Miyerkules, Hulyo 15, 2015

Condo Investing Tips

Many of the Filipinos here and abroad are dreaming to own the best condo in Manila for luxury and comfort and also for investment. Though there are other investment options like stocks, mutual funds, bonds, etc. it is still advisable to invest in a real estate property. But before anything else, panic buying or rushed into buying a property without any professional consultation would be a big mistake as an investor.

To start into condo investments, here some of the tips from the property expert Carl Dy which I read from ABS-CBN News site:

Reminder # 1: Make sure you have a steady flow of income.

First and probably the most necessary thing that you should have before engaging into buying a real estate property, starting a business or buying an insurance policy is by having a steady flow of income. You should have at least have the amount of the down payment to start.

Reminder # 2: Treat your property investment like a business.

Look at your property like it’s a product. You should understand its features well and think about how you can add value to it before putting it out into the market.

Reminder # 3: It’s always best to identify your market.

Identify your market. If your condo is near a school, then your tenants would be students. If your condo is near a hospital, then your tenants would be doctors or patients abroad. By knowing which market to cater, will help you prepare the unit for your tenant’s needs. Add value to your unit such as extra storage for clothes which female tenants would love. Add a play room if you are planning to rent it out to a family.

Reminder # 4: Like in any business, you will have a competition.

Just like any businesses, competition will always be available that’s why designing your condo is very important. Make sure that your condo will be unique such as having a big sofa, a big LCD TV, etc.
In competition, you should also know what is the average rental rate with the area. You should also be able to understand how much your target market can pay for the rental.
As for marketing, you should also know how to sell it online, word of the mouth or through classified ads.

Reminder # 5: Get your tenant a background check.

Last but not the least is have your tenant background check. Know if your tenant can pay on time, or is not involved on any illegal activities. Meet your tenant, have a chit chat with him and ask questions that you need to know.


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