Make Future Benefits from Condo Investments

With the continuing growth of the real estate industry in the Philippines, particularly in condo ownership, you might be wondering how one earns from condo investments and probably right now; you’re thinking whether it’ll also work for you or not. If it happens that you own a condo near Ortigas, then you’re now ahead of things.

Earning from a condo unit sounds like a surefire to make easy money, but there’s more to that luxury than you think. If you are considering to invest in one unit and turn it into a sustainable source of passive income, you must first figure out which type of ways you’d like to profit from your condo unit. Determine what kind of setup fits your financial goals and purpose. From here on, you can study different strategies to make your investment worth it.

As mentioned above, there are ways in which you can earn from investing in a condo property. The first method is called “flipping,” where an investor purchases a condo unit at its pre-selling rate and resell the unit for a much higher price when it’s ready for occupancy. The difference between the selling price and its pre-selling value determines your return on investment.

However, if you’re not into one-time-big-time cash, then this method is not for you. As a buy and sell condo investor, you’d have to wait for at least 3 to 5 years for the unit turnover, which means your expected profit still has a long way to go.

Try to consider this second method, leasing or rental. This investment plan requires a good relationship and effective management with your potential tenants. However, you’re rest-assured of a steady income. Maintaining your condo unit as a rental property means your property is putting monthly cash in your pockets, which is what this whole investment is all about.

Once you’ve finally settled on what purpose your condo investment is serving, you then need to take on critical considerations that would attract future tenants or buyers and consequently make your condo unit a reliable source of income.

Research your probable market

Knowing who your target market is, makes things a little bit easier for you as a property investor. It’s the most basic approach for every business venture, which is mostly taken cared off by the property developers themselves. Now your worry is whether the building’s location fits your target market. Do you intend to resell or lease your condo unit to students? Young professionals? Business couples? Expats? Then you have to start positioning yourself according to the living standards of these sets of individuals.

Enhance your unit

Now that you know who your potential customers are, it’s time to bring out the cake — that is your condo unit. If you own a semi-furnished unit, renovate the interior according to your target market’s needs and possible preference. A young professional would most likely want a room that is more comfortable in terms of storage spaces but still practical as possible.

On the other hand, a fully-furnished condo unit, albeit more expensive than a semi-furnished, has a broader span of potential purchasers. Tenants and buyers alike, most probably want a candid look at their future home. That is why it is important to ensure a clean and intact living space in your unit.

Advertise and stay updated

To stay ahead of customer-hunting, post your unit online! Don’t forget to include all the necessary details that potential buyers or renters will look for during their search. Information on the condo’s amenities and policies, location, and proximity to major establishments and security system are among the key components that future buyers consider on. More importantly, provide good quality photos in your listing. Make the interior features of your condo property stand out to excite everyone browsing your ad.

Stay updated on the latest trends in real estate or more generally, go over the business news in the Philippines every day. It will not only open doors for insightful business ideas that could, later on, create further business opportunities, but conversely, makes you an aware property investor in the market.