If you have been on the lookout for a condominium property, whether for your use or investment, we are sure you have encountered terms like pre selling and ready for occupancy condo units. Like any other homebuyer, you might be wondering what these terms mean, the differences between the two, and what is the better option for you.
RFO meaning refers to condominium units that are available to move in anytime you want while pre-selling units refer to those that are sold before the project is completed, while it is under construction, or during the planning stages. The latter may seem to be practical due to its lower selling price but ready for occupancy condo units also present a lot of advantages which makes them more enticing to home buyers and investors these days.
These are the two options you can look into when buying a property. A lot of home buyers consider buying a ready for occupancy condo unit wiser because of the convenience it offers. Come to think of it, if you have saved up enough for a new home, why wait for three to five years before moving in when it can be done immediately?
Here are the advantages of investing in a ready for occupancy condo:
Save yourself from surprises because what you see is what you get
We want to get our money’s worth in whatever we’re spending our hard-earned money on. Choosing an RFO condo unit saves you from surprises because what you see is what you get.
Since the actual condo units are available for viewing, you will have a chance to closely inspect the unit you’re eyeing. You can check if it’s functional, spacious enough, and can accommodate your belongings.
You will also have an opportunity to check out the community as well as the location.
There’s no waiting time for you to move in
Time is very important in real estate – whether you’re planning to invest or move into your new home. An RFO condo unit can save your time since you can readily use the space.
A property specialist can assist you through the process of purchasing your condo unit. Once you have settled the payment and submitted the necessary documents, you can get your keys to your unit and make it your unit.
You can also earn extra cash in case you plan to rent it out.
Explore the amenities and features
If you’re in the process of making a decision, a ready for occupancy condo unit lets you see the actual property through scheduled tripping with a property specialist. You get to tour the property and see theamenities that complete it.
This way, you can assess and know what you are paying for. Additionally, you can also be able to get a feel of the community and see if it is something that fits your lifestyle.
Make a prime investment
RFO condo units are a good investment though priced higher than a pre-selling property. What’s good about purchasing this type of unit is the opportunity for you to inspect the condo property, its amenities, and its neighborhood.
Just because you’re paying a little extra doesn’t mean you need to carry a financial burden. With most of it, payment terms can be negotiated and options can be presented to you. You can also inquire about possible discounts and extra services you can get moving forward.
If you’re not yet ready to move into your unit, you have the option to rent it out – giving you a source of passive income. Just be clear about the house rules and makeover arrangements to make sure the unit will still be in pristine condition once you decide to use it in the future.
Get to have a feel of the neighborhood and how you’ll live in the place
How do you envision yourself in the coming years? Can you live the life you’ve always wanted in your chosen property? If you choose a ready-for-occupancy condo unit, you can get the vibe of the property when you join the tripping with your property specialist.
You’ll know the number of units per floor and see if the ambiance is relaxing. Some agents will also update you if there are developments within the area that will make life easier for you such as malls being constructed nearby, transportation options you can explore, and other developments that will support your desired lifestyle.
You can already see the finished project
With ready for occupancy, you do not have to wait for years to see the fully constructed project. You can also immediately move into your preferred unit if you want to. Since RFO condo units are already available for move-in, what you see is what you get. These are bare, so you can let your imagination work and visualize your future home.
Ready for inspection
Condo hunting is fun especially if you get to see and experience the unit right there and there. This is known as tripping.
During the visit, you get the opportunity to inspect the unit's actual size, its condition, features, view from the window, and even the quality of the materials and the work itself.
You also get to evaluate if the unit is according to your standards. You can even visit all your options and eventually select the one that suits your preferences and budget best.
One of the best advantages of an RFO condo unit is the ability to move in as soon as possible.
Unlike pre-selling units wherein you will have to wait for years before you get to move in, in an RFO condo unit, as soon as all the paperwork and requirements are submitted and signed, and payments are already settled, you can immediately move in.
Pre-selling condo units are not the only ones who can get the best deals, lower selling prices, and discounts. Some real estate companies, brokers, and even owners offer discounts and move-in promos for those who will avail of a ready-for-occupancy condo unit, especially if it’s a rush sale.
Flexible payment options
Most RFO condo units offer flexible payment terms. That way, you can move in right away, pay it every month until the entire amount has been paid off.
Utility services are available
If you are buying an RFO condo unit that has been previously owned, it probably already has available utilities such as water, electricity, telephone, internet connection, and even cable so you won’t have to worry about applications and installations, just changing the name.
Amenities can already be used
Nowadays, one of the selling points of a condominium is its amenities. The more amenities there are, and the better the quality, it’s guaranteed to get a huge demand from the market.
What’s good in an RFO condo unit though, is you get to enjoy your private space while getting the privilege to use the amenities in your building. Some of these include a swimming pool, fitness center or gym, function hall, and more.
Investing in real estate is a good decision especially if it’s a residential property because you get to earn in various ways - you can sell it or lease it out short-term via or long-term.
Renting it out is one of the fastest ways to earn extra cash. All you have to do is to furnish the unit with the necessary furniture, appliances, and a little décor here and there. Once you’re done, post it on property listing sites or social media, advertise, and prepare to cater to homebuyers.
You can also benefit from an RFO condo unit that is located in a prime area. The property value has already been appreciated the minute you have acquired it. This can be beneficial to you because condominiums in a prime real estate area have better saleability, which gives you the chance to sell them at higher prices.
If you are planning on investing your money in real estate, you may want to consider investing in a Vista Residences condominium property.
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc., which offers ready for occupancy and pre-selling condominium projects in Manila and Quezon City that is strategically located within inner-city areas, near premium universities and developed business districts.
At Vista Residences, unit owners can take advantage of the property’s centrality. The properties of Vista Residences are strategically located near the country’s premium universities and CBDs, making them an attractive investment for both local and foreign investors.
Vista Residences has ready for occupancy condo projects in Manila such as Vista Taft, Vista Heights, Vista GL Taft, 878 Espana, andCrown Tower University Belt. Meanwhile, its ready for occupancy projects in Quezon City include Wil Tower, the Symphony Towers, Pine Crest, and Vista 309 Katipunan.
Living in Vista Residences enables you to enjoy convenience, where everything is pretty much within walking distance or a few minutes away from the property; comfort because the project features and amenities are designed to deliver comfort at all times, which makes condo living a worthy investment; security that is 24/7 and CCTV monitoring, which makes the residents safe and secure within the property.
In line with Vista Residences’ thrust to offer convenience among its residents, it also features an AllDay Convenience Store and Coffee Project in all its projects.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and Youtube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.