Real estate investment is seen as a safe way to venture into the investment scene as it has a reputation of being stable, and the fact that real estate properties appreciate over time.
If you are planning to start investing in real estate, perhaps one of the best ways for you to do so is by turning a condo into an investment. The following are some reasons why condos can make good real estate investments, and might just be the right track for you:
Condos are on the rise everywhere
More and more condos are being built around the globe, giving you a lot of options of which one you can use as an investment. Condos are particularly commonplace in city centers and business districts, as this allows the developers to maximize the limited space in such areas.
In the Philippines, you will see a lot of condos in Metro Manila, especially in township projects where offices, residential condominiums, and retail establishments are placed together in an integrated community. The same is true for other metropolitan areas in the country such as Cebu and Davao for example. But what’s great about the provinces is that for example, you will see Cebu condominiums near the beaches, bringing a resort lifestyle for its residents.
There are many ways for you to use a condo unit as an investment
A condo can be turned into an investment in a number of ways. Of course, the simplest is reselling it for a profit. Real property appreciates over time, but there are ways for you to increase its value even faster. You can sign up for the property during its pre-selling stage so that you can get it at a lower price, making your investment cost lower. When the project is complete, the price tag for the project would have gone higher, allowing you to sell it at a higher price. Moreover, the level of furnishing you have on your condo can also allow you to increase the price of your unit, but this will need some capital expenditures on your end.
You can also turn your condo into a rental. You can have it available as a long-term lease or have it signed up for Airbnb. This will be especially successful if your condo is located in key locations such as near offices or leisure destinations. Just be sure to be aware of your condo leasing policies so you are guided on how you can lease out your unit.
There’s a high demand for condos
There are lots of benefits that come along with condo living. It takes residents near their place of work (or near a leisure destination in the case of condos in such locations), allowing the resident to save time and money that would have been spent on traveling. Being able to walk to where you need to go is a luxury, especially in areas where traffic can be so bad.
Condos also come with amenities that more often than not, are very challenging to have in a single-detached home as these would be cost-heavy, and space-intensive.
Finally, condos are well-maintained and have reliable security because of having dedicated property management, giving residents a couple of things to take off their minds.
Condos can be the right real estate investment for you
True enough, condominiums make a great investment vehicle, especially in today’s world where condos have risen everywhere, and continue to rise. Condos have adapted to our housing needs, making condo living the way to go.
So for all these reasons and more, condos are definitely an investment that you should explore.