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What is a preselling property and what are its advantages?

Pre - selling, or off-the-plan properties as it is more commonly known in the West, are pieces of real estate—either condominiums, townhouses, or a house and lots - that are being sold by a real estate developer in advance before their actual completion.

What is a “Pre-Selling” condo?

In real estate, a pre-selling condo is a condo being sold before its completion, during its construction, or while still in the planning stages. These mean that the property still does not exist and the developer is yet to break ground for the project. At this point, it seems that opting to buy a pre-selling condo would be like throwing money into a hole yet to be dug. The question really is not whether to buy or not to buy a pre-selling condo, but what are the risks? What makes people take those risks? 

What makes pre-selling properties attractive and even seductively desirable?While it may seem unconventional to a condo home buyer to buy a property that does not yet exist (save for actual site where the property will be built and a blueprint), presold properties afford homebuyers many advantages, such as discounted prices and the first pick of the best locations and/or units. In this article, we have put together a list of benefits of buying properties while they are still in its preselling stage.

Pre - selling Properties Are Normally Cheaper

In the absence of the physical unit, pre - selling properties are normally sold at a cut-rate price of 30–50 percent off compared to the price of a finished unit. Aside from its affordable introductory price, many property developers offer flexible payment schemes and even BIG DISCOUNTS on the down-payment price for their pre - selling projects. These developers also offer in-house financing in the event that the condo home buyer fails to qualify for a bank housing loan.
They Give Buyers the Best Unit Options.

In buying pre - selling properties, buyers are granted a privilege to choose their ideal lot or unit location at an early phase, usually during the project launching stage. When buying a condominium unit during the project’s pre - selling stage, the buyer is given the opportunity to pick the best unit, such as those facing the best direction and located on the perfect floor, or even one of the best units that are normally reserved for repeat customers. Some condo units are just highly sought-after either because they offer great views or they come at the right size that are highly attractive to future renters. Once Completed, They Can Provide a Steady Source of Income

Speaking of renters, once the property is completely done and is now ready for occupancy, the buyer can opt to rent it out, and through this, the buyer earns a steady cash flow. If buying a condo property to have it rented out after completion, it makes sense to buy a pre - selling one, especially during the project’s earliest stage, as it affords buyers the first pick of units—those that will be loved by future tenants. Alternatively, the buyer can also make more from his or her property by selling it once completed, by which time the property has increased its value.
They Are an Excellent Investment Option

Advantages of buying Pre-selling condos
Cheaper prices, flexible payment schemes, promising investment

Many buyers go for the pre-selling option, largely because of its lower introductory price, which can be (more or less) 30% cheaper than a finished unit. On top of that, developers might throw in a 10%-15% discount or offer flexible payment schemes where the down payment can be as low as 10% payable for 3 years (with most real estate companies), with the lump sum to be paid either through a bank financing, government sponsored home loan, or the developer’s in-house financing options.

If you are a real estate investor, pre-selling condos are a promising investment since their market value can increase by the time they are finished. Given favorable market conditions, you can resell the finished units for q higher price than you put down when they were in the pre-selling stage.The value of real estate, especially well-located ones, appreciates over time. This is true for pre - selling properties. At the time of their completion, the value of pre - selling condos or house and lots have increased considerably, that the buyer can earn a profit by selling them in the secondary market. It is not uncommon to see condos bought five years ago, especially those in Makati or Bonifacio Global City, for just over Php3 million, that can now fetch double this amount in the secondary market.

Some Tips Before Buying

As a smart condo home buyer, you must be vigilant that any offer that comes with great advantages also carries some risks. One of the most drawbacks of buying a pre selling property is that there is a chance that the developer you signed up with might back out from the contract and may not be able to deliver the unit at all. If you are unsure of investing to pre sold properties but does not also want to miss its perks, make sure to buy only from reputable real estate developers, those who have a good track record with delivering quality properties on time all the time.

This article was research and contributed by Real Homes Team

Since RFO units are already available for move in, what you see is what you get. These are FIT TO FINISH OR BARE UNITS, so you get to let your imagination work (decors, furniture and all) and visualize your future home.

2. Ready for inspection

Condo hunting is fun especially if you get to see and experience the unit right there and there. This is also known as tripping. During the visit, you get to inspect the units actual size, its condition, cuts, features, view from the window, and even the quality of the materials and the work itself.

