Condo investment – One of the strong reason why OFWs work in other countries is to earn huge income so that they can provide the needs of their families.
Shelter is among the basic needs of human and to satisfy that need is to own a house. This comes in real estate, an investment instrument in which you can put your money into property lots, townhouses, and condominium units.
The main target of real estate agents are OFWs or their families because they believe that these people have the financial capability to spend their money for an investment. But, is it ideal for OFWs to invest in a condo unit?
If you’re one of those people who are thinking to invest in a condo unit, you need to identify first your purpose and plan why you need to invest in this type of real estate. Likewise, you should understand that an investment is anything that makes you money.
Condo Investment can make you money if:
- You’re planning to rent it out or to sell it in the future
- You have plan to use it as an asset to improve your portfolio income
The good thing about investing in condos is that it is affordable, high price appreciation, and would allow you to earn income through rental.
Read also: Why Gold Investment is Important for OFW’s
Would you believe that investing in real estate such as condo units can be a great vehicle to accumulate more wealth? In fact, most prominent billionaires in the Philippines have a huge stake in the real estate. You may be hesitant to invest in condo, but this investment instrument is a tried and proven means of obtaining wealth.
Advantage of investing in condo units
This type of investment may seem too expensive for a new investor, but for OFWs this is very affordable not to mention the potential to acquire assured profit.
If you want to test the water, you can start investing to a studio type condo. Studio units have lower down payment and monthly amortization, but you can expect for good return on investment. The monthly amortization may range from Php12,000 to Php15,000.
Another advantage of this type of investment is that you can gain monthly income if you rent it out. The demand for condo for rents is increasing especially in the business districts. Most likely you can find tenants like businessmen, young professionals, and expats who are typically single.
Choosing the prime location is the key to make money when investing in a condo unit. The place should be accessible to work places, malls, shops, schools, government offices, and so on. Higher price appreciation is possible if the condo is in prime locations.