Once you’ve decided to begin your investment portfolio by purchasing a property, the following step is to determine whether you want to buy a home and lot or a condo. If you’re still deciding between a condo and a home and lot, Financial Web has created a list of advantages that condominiums offer in terms of financial considerations.
Smaller down payment. When it comes to putting aside a down payment, first-time home buyers face special difficulties. They don’t have any money from a prior home sale, and many of them are young or in the early stages of their professions. As a result, choosing a condo with a minimal down payment requirement might make the process more inexpensive. A modest down payment, on the other hand, will benefit an older couple planning to downsize or retire.
Property sales value. Improvements to and the popularity of the overall condo building might drive increase the sales value of a condo. Condominiums in tiny buildings are often less influenced by housing market bubbles and crashes than condos in larger structures. Even condominiums in huge complexes, however, might have a high property sales value if there aren’t many other units for sale when you’re ready to sell.
Benefits and Amenities. While you must pay homeowners’ association (HOA) fees in order to obtain many of the perks of condo ownership, these costs are a small part of the overall cost. Individual homeowners can save a lot of money by taking use of the facilities provided by many complexes.
Utility and maintenance costs are reduced. The expense of maintaining a small property is significantly cheaper than that of maintaining a large one. Even if you live in a pretty big condo, you are not responsible for the roof, windows, or driveway. While these expenses are covered by your HOA fees, you will be sharing the cost with other homeowners. In addition, a condo is less expensive to heat, cool, furnish, and clean than a large house. This might be money set aside for a down payment on a property. These savings can also be used to improve living conditions for those wishing to downsize.
The Philippine Property and Investment Exhibition (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this November 5-6, 2022 at the Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
