Pros and Cons | Ready to Move in Properties

Ready for occupancy or ready to move in properties are units that are simply ready to move in. It is a complete home or property that you can transfer and live with anytime. A lot of people nowadays, most especially if they have saved enough cash wants to buy a ready to move in home. They prefer that because they don’t want to pay for rent anymore. They already wanted to have their home.

A lot of times, I do get clients who demand ready for occupancy units but couldn’t get ready for occupancy units. In this article, I will list down advantages and disadvantages in buying a ready to move in properties.

First, let us define ready-to-move-in or ready-for-occupancy units; these units are

Completed house/condo/property that can be used anytime by the buyer the moment he pays for it.
Utilities were installed or ready for installation

Pros /Advantages of buying a ready to move in home;

Can be used by you the moment you pay for it
Wait time is lesser compared to pre-selling properties
You just need to bring your personal belongings in, and you can live there in no time
For resell units, usually utilities are already installed and ready to use
For new units, utilities are ready for installation.
Wait time is around few days to less than a month only
You can start renovations early if preferred

Cons/ Disadvantages of buying a ready to move in home;

Needs a significant amount of cash out for you to move in asap
Some developer gives shorter payment period for equity
Spot equity is usually preferred to be able to use the property asap

According to REB Alexis Ray Daaca,

Investors who are in a rush may choose to buy ready for occupancy houses and condos since everything is readily available from its actual deliverables, to its enjoyable amenities and other developments of the project. However, buying ready for occupancy (RFO) requires you to pay the down-payment right away or in a fewer months than the non-ready for occupancy units (NRFO). It usually has a higher price than NRFO too.

Buying Ready for Occupancy units is advantageous if investors want to move in quickly and experience the current lifestyle of the community. However, the best and prime locations are usually soldout during the pre-selling period of the project, investors get to choose only those re-opened units and those available in their current inventory.

RFOs may have higher prices, but it has new discounts and promos which buyers are looking forward.