If a goal of yours has been to buy a new home, you’ve likely already been looking on websites like Ohmyhome and inquiring directly with real estate professionals for potential properties to buy. Throughout your search, you’ve surely also come across brand-new houses and lots and condos for sale that are listed as “pre-selling.”
In a nutshell, pre-selling properties are those put up on the market for purchase long before their completion and are the exact opposite of ready-for-occupancy (RFO) homes that can be moved into immediately upon being bought.
While to some, buying a property that has yet to exist (save for the land it will be built on and its design) may seem unconventional, pre-selling homes also allow buyers to not only ensure that they’ll have a brand-new home in the future but also to enjoy a bevy of other benefits.
It’s ‘cheap’ now but will cost a whole lot more soon as it’s done
Among the most known benefits of buying a home at pre-selling is getting it at a significantly lower price than if it was completely built and fully furnished. The reason for the 30 to almost 50-percent drop in price is simply that, in the absence of the physical property, there isn’t that much which developers can market to buyers besides a low introductory price.
Buying a property that is far from ready can be a risk worth taking, not only if you want to buy at a low price, but also if you want your investment to grow quickly. Because more often than not, when the pre-selling home you’ve purchased is complete and is ready-for-occupancy, it also commands a ready-for-occupancy price that is a far cry from what you bought it for.
There are more options available
One downside to ready-for-occupancy homes is that, more often than not, a lot of them are already that–occupied. This means having to limit your choices to whatever homes are left available in a particular development, choices which others have already passed-up on and likely won’t quite meet everything that you need and want in a home.
Since pre-selling homes–and the community they’re in–are at the very early stages of development, many are available, leaving you with your pick of, well, the lot. Whether it’s a home with a front door or back yard facing a certain direction, a condo unit being located on a particular floor, or a house on a corner lot and has three bedrooms, you have a better chance of meeting all your specifics when you buy early.
It’s a solid investment
Given pre-selling homes’ low prices, it is a worthwhile purchase even when you don’t need a new home to live in. As mentioned, a pre-selling home’s value grows substantially from its introductory price once completed, which means you can sell it as soon as fully built and still make a significant profit.
If you’d like to keep the property a little while longer, it can also serve as a rental, allowing you to earn a passive income until the time you decide to sell the home or use it for yourself.
Read: Your Starter Guide for Investing in Homes for Sale
Discover pre-selling homes from the most reputable developers
Like with most other things for sale, there is also some risk that comes along with the different benefits of pre-selling homes. Among the most common is the chance that the developer completing the pre-selling home you purchased is unable to complete the project, leaving with you money that did not have the opportunity to grow as you waited.
This is one of the reasons why it is important to consider only buying from reputable real estate developers, who have proven track records of completing their projects on time deliver properties of the highest quality.
Granted, with so many new developers emerging and having a presence online, it can be difficult navigating your way to the numerous real estate options available. At Ohmyhome, we make it easy for you by partnering with the top certified property developers in the Philippines.
Our Ohmyhome real estate agents are also ready and able to go through the choices available, and since we work with multiple developers, you are assured that you are never limited to choosing from just one brand or project.
Ready to find and buy your next home? Visit Ohmyhome for the latest in pre-selling homes, or download the Ohmyhome app for convenient access to the latest listings and real estate information in the Philippines.
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Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate agents help in the shortlisting of options and provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.
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