We all want to see the fruits of our effort, so making sure your hard-earned money goes to the right place is a must. You might be planning to own a condominium property you can enjoy or looking at expanding your means through investing. Either way, that’s a good start. But what makes it a wise decision? Is buying a condo as an investment profitable and would yield attractive returns? Does owning a condominium instead of a regular house and lot give you any advantage in terms of pricing and convenience?
The demand for luxury condominium units increased, and continues to increase tremendously high as the economy expands. Speaking of financial advantages of condo investment, sales of units valued at more than P7 million surged over 300% in 2013 from 2011. Why are people choosing to gaze their eyes over the condo industry? Here are some reasons why owning a condo is a smart investment.
Considering the boom of real estate industry in the Philippines, particularly condo ownership, is a great opportunity to make your money work for you. Buy a condo unit low and sell high– usually on the pre-selling period– and you can generate large profit. If continuous cash flow is what you’re after and not a one time profit, you might want to consider renting it out. Your condo investment also holds a higher value since it satisfies a basic human need. Whatever happens, people will need a shelter. It has a lower risk compared to investing in stocks or bonds.
Especially if you’re looking for your first property, buying a condo would be a more affordable option. Purchasing your own conventional house might require higher down payment, thus making it seem impossible for you to own a home you can live in. Condominiums nowadays are less expensive and are less time consuming. This is one of the obvious differences between owning condominiums and land properties.
Most—if not all—condominiums have their own amenities that you can enjoy without paying for a large fee. Among the facilities you can enjoy are swimming pools, fitness gym, sports gym and even playgrounds for kids. You are sharing the payment with other unit owners making it a very small amount. You can take advantage of this anytime and without the need of maintaining it yourself. You are not only saving time by having all these amenities nearby; you are also saving money since you are paying for a lower amount for all of it combined. Even utility and repairs are covered by these monthly dues.
If you’re a young professional wanting to live in a cozy place without getting far from your workplace, the condo market is the right place to look at. While it’s almost impossible for you to find a new home inside the metro, and considering housing projects focusing on provinces near manila, more and more high-rise condominiums are being built in key cities of Metro Manila and nearby business districts. The time, money, and effort you’ll save will definitely be worth buying a condo instead.
The real estate market nowadays is too crowded and it’s harder to pick the gem among the stones. Looking for a desirable house on a pleasant community might take a lot of time and the decision is harder especially since it’s difficult to imagine how the environment would look like few years after. If you are going to purchase a condo unit
instead, you are sure that you will be in good hands. Most condominium developers have a good reputation and track history that you can and should review. These developers are the people that will take good care of you and your property even after your purchase. You have the power to choose the best quality for your purchase.
According to the 2014 Global Property Guide, Philippines has the fifth highest price increase in real estate properties, with condominium units prices going up by 36.4% from 2010 to 2014. While we are experiencing the fastest growing home prices, and it costs higher to purchase a property today and is harder to own one, this also shows a great opportunity for you to make money even after you use your condo and move to a new place. Condominiums in key cities in the metro hold a higher resale value. If you are not planning to stay in your condo for a long time and wants to move every now and then, it’s still a wise choice to spend it on a condo purchase.
There are lots of reasons why owning a condominium is a smart move. Whether you are planning to acquire a property to live in or to use it as an investment vehicle, owning a condo is one of the wisest decisions you can make. You are going to spend the fruit of all your efforts and hard work. Knowing more about the market, the benefits, and planning for your future does not only put you in a better position; it also gives you the edge you certainly need.