By tripping, you get to evaluate if the unit is according to your standards—aesthetically and practicality. You can even visit all your options and eventually select the one that suits your preferences and budget best.

Should you wish to redesign or renovate, you already know what you are working with, therefore making the planning process easier.

3. 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. Unlike pre-selling units wherein you will have to wait for years before you get to move in, in an RFO unit, 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 individual, expats, foreigners, and immigrants.

4. Avail discounts and The Lowest Downpayment

Pre-selling units are not the only ones who can get the best deals, lower selling price, and discounts. Some real estate companies, brokers and even owners offer discounts and move-in promos for those who will avail an Ready for Coccupancy unit, especially if it’s a rush sale. Choose the lowest down payment and minimal investment to start.

5. Flexible payment options

Most RFO 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. NSJBI condo projects offers the lowest downpayment to move - in (5% is the minimal investment).

6. Utility services are available

If you are buying an RFO unit which 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 of the name.

7. Amenities can already be used

Nowadays, one of the selling points of a condominium or an apartment is its complete basic amenities. The more amenities there is, and the better the quality, it’s guaranteed to get a huge demand from the market, especially for pre-selling units. Some projects get sold out immediately because of how premium their amenities are.

What’s good in an RFO unit though, is you get to enjoy your private space while getting the privilege to use the amenities in your building. Some of this include a swimming pool, fitness center or gym, function hall, and more.

8. Ready-made investment

Investing in real estate is a good decision especially if it’s a residential property because you get to earn in various ways—sell it or lease it out short-term via Airbnb, or long-term. Renting it out via Airbnb is one of the fastest ways to earn.

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, you list it online, advertise, and prepare to cater to staycationers and tourists.

Also, if a Ready for Occupancy unit is located in a prime real estate location, chances are, it has already appreciated in value the minute you have acquired it. This can be beneficial to you because condominiums or apartments in a prime real estate area have better saleability, which gives you the chance to sell it at prime real estate rates.

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.

ALWAYS CHOOSE THE LOWEST DOWN PAYMENT OR MINIMAL INVESTMENT TO START!

We recommend the condo properties of URBAN DECA HOMES MANILAas the lowest down payment as low as 5% to movec- in.

VISIT www.affordablecondoinmetromanilaph.com

SOURCE: Financial Coach, Personal experience.

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FOR INTERESTED BUYER/AGENT PARTNER,
EMAIL US @ @decahomesmanilagmail.com

This lets you know how much space you’re working with. Taking measurements helps prepare you for the next step, which is ordering your materials. Measuring properly ensures that you don’t order too much paint or wallpaper, or get the wrong size of furniture. Mistakes like these can be costly on your part.

2. Order everything in one go.

Once you’ve chosen all your paint, furniture, fabrics or other working materials, order them all at once if possible. Some of these materials will take longer to arrive so you need to get a head start. It’s a big inconvenience if you start working on your decorating while having to wait for certain materials to arrive.

3. Call in your decorating team.

Identify the professionals you need, like a painter, electrician, or upholsterer. Do some research or get referrals ahead of time so you won’t be scrambling at the last minute. When you’re rushing, you may not end up with the best person for the job.

4. Start with the floors.

If you’re planning to sand or stain your floor, or even put down carpeting, always start with this first. This is so you minimize any damage to your walls.

5. Install cabinets before you start painting.

If you’re decorating your bathroom, kitchen or any space that requires cabinet installation, do this first before you start painting. Doing it in reverse can cause damage or scratches to the paint job.

6. Hang your light fixtures.

After painting your room, you can start hanging your chandeliers, sconces or other light fixtures. Install these first before your drapes or anything else so they don’t get in the way.

7. Arrange your furniture.

If you can, prepare a floor plan of where your furniture will go. In case your plan doesn’t go as well as you’d hoped, don’t be afraid to experiment and move things around.

8. Add the accessories.

After all the furniture is in place, add your artwork, figurines, lamps and other decorative items like books and pillows. These small items add touches of personality to a room, so be unique and have fun!

This is a simple guide to decide INVESTING A CONDO OR A HOUSE & LOT?
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When envisioning your family’s dream home, where do you see yourself? The big dream used to be one where you own a house and lot, but the current state of real estate, more and more families are considering high-rise living.


