RFO (ready for occupancy) refers to units where you can move in anytime you want. That is, after completing the paperwork and settling the required payment. While this is just one of your choices when buying a property – the other being pre-selling units, there are various advantages to buying an rfo unit than a pre-selling one. Going back, below are the vantage points of buying an RFO condo.
1) Occupancy readiness
As RFO units are ready for turnover. This means there is no waiting time before you can transfer to the premises. The unit will be ready anytime to accommodate you, your loved ones and your belongings.
Due to its availability, you can rest easy knowing that it is already completed. This is not immediately apparent with a pre-selling condo since you constantly worry if the developer will finish the building on time or if it will complete it at all. Not to mention, there might be some delays that may hinder the target turnover date.
2) Tripping possibility
A reasonable criticism of buying pre-selling condos is the inaccessibility of seeing the completed unit. It’s understandably hard to put your money into something you cannot hold in the interim. With an RFO unit, you will be able to view all the units in the inventory as is and this is not just a showroom unit, but the actual unit you intend to purchase. You can even examine the view outside from the windows of your would-be unit.
Inch by inch, you may get to observe if the developer overpromises or not. Although the reputation of the developer itself can vouch for the quality of the condo building as a whole, nothing compares to seeing the unit in its actuality. You’ll get to see the structural soundness of the unit to know if you are getting your money’s worth or not.
3) Serviceable unit
Since these are completed units (not just substantially completed condos), it means all utility services are available to the dwellers. That’s one less worry for you, which also means you can proceed to designing your space to suit your liking right away. If you are relocating to a brand new condo building, the peripherals (connections, cables, wiring, etc.) are still in excellent condition.
Some, modern dwellings are built with sustainability in mind. If the developer emphasizes green building practices, that means lower monthly utility costs for you.
4) Income maximization
If you are not going to use the unit at the moment, you have the option to lease it to tenants. Investing in a condo unit, can be another income stream through rental fees. This is not possible with buying pre-selling units as you have to wait up to two years before you or others can use it.
What’s great about the entire process is you may ask for a higher monthly rental fee especially for new condominium buildings. Granted if it is situated in a prime location such as Makati, Taguig or Parañaque where Amaia Steps Bicutan is located, you may market the unit as ‘brand new’ and earn more.
With all these, perhaps the biggest advantage of RFO units is their tangibility – the physical presence of the unit. You may make an informed decision based on what you are seeing. And through a thorough inspection of the condo unit, you will know if it is worth the buy or not. Once you’ve established this, it comes with peace of mind that you are getting your hard earned money’s worth and even