People in the Philippines are finding that property ownership is now becoming easier than it was before. This is probably because of the real estate boom in the country. With so many developers vying for the attention and the funds that people now have in their pockets due to country’s economic rise, it is but natural that they find ways to capture their corner of the market. This is done with various enticements for people to choose them, like low down payment, low monthly amortization, and extended payment schemes.
One of the property types that is literally and figuratively on the rise these past few years is the condo. Those who are eyeing property investment in the Philippines will find that they have quite a number of choices to pick from if they are considering getting a condo unit, either for themselves or for investment purposes. If you are one of these people, then you should know that there are many good reasons why you should pick this kind of property over other types. Here are 5 of those reasons:
- Your condo can actually pay for itself – a lot of people find that condo living is convenient, safe, and practical, particularly if you are looking for a place that is near schools, malls, and places of work. With this kind of a draw, you can lease out your unit and have it pay for itself with the money you make from the rent. You can charge tenants the exact same amount you are paying in monthly amortizations. You can also charge higher if you lease these units as fully furnished.
- The value of your property will increase quickly – this is because of the fact that most of these condo buildings are located in highly populated and high-value areas to begin with. These include IT parks all around the country, areas where malls are found, and highly urbanized locales.
- Condos are easier to maintain – another reason why you should consider investing in a unit or two is you won’t have to worry about taking care of your surroundings. All you need to worry about is your own unit. This is because building administrators will take care of the landscaping, the cleanliness of hallways, the disposal of garbage, and even the repairs that are required by the building itself.
- Condos are available in easy to pay plans – as mentioned earlier, more and more property developers are offering low equity, low monthly payments, low interest rates on long term housing loans, and even freebies to those who choose to buy a unit from them. This makes owning a condo unit easier than other types of housing options.
- Can’t beat the location – majority of the condos in the country are popping up in areas where schools are, where malls are, and where work can be found – BGC, Makati, Cebu IT Park, etc. This means that if you are thinking of living in one, everything you need is practically stone’s throw away.