7 Financial Advantages of Condo Investment
Real estate in the Philippines has proven to be a solid investment in recent years. With the steady growth of the real estate market since 2001– when commercial and residential properties were in great demand because of the sudden growth of the BPO industry—more and more people are now seeing great financial opportunities in condo investment.
Although it may take a while to receive capital gain from it, real estate assets such as condominiums are highly practical and can be your safest bet in investing. Condo prices today are now offered at flexible terms, making it easy for young buyers to purchase their first unit.
The upshots of the real estate industry in this economy have been nothing short of rewarding in the past decade, so you can be sure to have a promising investment in this sector. Real estate investments also pose minimal risks because there is a multitude of ways you can gain profit from any given property.
But before you buy a condo, it is good to be aware of the financial benefits of owning one. Knowing the economic opportunities in owning a condo will help you utilize your property in the most financially-rewarding ways possible.
Here are 11 financial benefits you can get from owning a condo:
1. You can access first-class amenities at a very low cost.
While condo living would require you to pay a certain amount for the maintenance of the building’s amenities (usually in the form of association fees), this fee is still much lower than the amount you would spend should you want your own rooftop pool at home, or set-up your own private gym. One of the greatest perks that come with living in a condo is the bargain you get with first-class amenities and facilities.
2. Condos in key cities have high resale value.
The property sales value of a condo rises with inflation, the improvements of the building, and the overall appeal of the condo in terms of prestige and location. With the top condo living locations in the Philippines, you can be sure to be rewarded with a competitive market and high condo resale value.
3. Condominiums can easily be rented out.
With the growing condo rental market in the Philippines, you can also offer to rent out your property at a competitive rate and get favorable returns. Many employees and students these days, especially those who are not originally based in the metropolitan area, prefer to rent a condo than travel long distances from their home to their school or workplace. This a smart financial move for condo owners who are looking to gain profit from their condo unit without having to sell the property itself.
4. Condo units are easily transferable.
Having a real estate investment, such as a condo, is a practical way to transfer wealth. Because condos in the Philippines are situated in key locations, parents usually find that it is highly convenient and practical for their children to live in a condo near their school or workplace, instead of renting out an apartment that would most likely cost a fortune.
5. The initial financial demands of owning a condo are much less.
Buying any real estate property would require a certain amount of down payment. If you are a first-time home buyer or a young investor in the early stages of your career, then it is likely for you to get a better deal at a condo. The money you could potentially save after paying a smaller down payment can be used to make the process of owning a property—and eventually living in it—more affordable.
6. Owning a condo poses minimal utility and maintenance costs.
A valuable property such as a condo can be maintained at a lower cost. Sharing the cost of the building amenities with a number of homeowners can translate to savings that can be used to purchase other things.
7. A condo unit is an ideal business space.
Today, more and more businesses are housed in condominiums. This is because most condos are located near central business districts, making it a practical and sustainable venue for an office.
Condo ownership is much more than having a place of your own; it is also having a great financial asset that can financially benefit you in the long run. So, are you ready to buy your first condo? Be sure to consult a real estate expert and research well on the top real estate developers in the country.