“Don’t wait to buy real estate, buy real estate and wait” (T. Harv Eker).
Are you new to real estate investment? Do you want to explore and to start investing in real estate? Have you heard about read for occupancy? How about preselling property? If you are a real estate newbie, this is some of the basic terms that you can encounter. This article will focus on preselling properties. To start, let’s define first what is preselling. Preselling property is a type of property - either condominiums, townhouses, or houses and lots— being sold before the construction is completed or done. It is like a buying something before you can actually see it. It is a contrast of ready for occupancy properties. Now the question is why you should invest in preselling units over ready for occupant units. Below are the perks of buying or investing in real estate properties which are preselling: Low introductory price. In comparison to RFOs, preselling properties have low market value since it is not yet done. So if you want to invest in real estate, choosing a preselling property over a ready for occupany unit is a smart decision. The total contract price (TCP) is much more affordable. It is up to 50% cheaper than it is soon to be market value once it is completed. Flexible payment scheme. Aside from being affordable and cheaper real estate option, it is easier to buy or pay for a preselling property. Payments can be spread out into longer payment terms like paying the property for several years. There can be other options for property’s payment plan which can be convenient for you so you don’t fall behind your payments. Most real estate developers also offer bank loans and pag-ibig housing loans to their properties. Promos and discounts. Along with low price and convenient payment plan, purchasing for a preselling property also means availing the promos being offered. When you plan to pay your preselling property in spot payment, huge discounts may also apply. Often times, real estate developers offer 50% discount on reservation fess or on your first DP. So don’t let these promos and discount go, grab the opportunity and reserve you unit. More unit types and locations. Since you are buying during preselling stage, you have the opportunity to choose the ideal unit and location for you. If you want the property to be your home in the upcoming years, you can choose the perfect location that is facing into a nice view. If you want a property that you want to rent out in the future, you can choose for ideal size of the property. Profitable investment. Once the property is done and completed and you want your property to generate income, you can convert it into an airbnb, apartment, a rental, a lodging or if it is condominium, a condo for rent. The rental payment that is being paid to you monthly can be utilize as your payment for the property’s monthly amortization dues. If there is an excess, you can save it up to buy your next preselling property. There is always a room for you to earn passive income with a property investment. Right now, you are may be asking why do developers offer preselling units. It is like an investment that mostly favors the buyers or clients. But the fact is it is not, it also favors the developers since the payments you made once you avail a preselling unit is used for the development of the property. Hence, it is a win-win situation for both the buyer and developer. Preselling properties never goes out of stock, there’s always a new real estate development in the market. During this time of pandemic, more and more developers are offering preselling units. Digital marketing is being hyped with virtual tours showcasing the architect’s perspective of a certain property to help the potential buyer visualize the future form of the property he or she will invest in. Investing in a preselling property is a bang for one’s buck but just like other kinds of investment, preselling property also has risks which you have to consider. You have to be vigilant and wise before purchasing one since some developers make changes among their preselling projects without prior notice. There are even some cases where project developments gets deleyed or worse stopped due to legal or capital issues. So in order to avoid this, make sure to do your research about the project and developer first. Don’t be afraid of inquiring. Inquiring doesn’t mean buying. It is important to know more about the project or the property before investing in it. Next, choose a trusted and reputable developer. It is important that the developer you are going to deal with is experienced and trustworthy so you know that you are in good hands. Always check their history and customer reviews to ensure their credibility and trustworthiness. Once you made a reservation, do not just sign the contract. Make sure to read them before affixing your signature. It is even recommended to hire a lawyer who can walk you through conract. If you have some questions, raise it during client briefing, don’t be afraid to ask question. Remember, inquiring doesn’t mean buying. It is said that the early bird catches the worm. So if you think you did enough research and thinking, chase the opportunity and do not let it slip away. Start your real estate investment with a preselling property. If you’re looking into preselling properties, Bria have lots to offer. They have horizontal and vertical projects, namely Bria Homes and Bria Condo. As one of the leading real estate developer in the country, Bria Homes, Inc. just bagged two accords from Real Estate Asia Awards 2021, the Affordable Housing of the Year Award and the Open Space Development of the Year Award respectively. With its project, located in prime locations in Luzon, Visayas and Mindanao, Bria continues to provide quality yet affordable houses and condominiums to Filipinos.
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AuthorA real estate marketer in Philippines. Archives
October 2021
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