Condominiums, or condos, are a popular type of property in many urban areas, and for good reason. They offer many benefits that make them an attractive option for investors and homeowners alike.
With the increasing cost of living and the uncertainty of the job market, it can be hard to determine what is a good investment. Purchasing a property can provide a sense of security and financial stability. When it comes to real estate, a condo purchase is one of the most affordable options for investment in the Philippines. However, that might be too intimidating for others especially those who are not all that familiar with property management.
Whether you are looking to purchase a brand new place to settle in or develop a new source of passive income through rent, we’re going to talk about why a condominium is a good investment in the Philippines.
Why are condominiums a good investment?
As an Overseas Filipino Worker (OFW), it is important to make smart investments that will secure your future and provide a stable source of income. One of the best investments anyone can make is in the real estate market. Due to the nature of the job, you won’t always be in the country. You need to invest in something that assures you that it will continue to be taken care of while you’re away and that it also has the potential to have a large ROI.
8 reasons why a condo investment is ideal for an OFW
1. Potential for Appreciation
Most condos are often located in areas where property values are increasing, which can lead to a higher return on investment. This can be especially beneficial for OFWs who currently don’t have much spending power at the moment but would like to earn income further down the line. Picking a specific location that has the potential to be a center of business or tourism is a great way to identify if properties around the area will eventually become more valuable.
2. Rental Income
The condo market is always open for business. Real estate investment can provide OFWs with a steady stream of rental income even when they are away working abroad. Now that offices are going back to normal operations, it’ll be easier to find buyers who are willing to rent a unit for themselves. Renting can be a great way to generate additional passive income.
When it comes to condo ownership, the first thing that might come to your mind is paying monthly fees. Owning a condo typically has a lower barrier to entry when compared to single-family homes, making them a cheaper alternative for OFWs. The lower costs and the less demanding maintenance are other factors that make condos an ideal investment in the Philippines.
4. A sense of community
A condo investment is not always about paying rent or renting it out to someone. Living in shared walls allows a condo community to naturally grow. The various public amenities can be great places to socialize with people from other units. Meet someone by the swimming pool, play a game on the court, and have a cup of coffee by the cafe. Building connections is also a good investment for anyone to make.
Condos often come with amenities such as convenience stores, swimming pools, a gym, and function rooms, which can be a big draw for potential buyers. This is where a lot of the value of a condo purchase comes from. You don’t have to worry about going to another location to do recreational activities. Most condos nowadays place a large focus on making sure the environment is as appealing as it can be. What makes a condo a great investment is that it’s almost as if you’re purchasing your own resort experience.
6. Low Maintenance Cost
A condo building typically has condo associations that take care of the maintenance and upkeep of the common areas, which means you don’t have to worry about mowing the lawn or fixing a leaky roof. There is less maintenance to worry about. As an owner of a condo unit, you only really have to worry about your own space. This can save OFWs a significant amount of money, especially when compared to the maintenance costs of a traditional single-family home.
7. Strategic Location
Condos are typically located in urban areas, where you can be close to amenities like shopping centers, restaurants, and public transportation. If you are a person who runs a lot of errands on a daily basis, this will be a game changer. This makes it an ideal option for OFWs who want to be close to the city center and enjoy the convenience of city living.
You can’t place a higher value on safety. Investing in a condo also provides OFWs with the assurance of knowing that their property is being taken care of while they are away working abroad. Security details work on a 24/7 shift in condo properties.
Protecting your real estate investment
It is important to note that no investment comes without risk. There will always be a chance that unexpected external factors can come into play when it comes to investing especially amidst a volatile economy. That’s why it’s important to talk to proven and trusted partners who are more than willing to help guide you through the necessary processes, inform you of potential risks, and provide safety assurances that you’re making the right choices based on what you can invest.
Real estate investment can be a significant financial decision, and it is important to be educated about the process before purchasing anything. It can be time-consuming to figure it out all for yourself. The challenge with condo investing is how complicated it can get. Canvassing other properties, looking for a more affordable option, trying to see if real estate prices will get cheaper, worrying about the quality of the units, and seeing if they’ll be fit for long-term rentals or short-term rentals? Purchasing real estate properties may not be a simple process, but it is definitely a good investment to have.
How can Asterra help with your investment property?
At Asterra, our goal is to provide affordable living without sacrificing quality. Whether you are looking for a new living space, creating a new vacation home, or setting up a rental property business, we’re the ideal partner for you. It’s time to invest in yourself.
Asterra has multiple condo properties, with even more to come, that are strategically located in order to provide the most convenient lifestyle for our tenants with easy access to basic needs.
There has never been a better time to secure an investment in a real estate property. Asterra is looking to expand further than ever before this 2023 with other property types. Send us an inquiry and connect with a real estate agent to begin the next step of your journey to investing in real estate.