MAXIMIZING YOUR CONDO AS A REAL ESTATE INVESTMENT
Real estate has long been considered as a self-appreciating asset because of its inherent nature to increase in value over time. And in urban areas, condominiums are the preferred form of real estate. The unrivaled locations of condominiums ensure that pl
For OFWs, investors or entrepreneurs looking for a solid piece of real estate property, a condo unit is a good way of investing their hard-earned money or life savings. Condo units purchased today will eventually increase in value and rising property values within urban centers is intrinsically an easy way of making a profit. But aside from buying a condo unit and waiting for it to appreciate, there are other ways to realize the earning potential of a condo property.
BUY AND SELL STRATEGY
The recent Philippine economic boom has positively affected the value of real estate, particularly condos, in urban areas and high-growth cities. A prospective entrepreneur can take advantage of this and start buying and selling condo units as a business. Condo developers usually sell their units at a discounted price during the pre-selling stage. This much lower introductory price is usually around 30-percent cheaper than a completely finished unit. Once the condo is finished; it can be flipped and sold as ready-for-occupancy (RFO) units.
The location of the condo greatly affects the kind of price it will fetch in the market. It must be accessible via public and private transport and should also be near life’s conveniences, like shopping centers, schools, churches, markets, hospitals, or banks. Another factor to be considered are the kinds of amenities of the condo building itself. Properties that have developed their own clubhouses, gyms, parks and playgrounds, basketball courts, or swimming pool will always command higher prices when sold. These amenities, once considered as costly home improvement additions, are now generally musthave necessities for condo dwellers. In bull market conditions, condos can be sold up to twice the price compared to when it was bought.
THE LANDLORD EXPERIENCE
When rented out, the stable rate of income from condo units promise to be a profitable investment option. Given the right approach, a potential investor can turn multiple units into a steady source of income. Renting out the unit is a good long-term investment for those looking for a more sustainable form of revenue.
But being a landlord will also have its share of responsibilities, like sourcing possible tenant clients; marketing the condo unit; administering the contracts; payment collection; negotiating renewals, requests for extensions and contract termination; unit housekeeping and maintenance; and assisting tenants moving in or out. Should you decide to tap into the potential of the robust real estate market, a condo unit could provide a steady stream of fixed monthly rental income for you.
MAXIMIZE PRODUCTIVITY WITH A HOME OFFICE
A few decades ago, home offices once were thought of as luxury items. But today’s tough economy — with frequent layoffs and corporate downsizings — has led many people to consider the option of establishing and running their businesses from a home office or condo unit.
Widespread Internet use in commercial and business transactions has made it easier for enterprises to communicate with partners or send and receive documents with clients. Slowly but surely, desktop computers and landlines gave way to laptops and smartphones. The amount of work that used to only be done in corporate headquarters can now be accomplished in condo offices. You no longer need to spend money driving to work each day, eating out for lunch or maintaining a workplace wardrobe. With a simple laptop, wireless Internet and fiber optic connection, a condo office is sure to drive your business – and income – upwards.
Covent Garden is composed of two high-rise residential towers set beside Ramon Magsaysay Boulevard in Sta. Mesa, Manila. This emerging residential icon will soon open its doors to a community of families, students and young professionals. Increasing property values can amplify investment possibilities. Capitalize on the robust real estate market and start investing today.
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