Is a Condo Unit in the Philippines a Worthy Investment?
For employees who have a job in the Metro, buying a condo unit will make their work life easier, particularly if it takes them hours just to go home. Many foreigners and Filipinos working abroad see the prospect of the city’s growing economy as a great investment opportunity.
It’s not a surprise that there are plenty of listings on South Property Sale and other property listing sites to address this demand. Yet, like any other investments, you have to determine its benefits and drawbacks to avoid any regrets in the future.
Buying a condo will be ideal for people who know that they will be working in the city for a long time. They can even choose a two bedroom unit and rent out the other room as an extra source of income.
Condominiums typically have a great market value. If you’re planning to buy a unit and rent it out, then this will serve as an investment break for you. Do keep in mind that choosing the right location will make or break your investment.
Be aware of the Home Owner’s Association fees (HOA) and other related expenses. When buying a condo, keep in mind that you will be responsible for paying for the maintenance, HOA and condo fees. While this will add more to your monthly expenditures, some of these are actually for your insurance and security.
While you can buy a unit and have someone else rent it, remember that not every property permits their tenants to rent out their place. Before making any decision, ensure that you do your research.
It is no doubt buying a condo in the Philippines is a good financial decision, considering the fact that you can use it as a source of income. Success depends on how well you choose the unit and the location.