Building wealth with condo investments
WHEN it comes to building wealth and achieving financial freedom, investing in real estate is a good strategy. Investors have long coveted the special characteristic of real estate—its ability to increase value over time. Self-appreciating assets like real estate allow for the passive increase of wealth, a great addition for those building a diversified investment portfolio.
Condo units are an alternative way of investing hard-earned money or life savings since a condo unit purchased today will eventually increase in value tomorrow. And with the upward trend of rising property values, buying a condo is an easy way of making a nice profit. But aside from passive appreciation, there are other characteristics of condo investing that make it a viable way in building wealth as a highgrowth investment.
CONSTANT DEMAND FOR GREAT LOCATION
A common sight in population centers, condos are designed and built with location in mind. Developers almost always choose an area with high foot traffic and easy access to roads, main thoroughfares and transportation options to ensure that places of work, major schools and universities, business and commercial establishments and dining and leisure spots are very near or always within easy reach for condo dwellers.
For leading property developers, it is now a widespread practice to build condo projects as a cornerstone of mixed-use and master-planned townships that combine commercial and retail components. This way, condo residents gain access to establishments that generate a lot of commercial activity. A strategically located condo will ensure that its residents can take full advantage of the conveniences offered by urban living. This quality is the prime example of why in-city condo units are in eternally high demand.
WANTED: AMENITIES AND FACILITIES
Once considered as luxury, condo dwellers now expect to find a number of pools, fitness gyms, jogging paths, basketball courts, tennis courts, and sometimes, even yoga and dance studios inside the property for exclusive use by residents. While condo owners are required to pay a certain amount of the maintenance of these facilities and amenities in the
form of monthly association dues, this amount is very much lower compared to the cost of having your own rooftop pool, private gym or personal clubhouse right at home. This unique selling point of a condo property is a proposition that is too attractive to pass up, especially when the market wants it.
PRIME VALUE FOR RESALE OR RENTAL
As the urban population grows, finding a fitting abode in an ever-expansive city is getting harder by the day. While more and more people migrate from provinces to urban centers, the demand for adequate living spaces inside the city also grows. The robust growth of the Philippine economy, increasing flow of OFW remittances and jobs at emerging sectors like the BPO industry have fueled the rise of an urban middle class with enough spending power to consider buying real estate properties like condo units. Condos in strategic locations, therefore, are attractive propositions for people in these market segments. Meanwhile, office workers, professionals and students would find condo units as prime rental options since this type of property is typically close to places of work and study.
FINANCIAL INCENTIVE AND AFFORDABILITY
As the popularity of vertical living increases, developers are giving financial incentives to spur the sale of their condo offerings. Some offer steep discounts during the preselling stage or the option to choose the unit’s location should clients decide to get their unit early. Compared to those bought during the pre-selling stage, readyfor-occupancy units typically cost around 40 percent higher. Additionally, developers usually offer various financing schemes and flexible payment options to make it easier for prospective buyers to get their own condo unit, either for personal use or for rent/ lease.
In urban areas, vertical developments in the form of condos are the preferred form of real estate. For newbie investors, aspiring entrepreneurs or prospective owners, acquiring a condo unit gives a first taste of having a tangible property and a logical entry point for those willing to enter the real estate market.
And when it comes to condos, Suntrust Properties, Inc.—since 1997—has been at the forefront of building condos in strategic locations, adaptive to the needs of buyers and offering superior yet affordable homes and display excellent sales and after-sales services to the company’s growing clientele.
For more information on other Suntrust properties, follow the Facebook page @ suntrustpropinc or visit www. suntrust.com.ph.