Although the thought of making a real estate investment in 2023 may have given some would-be homeowners hesitancy, now is the ideal moment to do so. The real estate industry has evolved, and the recent pandemic has altered not just commercial practices but also modes of communication and social interaction.
Due to this, condominiums remain a great option for both inexperienced and seasoned investors in the real estate market. Condos are less expensive to buy than detached houses, and they provide several advantages over single-family homes, including safety, convenience, and less upkeep. In point of fact, preselling condos in Metro Manila like Quezon City and Pasay City, as well as other parts of the Philippines are in great demand. This is because buyers may negotiate favorable conditions, and the cost of luxury apartments is on the increase, so investing in Filipino real estate is no longer a terrifying prospect.
Also, it is prudent to capitalize on the current market conditions by taking advantage of virtual condo tours and planning for the long term.
What is a Pre-selling Condo?
The term “preselling condo” is used to describe the practice of selling condominiums far in advance of the project’s completion, often when the building is still being constructed or while preliminary plans are being drawn up. To put it another way, a preselling condo is one that has not yet been constructed or is still in the development phase at the time of purchase.
It has also been suggested that pre-selling condos help developers get funding for their projects, while simultaneously providing interested parties with the opportunity to acquire units at reduced costs.
How Investors Can Benefit from Pre-selling Condos?
The pre-selling condo is a term you’ve likely come across if you’re researching condo investments. Buying a condo during the pre-selling phase is a good idea for individuals who want to save a lot of money and see a substantial return on investment down the road. In fact, there are several benefits to purchasing pre-selling condominiums.
1. It offers lower rates and flexible payment options.
Preselling condos, which are typically 30% to 40% off the price of a completed unit, is a popular choice among first-time condo buyers. You may maximize your profit by purchasing a property at a discount and selling it at a later date. If you are wondering when is the greatest time to buy a condo, the answer is obviously during its pre-selling unit.
In addition, some developers offer further discounts or payment plans with low down payments, as little as 10% repaid over 3 years, financed by the developer’s in-house financing or a bank home loan. Pre-selling properties may include lower down payments and other attractive terms offered by developers to get purchasers to commit. Investors may more easily satisfy the monthly requirements of pre-selling condominiums because of the more lenient monthly payments that are often offered.
All in all, it’s a great deal for both the purchasers and the developer, who will be able to raise additional money to finish the building. In addition, purchasers may get suitable units at a great price and pay for them in a convenient manner.
2. More condo unit options are available.
Due to the virtual nature of preselling properties, purchasers have the freedom to choose the unit location that best suits their needs. You receive first dibs on the greatest units available and may choose the floor and unit orientation that best meets your requirements.
You may also travel there for the less-crowded streets, more convenient location, and more attractive scenery. Among the perks of being a first-time buyer is the option to choose a unit in a prime location, such as the top floor or next to the pool. If you’re interested in Feng Shui, you may choose a unit that’s facing the best possible direction from which to invest.
Depending on the terms of the pre-sale agreement, future tenants may also be able to see the unit at the conclusion of each building phase and give the property developers notice of any problems.
3. A reliable source of income.
A condo unit may provide a constant stream of income after construction is complete, which is ideal if your objective is to generate passive income from the property over time. Potential buyers may generate income by leasing out the home. Potential tenants will be vying to rent your apartment if you choose one in a desirable location inside the building during the pre-selling phase.
One of the most promising and newest mid-rise condominiums in town is Asterra. With its affordable pre-selling condo units, located near the greater Manila area and at the heart of town or city, investors will find it a convenient location to rent out their property in the near future.
4. Avant-garde conveniences and facilities.
Condos for sale in their planning stage include the most up-to-date fixtures and conveniences, so buyers can recline in style both inside and outside their new home. Several condo developers, in an effort to stay up with the changes, have begun including smart home security systems in their developments.
Asterra condominiums, aside from its prime locations, will also be equipped with the newest technology, particularly in its building management.
Online communication between residents and administration, remote utility monitoring, and digital payment systems are just a few of the projected smart technology advancements to be incorporated in the complex. This is expected to improve the lives of the people who live in the building and also promote the efficiency of the management team.
5. Significant ROI growth upon unit turn over.
The value of homes that have been put up for presale rises each year. Buying a condo at a pre-sale price means you may lock in the lowest price while anticipating future appreciation. A condo unit may be sold for a profit at the current market price after construction is complete and it is ready to be inhabited.
This is also the reason why the location of a property is a crucial factor in determining the financial success of a buyer or investor. Your greatest hope for making fast and large profits is to purchase a pre-selling unit in or near highly trafficked areas such as downtowns, university campuses, major shopping centers, and other commercial hubs.
This year, 2023, Asterra, the newest affordable condominium project by the industry-leading Vista Land, recently inaugurated its 16 new developments in different municipalities around the nation.
Be one of the first investors to take advantage of this newest modern condo complex in the Philippines and choose from our prime condo locations in Cavite, Laguna, Butuan, Pampanga, Cagayan de Oro, and Iloilo!