The real estate industry is developing at a fast-pace to meet the changing priorities of today’s modern people. Of course, people will always want their own house, but there is a growing demand for condominiums. The offer of affordable luxury living is extremely attractive after all. But contrary to popular belief, condo living is not just for young professionals. More and more families are choosing condos for their convenience and affordability.

The perks of living in a condo

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1. Intent to Purchase Real Estate document or Letter of Intent

Once an ocular inspection of the property has been done and the title of the property has been checked with the Register of Deeds, a letter of intent to purchase a property must be made and sent to the seller. A non-binding document, the Letter of Intent documents the buyer’s tentative terms and conditions in regards to price, reservation fee or initial deposit, and financing details. Also included in a Letter of Intent is the detailed description of the property you are interested in.

If the seller accepts the terms and affixes his signature on the Letter of Intent, the seller is expected to reserve the property for you unless the conditions and terms on the letter have been breached.

An earnest money or down-payment must then be paid, securing your hold on the property within the time frame agreed upon between you and the buyer.

2. Contract to Sell

The Contract to Sell, a document that binds both you and the seller, is where all the final terms and conditions are stated. This will be issued to you by the seller after you have given your down-payment. In this contract, you are assured that the buyer will exclusively sell the property to you and will take it off the market. However, until the full payment for the agreed price of the property has been made, the ownership of the property remains with the seller. The Contract to Sell must be attested by a Notary Public.

To pay, without additional interest, the unpaid installment due within the total grace period earned by him, which is hereby fixed at the rate of one month grace period for every one year of installment payments made; provided that this right shall be exercised by the buyer only once in every five years of the life of the contract and its extensions, if any.

If the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty percent of the total payments made… Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made

Section 4

In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due.

If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after 30 days from the receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.


In other words, Section 3 of Maceda Law indicates that the buyer has a right to a refund and grace periods as long as the buyer has paid at least two years. However, if there’s still less than 2 years of installment payments made, the buyer is only entitled to 60 days grace period as indicated in Section 4.

More importantly, there is a section in the Maceda Law that protects the buyers from the fine prints of contracts imposed by the contractors or developers. These fines prints are oftentimes neglected by the buyers to review during the contract signing.

Section 7 of the Maceda Law states that:
Any stipulation in any contract hereafter entered into contrary to the provisions of Sections 3,4,5, and 6 shall be null and void.

This section emphasizes the overriding power of the Maceda Law against the contract made by the developer and the buyer.

FREQUENTLY ASKED QUESTIONS

The following questions have been commonly asked by our readers:

Does it apply when I’ve been paying to the bank already?

A common practice today is for the developers to require only the equity to be paid in installments. This equity or also called “down payment”, varies from 10% to 50% (usually 20%), depending on the developer or the particular development project. The remaining balance after the equity, will be shouldered by some financing scheme.

This financing scheme may be provided by:
Banks
HDMF (formerly PAG-IBIG)
“In-house Financing”, by the developer themselves
or other financing institutions

If you opt to pay your remaining balance using bank financing, that means you’ll be taking a housing loan from the bank.

When you start paying to the bank, that means you have already taken out your housing loan from them. When you took a loan from your bank, you basically borrowed money and then you used that money to pay the developer in full. But this all happened in the background and the money did not go through your hands anymore. The bank gave it straight to the developer. And this is what commonly confuses people.

So now, your property has been fully paid as far as the developer/seller is concerned. In fact, as far as the law is concerned, your property has been fully paid already. But your loan from the bank is what’s outstanding. Your debt is now to the bank — the money you borrowed, to pay the developer.

So the answer to the question on whether this Maceda Law will still apply, is no, it will not apply anymore. That’s because the property is technically, already paid in full.


Does it apply when I’ve been paying to PAG-IBIG already?

Please refer to the answer to the preceding question above.

My developer/seller is very slow or is already late in delivering the property, will Maceda Law apply if I back out from the purchase?

You check first when the developer is supposed to deliver the property to you — their supposed “deadline”. You may check your contract. Or you may also call your nearest HLURB office and check with them when is the deadline given to the developer, as indicated in their License to Sell for the specific project where your property is in.

After determining that your developer is at fault, you may file a complaint for recision of your contract and for total refunds plus damages, as appropriate, at HLURB.

