RFO? UFO? Huh? Been confused why the term “RFO” is always incorporated with houses and lots? Uhm… To tell you honestly I’ve been curious of what does the term really mean. It’s been crazy because many of us are more familiar of UFOs which is related to aliens, extra-terrestrial bodies than RFOs. So, what does RFO really means? RFO is a shortened terminology for Ready for Occupancy which when added to the phrase “House and Lot” would literally mean that the houses are readily available for occupants. Here in the Philippines, some of the best RFO house and lot for sale are in Paranaque, Metro Manila.
Why buy RFO Condos? In this day and age, most of the real estate buyers believe in the saying “to see is to believe.” Yes, this is true especially to RFO houses. You won’t only see the model house but you will also see the actual unit that you are going to buy which gives you a hint of what your house would really look like. With this, you’ll get to make sure that you will get what you paid for. What are the Disadvantages of RFO Condos? Since RFO houses are already available for occupants, prices would definitely be higher than Pre-selling counterparts. Usually for rfos, 5-25% of the total amount of the property should be paid before occupying the house. It also impossible to find flexible payment terms for this kind of arrangement. Buying a house and lot is not a simple decision to make, choose wisely which house to buy.
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