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Pre-Selling Condos: Money-Saving or Useless?
November 26, 2018

You’ve probably heard of the term pre-selling before. If not, then maybe you’ve heard of an alternate term, pre-order. These two terms generally allude to the same phenomena, except that pre-selling refers to the actions of the seller, while pre-ordering is done by the buyer.

Often, the terms are used with regards to new cellphones, new cars, or up-for-grab concert tickets, before the said products are even released in the open market. This is to ensure that you, the buyer, will have a sure slot of acquiring the item in question if it reaches a time when the sellers run out due to high demand.

Alternate terms, same context, different subjects.

More often than not, these terms are also used to refer to condos. Allow me to elaborate. 

 First of all, what is a pre-selling condo? 

Basically, it is a condo unit being sold before its actual completion, its construction, or while still in its early planning stages. If you’re going to ask, “Does that mean it doesn’t exist yet?” Then you’ve already got gist of it. The ground has yet to be broken and you’re paying for a sure slot that hasn’t been built yet. As such, you may have second thoughts on whether or not it would be wise to invest on something that hasn’t even been constructed yet. And you’re probably not the first.

However, don’t jump to conclusions. The practice of pre-selling condos still exists for a reason, and that’s because of the many advantages it offers. Here are a few examples:

 The Advantages: 

  • Customization Plans and Flexible Options 

You’ve read that right. Since the whole building hasn’t even been constructed yet, you’ll have the opportunity to provide your input, in terms of your preferred unit location and floor plan. Now, depending on the contract and discussion with the developer representatives, you can also be entitled to the prominent features of the unit itself. Some may view this as a mere offer, but others may see it as a form of an early bird promo. Either way, you’re going to get your money’s worth.

  •  A More Affordable Price 

This is one of the main key selling points of a pre-sold condo: the price. It’s easy to surmise that an unbuilt unit will cost less, but the main point of this is that a condo’s market value increases by the time that it’s built. Hence, not only are you ensured a condo unit at an affordable rate, you’ll also have an opportunity to make a few bucks out of it after your years of inhabitance.

Okay, those are some good stuff to know about, but now you’ll ask, “How can I be assured of those following advantages?” Here are a few tips to help you out:

 Important Factors to Keep In Mind:  

1. Consider your budget capability 

True, pre-sold condos can be bought at a more affordable price compared to finished units, but remember, this is still a piece of property. Don’t be complacent with your budget. Consider your capability to pay in regards to the agreed payment periods. You don’t want to be trapped in a contract you can’t commit to.

 2. Do your homework. Verify the legitimacy of the pre-sold units 

You might’ve heard of the recent rent-to-own scams in the media. Do not make the same mistake. Take note of the developer and verify if they are licensed to pre-sell the condo units and are registered with the Housing and Land Use Regulatory Board (HLURB).

 3. Go for a trusted name when it comes to condo units 

Choose a trusted developer when buying a pre-sold condo unit. They’ve been in the business for a while for a reason. Their reputations speak for themselves.

If you are looking to experience only the best and most trusted when it comes to quality condos, then look no further than Torre Lorenzo. Contact us via (+632) 8889-TLDC (8532) or visit our website at https://www.torrelorenzo.com for more information.

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