Making an investment at a young age can be a good choice if you are the kind of person who would not want to waste hard-earned money on items that are not important. A condominium unit, for example, is a great investment; you or a tenant can live there inconvenience.
Many condo buildings either already have basic stores and other necessary establishments such as banks and grocery stores or have those places nearby. If it is not for your personal use, you can also utilize it as a source of income. You can place it on lease instead.
Either way, it is a significant purchase, so you might as well ask yourself the following questions beforehand:
#1 Where Is the Condo Located?
We know that for you it may be affordable, but is the property located in a great place?
We know that buying a condo is not just for personal use. Some can turn it into a for-lease property. But will people consider renting your place if it’s located in a remote area? This is why before you buy a unit, it is best to do some research about the area.
Even when it says “pre-selling condo in Pasig,” if it is not a good neighborhood, then you are losing potential. If, for example, the property is being constructed in a business area or is developing to become a business district, grab it.
#2 What Are Your Budget and Preferences?
It goes without saying that you would need a good amount of money to purchase a condo. Surely, you would also have some preferences in mind while you are out viewing some possible units.
But you will suffer when you keep on changing your mind when it comes to what you want or tries to maximize your budget without consideration for your other needs. Decide on which features you need or can’t give up on and which ones are more flexible.
When it comes to your funds, no one’s stopping you from taking out a loan, but you have to take your other financial obligations into account.
#3 Is the Contractor or Developer Legitimate?
Before buying a condo for yourself, always remember to check the legitimacy of the offer. Scammers are everywhere nowadays, so you might want to check the company profile, its previous projects, and other information. You have to make sure that you are investing your money in the right people and the right property.
Check if their previous projects are of good quality. You do not want to invest in a unit that is substandard. Also, check the trust rating of the company as well. See how good their reputation is in the industry.
At a time when space is becoming more of a luxury in the city, you need to be wise about the kind of property that you buy. It can serve you well, but only if you plan your purchase and use it in the right way. Otherwise, no one’s stopping you from condo ownership.
Are you thinking about buying a condo?