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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