The meaning of RFO is Ready For Occupancy. These are the units in properties, mostly condominiums, that are available to move in anytime you want. They are usually within business districts and universities making them an ideal real estate purchase for investors and aspiring property owners.
Although preselling comes off as more practical due to its lower selling price, buying an RFO condo unit also has a number of benefits:
1. Ready for property tour and inspection
What makes condo hunting more fun is when you get to see and experience the unit right? Ready for occupancy units are open for visit especially if you want to check the actual unit size, its condition, view and other condo property features.
2. Project is fully constructed and ready for turnover
Ready for Occupancy units are already finished, fully constructed (may also be fully-furnished) and ready for turnover. You do not have to wait for years until you can move into the unit.
3. Get special discounts
Who says pre-selling units are the only ones who can give you the best deals? Some real estate developers give special discounts and easy move-in promos for those who will avail an move-in ready unit!
4. Flexible payment options
Most ready for occupancy condo units offer flexible payment terms including rent-to-own, which is also known as lease-to-buy. That way, you can move in right away, pay it every month until the entire amount has been paid off.
5. Easy move in as soon as payments and paperwork are settled
One of the best advantages of an RFO unit is the ability to move in as soon as possible. As soon as all the paperwork and requirements are submitted and signed and payments are already settled, you can immediately move in.
This is ideal for relocating families and individuals and students who are looking for a place to stay near their school.
6. Access to the best amenities
When you buy a move-in ready unit, you get to enjoy your private space in the soonest possible time and get the privilege to use the condominium amenities at the same time.
Condo amenities usually include a swimming pool, fitness center or gym, function hall, among others.
7. Brings out your creativity
Most RFO units are bare which gives you the opportunity to choose your preferred palette, decor and furniture. You can be as imaginative and creative as you can be in personalizing your own condo space.
8. Ready-made investment
Investing in real estate is a good decision especially these days that urban living is becoming more and more in demand.
You can either use the property for as long as you need it and consider renting it out or re-sell it in the long run. And as most Ready for Occupancy (RFO) units are located in prime areas like Manila and Quezon City, within business districts and universities, these units have greater chance for value appreciation.
Purchasing an RFO unit may cost higher and require a significant amount of down payment, but with all these advantages, it can be a good idea to consider buying one. Especially if you’re aiming to move in immediately.