Buying a pre selling condo in the Philippines is one of the few things that you should do as a newbie towards property investments in the country.
Pre selling condominiums are technically residential or commercial buildings that are bought at a lower price compared to their RFO or ready for occupancy building counterparts.
However, the beauty of choosing pre selling condo for sale in the country has so much to offer with the foreseen value it will gain after years of its development to full completion of the structure.
Additionally, pre selling condo development is also anchored in the area’s upcoming developments. The more establishments and other infrastructure projects drawn close to the location of the development the more value it is eyeing to appreciate.
Luckily as you are about to become a first-time pre selling condo property investor, we will lay down how easy it is to buy your pre selling condo in the Philippines, in just a few steps at any Camella Manors project!
Step 1: Save a Small Amount for the Downpayment of the Pre Selling Condo
It is general knowledge that pre selling condos for sale are cheaper than their RFO condo counterparts. Simply say that you are still buying an idea or a concept of development.
In general, and regular financing terms, downpayment of a pre selling condo property means 20% or even a higher percentage of the total contract price to be paid vis-à-vis the construction timeline of the project.
This means that you should save even a minimal amount to start paying for the initial downpayment of a pre selling condo.
Other property developers and even Camella Manors will require a reservation fee to hold the desired unit under the investor’s name. In Camella Manors, the reservation fee ranges from a minimum of PHP20,000 to even more depending on the size of the pre selling condo unit an investor should choose.
Although, the reservation fee in Camella Manors is part of the total contract price and will be deducted upon payment.
Often, an investor can pay an amount greater than the required or minimum reservation fee to lessen the further payments as the amount will all be deducted from the principal amount of the pre selling condo property.
Step 2: Pick the Best Promising Location of the Pre Selling Condo
If you plan to purchase a pre selling condo property or even any property, location should be your primary consideration.
Buying a pre selling condo might be dismaying at the first glance especially when the location does not seem fitting. Yet, the property offers affordability, a quality lineup of amenities and large green spaces, and other commercial and lifestyle integration; the decision to fully buy the property might be affected by what you see in the area or its location.
As an investor, it is best prescribed that you study the area of any pre selling property. Foresee where the value of the pre selling property would be after its full completion.
Check whether the location should be developed further like construction of several value drivers like upcoming commercial establishments, universities, and schools, major road infrastructures, hospitals, etc.
Meanwhile, other present location references you can also look at as an investor are the current transportation traffic, altitude or the flood situation in the area, the distance of the area to transport hubs such as airports and terminals.
Weigh all your present and future findings to the location of the pre selling condo to check whether the area is suitable as your investment.
Good thing that Camella Manors offers promising pre selling condos in major cities in the Philippines to answer the demand of any thriving investor looking for an affordable property for sale.
Step 3: Buy a Pre Selling Condo Once You are Financially Ready
If you don’t have enough finances at the moment and deciding to invest through bank financing, make sure to get all necessary documents ready to secure your loan approved in no time.
Regular documents the bank will require you to submit will be your credit history, financial statement, bank statements, and proof of income papers.
You might as well consider a property developer with various accredited bank partners as this will broaden your financing options from the lowest to the costliest interest rates.
The most common mistakes of some newbie property investors are to initiate the bank financing arrangement where the lowest rates are identified on a promotional basis. Yet, the real and actual rates will balloon after the initial period of the loan.
It is recommended to take out financial plans with a more stable rate that your current source of income can suffice.
In Camella Manors, investors can have varied financing assistance to several major and even minor banks in the Philippines. The developer will also be requiring the initial documents the bank will soon require you.
Hence, the loan officers in the bank will only be securing the initial documentation from Camella Manors and will later discuss all options and rates with you as the investor, rather than you apply on your own.
Step 4: Examine the Black and White of the Condo Purchase
A responsible investor will always read the terms of the contract before settling on a deal with an agent or directly to the developer.
As you opt to reserve a unit whether pre selling or RFO condo unit, the developer will provide the initial reservation agreement and the marketing officer should be discussing all the documents with you before any signature from your end will land on the papers.
The reservation agreement will serve as an initial contract between you and the developer upon reserving your desired unit.
Meanwhile, this will also be the chance for you as an investor to discuss the contract and other documents with the officers thoroughly. You should also clarify all the inclusions of the property reservation such as the unit finishes (fittings, floor, paintings, kitchen, decorations, provisions, etc.).
In Camella Manors, every investor is discussed with all the black and white of the reservation agreement and initial documentation. A second discussion from the administrative officers will also take place to check your financial capacity and to qualify and match you with the right financing terms even before the actual financing arrangements.
Step 5: Review the Model Unit of the Pre Selling Property
Ultimately, you are to invest in property yet to be time-lined in the next probable two or more years. It will be wise as an investor to carefully check the presented model units and to clarify which finishes are made available with the purchase.
Model units are dressed up to favor the liking of any investors (fancy lights, décors, and ornaments, lavish draperies are quite the common elements to make the unit beautiful and stylish).
Commonly, a pre selling contract will stipulate a list of the standard items, material, and fixes to be delivered to the actual condo unit once completed.
However, developers have also the sole right to use different materials in certain circumstances provided that the material is of no less quality or standard.
Once the pre selling condo is completed, investors are arranged with a meeting for the unit checkup before fully turned over. You as the investor should properly check your unit for actual defects so the developer can provide an accurate and immediate solution to any unit damage or defects.
Camella Manors does several stages of checkups before this second stage to the final turnover happens. The brand secures all the provisions are working and all the fixtures are made to be of quality and standard.
This covers all condo property types in Camella Manors whether pre selling or RFO condo unit for sale across all project areas.
Ready to Buy your Pre Selling Condo in Camella Manors?
After carefully understanding the processes of buying your pre selling condo, you might wanna check affordable resort-themed pre selling condo for sale in Camella Manors.
The brand offers quality units in various investment sizes from studio to 2-bedroom pre selling condo units located in major cities such as Caloocan, Lipa, Bacolod, Puerto Princesa, Butuan, and Davao.
You can secure a fine pre selling condo unit starting at PHP20,000. If you wish to check all your options in Camella Manors you can follow this inquiry form to talk to an investment officer.
Grab this chance to live outside the box and be a proud investor in Camella Manors.