But as far as Maceda Law is concerned, it is not the appropriate law to rely on, now. Read carefully the provisions of P.D. 957. This is what applies in cases like this.


My developer is for some reason, the one who’s at fault and I want to back out. Will Maceda Law apply?

The Maceda Law only assures 50% refund on all the payments you’ve made (or a little more as appropriate). If your developer is at fault, you should not ask for only 50% refund but for the entire amount you’ve already paid. You can even demand for damages as you deem fit.

If your developer is at fault, the provisions of P.D. 957 may apply; and/or the appropriate provisions of Book IV of the New Civil Code on Obligations and Contracts.

Below is the full text of the Maceda Law:

OTHER LAWS PROTECTING BUYERS OF REAL ESTATE IN THE PHILIPPINES

Further, there are other laws that protect the rights of condominium and subdivision property buyers such as The Condominium Act of the Philippines or RA 4726 and The Subdivision and Condominium Buyers’ Protective Decree or Presidential Decree 957 (more commonly known simply as PD 957).

Although both basically cover the same issue which is ‘refunds’, both laws cover different situations on how the refunds are supposed to be granted.

Depending on your situation, there are laws that protect you as a buyer. Know your rights and you don’t have to loose more money than you have to. You may not know it, but you might even be entitled to receive 100% full refund of all the payments you have made.

What is Condo?
Technically, a condominium is a collection of individual home units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home.

Condos are popping up like mushrooms especially in the urban parts of the Philippines. They are the classy practical alternative of the expensive house & lot.

What is House and Lot
To simply put it, a house lot is a portion of land with an owner that was assigned to by a governing body. It is a long-term investment that owners can pass on to their children and other relatives. It is generally more spacious than other types of properties which serve as houses.

For those who are planning to buy a property but in a dilemma between buying condos and houses, here’s something to ponder on. Listed below are the top reasons why a condo is better than a house & lot.

1. Comfort and Luxury
Condos have first class amenities and great building features. Many may prefer a house and lot but condominiums are still good choices because of all the great perks that go with them. Such are comforts, luxury and security which make a condominium practical especially with those living a busy life. Amenities and luxury include fitness rooms, sky lounges, swimming pools and a lot more.

Though owning a house & lot may still be the initial tendency of many, having a condo already stands for one. Condominiums offer a similar kind of living; just without the long travel time to go to the city, repairing of fixtures and tending lawns or gardens.

2. Accessibility and Proximity
Acquisition of condos is now the latest trend in home-owning. Though it appeals more to singles, newlyweds or those with a small family, owning a condominium is practical. These days, many people in the Philippines look forward to experience city life. Those coming from the provinces mostly choose condominiums since they are more accessible to the city.

People who work in urban areas prefer condos than house & lots due to accessibility and location. Many developers in the Philippines such as New San Jose Builders Inc, build condos within cities. The condo’s strategic location – with easy access to commercial establishments, malls, entertainment areas, hospitals and schools – definitely offers trouble-free and hassle-free living.

3. City Workers’ Preference
Especially in the highly-urbanized places in the Philippines, daily long travel for working people is just stressful, tiring and less productive.

Those who live far from their offices may not be able to work overtime even if they want to, since they live far from work. Driving through heavy traffic every day is time-consuming. Commuting during nighttime can be difficult and dangerous. Thus, having a condo within the metro makes living in it more secure. Think about it, you also get security services included in the whole package.

4. Quick Reselling Features
Condos have quick-selling features. If the owner wants to re-sell the condominium in the future, its amenities, proximity, building features and lesser costs give it more chances for faster selling compared to a house and lot.

One of the condos’ best features is their location. Most houses are located far from business centers which can reduce the ease of access to major hubs. Condos are usually just minutes away from prime city hubs. Such can make a huge difference.

5. Wise and Sounds Investment
Condos in the city increase their values. Take for example:
New San Jose Builders Inc condominiums usually near malls, LRT / MRT. In the future, the owner can either rent the unit out or re-sell it. Thus, there is no need to worry about equities.

If one has to choose between a condo and a house & lot merely because of investment and not of occupancy, condominiums are more practical investments than a house & lot since they are less expensive.

In the long run, this investment type would also save the owner from stresses. Apart from less hassles in maintaining the property, he will be able to rest with the assurance that he has placed his bucks right where they would prosper.

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