14/06/2020
Here are five things you should know before buying a move-in ready home, also known as a ready-for-occupancy (RFO) property.
đź“ŚThe Pros and Cons: Ready-For-Occupancy vs. Pre-Selling
As the name suggests, you can move into a ready-for-occupancy unit right after settling the required paperwork and payments. In contrast, a pre-selling unit will take up to a few months or years before occupancy since this type of property is still in its planning or construction stages.
From the get-go, weigh your options and decide which type of home suits your needs and capabilities best.
We’ve summed up the pros and cons for you.
🔸Ready-for-occupancy🔸
Pros
Immediate move-in
Tripping in the actual property prior to buying
Cons
Price is usually higher since the market price has grown since construction; higher downpayment
Less unit options
🔸Pre-selling🔸
Pros
Low introductory price
More unit options
Cons
Longer timeframe before occupancy
Risk of delay in turnover or property not meeting your expectations
Despite the cons, an RFO unit is a good option because you get to inspect the property first-hand before investing your hard-earned money. Also, promos, discounts, and flexible payment terms are some ways of offsetting the higher costs of a move-in ready home.
Ask your property specialist about the possible payment options. Chances are, you’ll be able to work out a plan that fits your financial capability.
đź“ŚOther Fees
Before deciding to buy a home, make sure to take all expenses into consideration. Does the property you’re eyeing have hidden charges? Will you have to pay monthly dues for building maintenance?
Being aware of these additional charges can help you better assess if you’re making the right financial decision.
📌Developer’s Credibility
Your choice of real estate developer can make or break your home-buying experience.
Before buying a property, do some research on the reputation of the developer. You can also get valuable insights from your personal connections, including friends or relatives who have purchased a property from the company.
The bottom line: make sure you’re investing in a reputable real estate developer. Renowned real estate brand Avida Land can give you peace of mind as you search for an affordable dream home.
đź“ŚYour Living Preferences
The great thing about a move-in ready home is the fact that what you see is what you get. After deciding on your ideal location, property viewings are your chance to get a feel of your potential home.
Pay attention to your experience while visiting a property. Does it have generously sized windows, with ample natural light and ventilation? Does the unit layout show potential for an ideal living space? Does the neighborhood support your lifestyle? Are transportation hubs and commercial establishments accessible?
Visualize the life you want to live, and decide if the property aligns with your preferences.
đź“Ś What to Inspect in the Property
Minor oversights can dampen the exciting experience of moving into a new home. The good thing is you can prevent these problems with some basic knowledge of what to look out for in your potential home.
Some technical details to inspect in a property include:
Utilities – Is the circuit breaker properly labeled? Are all electrical outlets working? Are there any leaks from the water pipes?
Installations – Are all lights working without flickering? Are any tiles hollow, chipped, or cracked? Do you notice any rust or termite damage on the doors?
Finishes – Is the paint smooth and free from bubbles? Any dents, peeling, or scratches on the finishes?
Maintenance plans – If you’re buying a condo unit, find out if the building administration maintains the facilities. Unserviceable elevators or unkempt amenities are bound to affect your day-to-day life as much as the unit itself.
Safety plan – Check if the property design includes a safety route for emergencies.
Make a comprehensive checklist with the help of this informative article written by a licensed interior designer.
With these considerations in mind, you’ll be well-equipped to buy the home of your dreams. Check out Avida’s ready-for-occupancy units now. A wide range of choices for every home owner’s needs is available—including safe communities, green spaces, sensible amenities, and easy payment terms
Learn how to find your dream home and avoid financial disaster — know what you need to do before buying a move-in ready property
