When looking for an investment, who doesn’t want low risks and high, substantial returns? Condominiums are such investments. Real estate belongs to low-risk category investments with great financial value not only because the demand remains high but because a condo investment satisfies the basic human need for a shelter, a roof above one’s head.
Condo communities are often associated with a life of luxury and convenience. World-class condo amenities and the benefits of living close to work have definitely made investing in a condo very popular over the past several years. But for Filipinos, buying a home or investing in a condo is not only about owning a property or earning profit, but about upholding values and culture unique to the Filipino people. Condo amenities, for example, are not just physical structures such as swimming pools and a playground. They are places where the family can bond and have a good time, something that every Filipino family wishes to do more often.
The desire to buy properties for Filipinos tend to gain momentum as they get older. For example, 70.8% of people aged 35 to 44 want to buy a house compared to only 57.3% of people between the ages 25 to 34. This means buying real estate requires years of careful planning, saving, and a great length of motivation.
That motivation yielded the rise of condos for rent in the Philippines, which was at around 7% as of October 2014 (in Metro Manila). But are high rental yields enough reason why you should invest in a condo? For Filipinos, definitely not. The reasons why Filipinos buy or rent out condos go beyond profit and yields. They are personal, even emotional.
Working close to home
By home we mean more than just an actual condo unit. We mean family, the people you love going home to after a long day.
Filipinos invest in a condominium not just because it saves time and gas to and from work. Filipinos, especially couples and small families, invest in a condo because of its strategic location that allows them to have more sleeping time and less time stuck in traffic (or not at all). Living in a condo also allows them to have a slow breakfast with the family. It allows them to have dinner and watch TV with their loved ones. Raising kids in a condo may not be traditional, but it certainly has tons of benefits. Living close to work gives condo dwellers time to do the things that truly matter, instead of getting stuck in rush hour traffic for three hours and going straight to bed once you reach home because the traffic totally drained you.
Perks are about doing things together
The difference between a regular apartment for rent in a subdivision and living in a condo community is the perks and privileges.
Condo conveniences are not limited to a strategic location. One of the reasons why Filipinos invest in a condo is because it allows them to do many things together as a family. On Saturdays, the kids can go for a swim or take the dog for a walk along the community’s landscaped open spaces. Families can have picnics or get active and play tennis. Couples can hit the gym together. All of these condo amenities come with owning or renting a unit.
Savings go a long way
Investing in a condo might seem overwhelming at first. The monthly payments and dues are typically higher. If you rent it out, being a landlord obviously has its own set of challenges, too.
But savings, big savings, are still possible. The cost of braving traffic and commuting every day will be lessened. The endless search for somewhere to go and do on weekends might just end. Maintenance is not just cheap, it is also 24/7. You can also leave security up to management and suspend your gym membership. The money you save on these perks can pay for your son’s tuition, pay a month’s worth of car or house mortgage, allow you to afford a life insurance or fund your family’s next travel destination.
Security and peace of mind
People spend a lot to keep their families safe. Surveillance cameras, automated door locks, baby monitors and home automation are just some of the things people invest on. Condos for rent in the Philippines will give dwellers all these and more.
Exits and entrances are secure. Roving guards patrol the community day and night. Guests are screened at the lobby. Having these condo conveniences keep any homeowner at peace and sane. A peaceful, good night’s sleep is truly priceless.
Condo value and the future
When you buy a gadget, a car or a house, you think about their value in the future. And the good thing about condos, especially the ones in prime locations, is that their value appreciates in no time. In Makati, current monthly rent for a condo is more or less Php600 per sq m. This means that if you have a 60 sq m condo, you can rent it out for Php36,000 a month. Imagine how much it will cost in five years.
A condo’s resale value also doubles and triples without much risk and complications. This is why Overseas Filipino Workers consider condos a great investment. Once you buy it, it earns profit on its own. Anything of true value means it only becomes more essential (or in this case costlier) in the future. The fact that an investment grows with you is something everyone wants. Talk about security and stability.
Owning a condo isn’t just about its superficial benefits: location, resale value, and amenities. Each perk is rooted in a need that is culturally embedded in a Filipino: the need for security, to be with family, and the desire to enjoy a comfortable life they work so hard for.