Most first-time buyers find the terms “preselling” and “ready-for-occupancy” confusing.

Preselling or off-plan properties are those sold before completion, while RFO units are already made for purchase and immediate use. Generally in the Philippines condos (and in some cases house-and-lot projects) are sold at the preselling stage. RFO properties are unsold inventories or resale properties.

If you are a property investor, preselling condos would make better investments as they usually come with lower introductory price or  discounts and flexible payment schemes, not to mention their value can significantly increase over the course of their development. The downside to buying one, however, is waiting for the turnover date, which in the Philippines usually takes 5 years for a high-rise condo.

If you are reluctant to commit your hard-earned money to something that is merely a perspective, RFO units would be the better option as they are ready for turnover. You can move in right away and experience the amenities that come with your new home. The drawback is that the unit prices are much higher compared to preselling units.

If you’re not paying in cash, you’re required to ready a down payment of equivalent to at least 20 percent of the purchase price and bank financing approved.


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