The search for and purchase of a forever home could become one of the most stressful decisions in your life. It is possible that you are already looking at your short-term accommodation needs, such as hotels or temporary residences, but it is eventually time to decide which home you'd like to live in forever or over the long term. There are two types: A condominium unit or a lot and house kingdom valley Islamabad. And alongside these options are the financial and time constraints required. To aid you in narrowing your choices, let these comparisons guide you.
Condominium
If you would prefer to be a part of the city's bustle life, perhaps a condominium is the right option for. Though, there are good advantages that condos offer like amenities , or the opportunity to lease or rentable, there are at least, some numeric disadvantages that could pop-up in the near future. A majority of developers sell units during the planning stage of the condominium, which means it is likely to be priced lower, depending on its location. While this
may sound appealing to your ears But don't leap in just right away.
Benefits
According to the Global Property Guide, with the Philippine mortgage market being relatively undeveloped, "most of the houses are sold for cash or pre-sold". In the condominium market, it's a choice between ready-for-occupancy (RFO) units as well as pre-selling units.
Many buyers opt for the pre-selling option, due to its cheaper introductory cost, which can be 30% less expensive than a finished unit. Furthermore developers can offer 10%-15% discount or offer flexible payment options where the down payment could be as low as 10% payable for 3 years with the lump sum to be paid by bank financing, a government-sponsored homeowner loan (Pag-IBIG) or the developer's in-house financing option.
If you're a real estate investor and are looking to sell condos, pre-selling is an excellent investment as they can appreciate in value when they are completed. In the event of favorable market conditions and a favorable market, you could sell the condos at more than twice the amount you initially paid when they were in the pre-selling phase.
Risks
A condo unit that is being sold pre-sales includes terms like "more or less" and "subject to change without prior notice". If you don't monitor the progress of construction periodically the terms you have agreed to may no longer be in effect when the building is completed. The main risk associated with the pre-sales of a condominium is that the finished unit may not match what you envision. The materials can be changed. There can also be changes that are made to unit sizes and floor plans, as well as finishing and features or amenities of which you will not be aware. You could end up paying for a unit that is lower than your expectations, thus negating the "promising investment" claim.
Another concern is the time delay in the completion process and the turnover of funds if the developer fails to deliver in time. The contracts for pre-sales have delay clauses that permit the developer to be late for up to a time of a year, or even longer. However, the most significant risk one of the risks is that you could not get a refund for your deposit in case the pre-selling project is not successful or the developer is bankrupt.
OFWs who plan to purchase pre-selling condos in foreign countries face the greatest risk. Many have lost their deposits and money due to corrupt representatives or agents who take advantage of their absence and use the complicated paperwork to take "fees" from them.
House and Lot
If traveling or commuting to work is not an issue your way, buying a house and lots just a few kilometers from the city would be the best option for you.
The purchase of a home and land can be a meaningful investment, because this would house your future and leave a legacy. The style, the design and overall look of your home is completely yours to decide. You'll need a trustworthy professional or company to help you navigate the legalities, and then meet at an "win-win" or good deal.
Benefits
Finding a reliable real estate agent can help you with the process of buying the land you want and selecting an appropriate design. They create houses plans to match the block, with the proper sun orientation and driveway layout.
A majority of home buyers sign a land contract with a land developer , and a building contract with an architect. There are two ways in which a home builder can simplify this procedure for you. The builder could wait until you decide on the location, later conduct soil and feature survey, so they determine the costs of the site and then sign off on the contract. Alternately, the builder can adjust the cost of land in order to create the building contract in the same period that the land contract is in place. This approach isn't necessarily applicable to all new homes being built, however it is more efficient as the lender can obtain finance for the land and house at the same time.
You can save thousands or thousands of dollars. Reputable financial organizations or lenders are likely to eliminate some of the costs for both mentioned situations. The only thing you have to do is make payments for the amount of land because the house is still to be constructed, and you could also claim different depreciable assets, including the cost of the construction, the fixtures and the construction itself.
