With all the buzz about condo towers rising left and right and your friends buying and even inviting you over for their house warming for their condos – you might be this close to considering a purchase of a condo. While you should really take advantage of low prices plus the booming property market back home in the Philippines – you should consider reading these tips from licensed real estate broker and appraiser and founder of Phil Property Expert Inc., Joanne Almaden as she shares info to make sure that you’re getting the most bang for your buck.
Stop Thinking Too Much About The Location
There’s always a good location everywhere. That’s because there’s whole bunch of different people with different jobs, different preferences, different circumstances and different whatever.
Besides, established and trusted condo developers are not stupid to build their condo projects at locations where no one would be interested.
Know Your Target Market
Some condominium projects are built for the average Juan and some are built for the Juan who got ahead in life. They are not built equal.
So if you are to be wise in your real estate investing, do your research and find out about the trends in the market. Do this carefully so that you will be able to target the right market.
Be Crazy About Your Timeframes
Timing is also one of the most important elements in real estate investing. It is so important that if you mess it up, you could potentially end up stuck with a useless property. One that will never produce a return on your investment for the next decade!
Part of getting the perfect timing is making sure that the condo property you buy will be available for your target market at the right time they are expected to need it.
Consider the Developer Of the Project
When you buy a condo unit in the pre-selling phase, meaning while the building/s are still being constructed, you need to see to it that your developer can deliver your unit at the time they promised.
Aside from delivering on time, also ask around and check for yourself the quality of work different developers deliver.
Know Your Payment/Financing Options
Contrary to what the average Filipino knows, you really don’t have to be a millionaire before you can start investing in real estate. Most condominiums in the Philippines today, especially in the major cities, cost millions of pesos at the very least. But you actually need only a little more than P20,000 to acquire one. In fact, in a lot of cases lately, even less than that!
