Real estate investment is probably one of the biggest leaps any young professional can take. It appears daunting and intimidating, but it may as well be a wise move given the unstable economy and unnerving constant drop of stocks. Real estate properties like house and lot, however, may not be suitable for the meager income of those in the dawn of their careers. In such cases, condominiums become the most plausible choice for young professionals.
Most of the time, however, investment on condominiums does not pay off as they have expected. Some may have been burdened with the monthly amortizations coupled with association dues and other bills, while some have lost a great deal of money from scams. On worst case scenarios, the construction of condominiums that have been pre-sold does not push through because of bankruptcy and other issues, and buyers are left without an option other than accepting their faulty investment.
This is why, it is important for anyone to know the major considerations before deciding on their eyed condos for sale.
Note that developers put the properties out in the market and present two options for the potential buyers. Some may offer great discounts and good deals for pre-selling condos for sale, while some makes the units available when they are ready for occupancy. Given that the developers have established good reputation in the industry, it is always best to invest on pre-sold condominiums, as most companies sell the units with low monthly amortizations. Buyers who are fortunate enough can even land a deal with zero interest rate or units that do not necessitate hefty down payments.
This move, nonetheless, come with a risk. Many developers are now on the record condo for sale in cebu business park
scamming their buyers or for stopping the construction of the property. Another major drawback of getting pre-selling condos for sale is the time one has to wait before the turnover period. On average, buyers are only able to move in after two years of paying the monthly dues.
Should there be a need to move in immediately, looking for Ready for Occupancy condos for sale is an option. RFO units, however, are sold at a higher contact price - sometimes twice or thrice the cost of pre-selling units. The down payment for these properties is also more expensive, along with the reservation fees. Buyers with the luxury of spending a little extra though can find this option more practical especially since the period of paying monthly amortizations is shorter thus entitling them to a lower cost of lump sum expenses.
Aside from the payment terms coming with these two options, those who are deciding on condos for sale should also pay attention to:
1. Price of HOA fees or association dues - usually at per sq. Ft. basis
2. Location of the condominium - defined the value of the property. Expensive unit far from the business district of the location is not a good find. The property should also be close to schools, hospitals, etc.
5. Number of occupants per floor - the lesser the better
6. Reselling price of the property.