What to consider in buying a condo
CEBU CITY, Philippines — If you are considering buying a condominium unit — be it as end-user’s home or as one’s investment — then you might be entertaining concerns over whether it would be a good place to put your hard-earned money.
Remember, this is a property you will be responsible for the long-term. Would you be secure? Would you earn if you decide to re-sell the unit? Would it provide a fulfilling living experience, or would it eventually become a burden?
Taking into account the country’s current political and economical climate, and the social anxieties arising from it, these are actually valid concerns.
However, once you consider the many factors involved, including your own readiness for such a commitment, you may find that it would be an attractive prospect to invest in a condo today.
For economist Perry Fajardo, the state of the Philippine economy, growing supply of condominium property, and increasing demand for rental housing might just make it a risk worth taking.
Indeed, no investment is without risk, so it is always necessary to equip yourself to make an informed decision.
If you can see yourself buying a condominium unit soon, consider the following in your decision-making:
Real estate market highs
The Philippine economy is an upswing, and this is definitely evident in the real estate market.
According to Colliers international, the Philippines continues to be the third fastest growing economy in the country, behind Vietnam and China, despite hitting a three-year low in terms of domestic growth.
Apart from a young working population, growing foreign interest and a steady flow of remittance, an aggressive real estate market is boosting the economy.
Despite the inflation, volatile interest rates, and manpower shortage, the real estate market has remained stable with a record high supply for a net take-up and the supply in 2018 for condominium units.
According to Colliers, the first three quarters of the year gathered 42,000 pre-sale units. Colliers predicts that by the end of the year, the trend could mean surpassing 2017’s total of 53,000 units sold.
In the third quarter of the year, completion of new condominium projects also spiked at more than 4,900 units from the 1,700 completed in the first six months of the year.
Another contributor to the real estate boom is the migrant investment. According to Fajardo, the increasing demand from Overseas Filipino Workers (OFWs) for modern lifestyle residence has breath new life to the condominium market.
Developers like Primary Homes not only market their projects to locals but continually tapping migrants, seeing them not merely as consumers but investors.
Remittances from OFWs continue to acccount for a larger sum of the real estate sector’s aggresive performance.
Through measures such as flexibility in developments, pursuing residential projects in second and third-tier cities, pushing more public-private partnerships, and most importantly, policy reforms by the government, the real estate market can continue to stabilize and grow in the coming years.
Affordability, growing demand and substantial returns
If you are considering buying a condominium unit as an end-user, a wide range of prices will help you to determine what is right for you.
Lower range condominiums are great for first-time buyers and start-up families. Primary Homes’ Almond Drive in Talisay City is an example of this type of condominium because Almond Drive has redefined condo living with its townhouses and walk-up condos.
On the other hand, acquiring a condominium as a money-making venture is also something you can consider.
Think about an investment plan for the unit you want to purchase: You can venture into “Flipping,” which means that you’ll buy the unit, undertake the necessary upgrades and renovations, and sell it for a higher price, or you can opt to buy the unit and rent it out, for constant and long-term albeit modest passive income.
Ultimately, for end-users, the selling point for condominium residences is convenience and accessibility.
With many developments for professionals, these developments are also often in close proximity to schools, hospitals, lifestyle centers, and churches, which make them valuable homes for starter families.
Top amenities and prime security are also much sought after perks of condo living.
Developments for condominiums today bring convenience into a whole new frontier as nearly every facility you would need for a healthy and happy lifestyle — fitness center, wellness areas, recreational and play areas and pools — are part of these properties.
Most of these condo developments also provide green spaces such as garden areas and walkways, giving a touch of nature while living in the city.
Condo living today, promises quality of life while in a cosmopolitan setting- something that would truly offer value for money should you decide to go ahead and invest into a unit.
One development that is sure to deliver on its promise of a reliable perks is Primary Homes’ Almond Drive.
Situated at the heart of Talisay City, the Almond Drive brings new meaning to condo living with its townhouses and walk-up condos.
Get that feeling of peaceful exclusivity with The Countryards’ low-density design with only two to seven units per floor. The Almond Drive promises to give the foremost experience in lifestyle, convenience, and quality condo living.
Visit their website http://primaryhomes.com/ for more information of follow
@PRIMARYHOMESofficial on Facebook./dbs
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.