For an aspiring home buyer, investing in a pre-sold apartment can be one of the wisest decisions to make. That is because a pre-sold apartment can provide considerable value for your money.
Preselling properties are those that you can buy even while they are still under construction. While this might seem like an unconventional way of buying property because the property you are investing in does not yet exist as yet. Nevertheless, getting a pre-sold apartment could be a smart way to approach your dreams of becoming a homeowner.
Pre-sold apartments are usually cheaper
With the lack of a physical property, pre-sold apartments are typically more affordable. Pre-sold apartments are offered at a price 30-50 percent below what it would otherwise worth when construction is already complete.
You can take your pick
Have you ever experienced trying to pick an apartment unit because none of those available matches what you want? If so, you are not alone. In fact, many people face this dilemma.
Why does this happen? The answer is simple: all the best units are were bought when the apartment was still pre-selling. So, by the time that the apartment complex is complete, the least desirable units are what is left.
Buying an apartment unit while it is still pre-selling widens your options. During this time, you can pick not only the type of unit you are looking for but also the floor level and even the location of your parking space.
They could act as a source of income
Not all owners of pre-sold apartments move in once construction is complete. Many rent them out so that they can have an additional source of revenue. Moreover, because they got the unit considerably cheap, the rental profit that they get in significantly higher compared to if they get at ready-for-occupancy rates.
When you get a pre-sold apartment, you are putting your faith on the developers that everything in your unit is in good working condition. That includes your apartment’s plumbing, electricity, exhaust, and any appliances they throw in when you buy it.
Since there is no way to test all these out before you buy an apartment unit while it is still pre-selling, developers include a warranty that will cover any repairs you will need as soon as the unit is ready for occupancy. The length of warranty coverage ranges between two and ten years, depending on the developer.
Flexible payment options
Developers of pre-selling apartments also allow buyers flexible payment options, so paying for your apartment is not a burden. You also have access to other perks like down payment discounts and in-house financing.
Also, because the apartment complex is still new, it will be a lot easier for you to take out a mortgage to pay this off.
They are a great investment
Pre-sold apartments can be a great investment. Apartments located in prime areas see their values appreciate over time. This is particularly the case with pre-sold apartments since you already can experience an increase in its value the moment construction is complete.
Of course, you still have to be careful when investing in pre-selling apartments. Make sure that you do some research about the developer and, if possible, visit some of their completed properties. That way, you can have a better idea of the quality of their work.
Take some time also to do some research on the property itself. Are all of its papers in order? Are there any complaints or lawsuits filed against it? All these can increase the chances that construction on the apartment will be put on hold and your investment at risk.
Finally, make sure that you consult with a reputed real-estate agent. He or she would be in the best position to properly advise you if investing in a pre-sold apartment with a certain developer will be worth it.
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