Thursday, October 31, 2013
Condominiums have become increasingly popular in accommodating the rise in the population within Metro Manila. Investors recognizing the growing need for rental accommodation are now looking at condominium units which they can buy and let out.
Here are some things that you should consider when deciding on buying a condo as an investment property:
If you’re planning on renting out the condominium unit, then you should consider looking for an area that won’t make it hard for you to find a tenant. Usually, areas with offices or universities are a good option.
Different developers have different styles and principles in putting up condominiums. Some prioritize aspects that the others deem negligible and vice versa. It’s best to find a developer that has beliefs and principles in line with yours to ensure a smooth transaction.
After you’ve decided on your location and figured out the target market, look and see if the amenities they offer are something that your future tenant will benefit from. A yuppie would probably appreciate a gym, a family would definitely appreciate a pool and a student might appreciate a garden or rooftop to hang out in with his friends.
Terms of payment
Now that you’ve narrowed down your options, the deciding factor and probably the most important thing to consider is the terms of payment. Is the condominium unit something you can afford? Is it something that will compromise your current lifestyle? Is it worth it?
After considering the above factors, you will be better informed on whether to invest your money in a condominium unit. - Michelle Alyssa Tiu