Things to Check before Buying a Pre-selling Condo
First, what does “pre-selling” even mean? In real estate, pre-selling is the act of selling properties before its completion. The project may be in the construction phase, or still in the planning stages.
What are the advantages of buying pre-selling condos?
Many buyers consider pre-selling condos because of lower introductory prices, which can be 30% cheaper than an RFO (ready for occupancy) unit. Also, developers offer flexible and stretched payment schemes either thru bank or in-house financing. There is also a potential for market value to increase over time, which attracts investors who are in the business of buying and selling properties. (more…)