and adult pools, shower areas, function rooms, 24-hour security, and many more.
Whether you are buying a pre-selling condo as a place to call home or as a major investment, there are numerous factors you should consider. Before proceeding with your purchase, remember these tips to make sure you get the best value for your hard-earned money.
As the best condo developers in the Philippines, purchasing a pre-selling condo from Megaworld Manila proves to be unrivaled in quality, value, and providing up-scaled lifestyles. Our solid reputation of providing high-end properties cultivated through constant innovation attests to the success of the residences we develop, the townships we build, and the live-work-play-learn-shop lifestyle we offer.
We are the premier choice in the real estate industry, prospering for 32 years and counting.