The COVID 19 pandemic and its containment measures have plunged national and global economies into recession. With the current crisis at hand, should you give a serious thought in buying a condo unit?
In every crisis, there lies opportunity. The Covid-19 pandemic is actually an eye opener to the things that should have been a priority – and that includes security. This is where the importance of investments come into play. And with every other investment, YES, you should consider the idea of buying a condominium. In fact, this may be the best time to invest in one. Whether you are someone who’s looking for a Budget-Friendly Investment or someone who’s planning to expand an investment portfolio, becoming condo owners remain to be a smart choice. Here are the top reasons why you should consider buying a condo:
1. High Tangible Asset Value
Basically, tangible assets are physical things that hold intrinsic value. Unlike intangible forms of investments such as stocks, a volatile market puts you at higher risks. A market crash could possibly drop the value of your investment to zero. Meanwhile, tangible assets such as condominiums, will always be worth more as its market value increases with time and its property taxes tend to be lower.
2. Rental Income
You don’t need to pay the whole total contract price of a condo when you have the unit rented. Having your unit rented is an excellent way to generate passive income and pay for your monthly amortization. Renting out your condo unit to a transient on Airbnb can give you some extra cash that you can then put towards your mortgage. Such profits from investing in rental properties can help you pay down your housing loan sooner, or save for a down payment if you don’t own a home of your own yet. Rental income is a great source of extra income to add to your retirement plan. You’ll have money coming in even after you retire from your business or job.
3. High Demand Due to Urbanization
The rapid growth of urbanization is no longer only evident in the Metro but also within the outskirts of Manila. Nearby provinces such as Cavite, Laguna and Rizal have been booming with infrastructure developments, business hubs, industrial zones and the likes. As a result, the demand for residential units in cities generated by young professionals, families, retirees, and expatriates only continues to rise.
4. Strategic Location
Ever seen a condo in the middle of nowhere? Condos are strategically located at the heart of the city. People are often attracted to its extreme accessibility, convenience, and availability because that’s what condos are originally designed for! Who wouldn’t dream of waking up in a building with the best security, stunning city views, walking distance to business hubs, and everything within reach? Condos are strategically located within commercial districts of the city to give off that contemporary living that the ever growing and evolving market demands for.
5. Stellar Amenities
Have you ever dreamed of owning a pool where you can have a dip anytime you want? Or have you ever thought of getting back in shape, yet you’re too lazy to actually sign up for a gym membership? It’s not too late. One of the main advantages of being part of a condo community is the upgrade in convenience and lifestyle. The access to high-quality community amenities is an exclusive privilege to condo unit owners only. It is also attractive to potential renters, which can be a source of passive income when you have your unit rented. The more attractive the amenities are; the higher the demand. This would be great when it comes to managing positive cash flow at low risks.
6. Less Maintenance and Repairs
One of the biggest benefits of condo ownership is the condo associations. As part of the condominium association, you only need to pay your condo association fees for other people to do the exterior property maintenance for you. You are not required to bear the responsibility of taking out the garbage, cleaning the halls, painting the walls, fixing the light, or cleaning the pool for example because the fees you pay already cover the maintenance costs. As a condo owner, you don’t have to budget for big expenditures like replacing a roof. You own the space inside the condo but not the building’s exterior structure. So you have to worry only about maintaining the appliances and systems contained within your unit. Your interests are looked after by the elected condo board, who help guide the day-to-day management of your building. The property management company takes care of the expense and the hassle of building maintenance and the grounds. Still, keep in mind that there’s no obsolete rule for condos. It depends on the association to define and decide the boundaries, limitations and responsibilities of a condo association and the unit owner.
7. Small Spaces are becoming the Next Big Thing
Often, condos are criticized for their minimal living space. However, one must understand that when living in the city, it is almost impossible to find any available residential space. Luckily, condos are designed to fill in that gap for you. Condo living actually offers more compact living space, lower utility cost, easier maintenance, and cheaper furnishing while being situated at a prime location. In terms of having a more practical sense of living, more and more people are gaining interest in this type of set up. It is easier, practical, and the amenities are a bonus.
8. Rising Condo Developments Offer Generous Payment Schemes
Flexible payment options hold true for pre selling condo units. The pre selling stage is when the condo is being sold while at the planning stage. Hence, the condo does not physically exist yet and is still to break ground. Nevertheless, more and more people opt to this kind of deal due to the lower introductory price, flexible payment schemes, and promos. With pre selling condos, buyers are not required to immediately deposit a huge sum of the total contract price. A down payment can be offered for as low as 15% payable for 2 years with the remaining balance to be paid through Banks or Government sponsored housing loan (Pag Ibig).
Condominium ownership is definitely a promising investment. People who plan on investing in condos are choosing a wise decision buying an asset that is both rising in value and demand. In today’s setting, condo living promises quality of life while in an urban setting—something that would truly offer value for your money should you decide to go ahead and invest in a condo. Such development that is sure to deliver on this promise is the Astra Vertical Villages by Bria Homes. Its contemporary mid-rise condominium development offer three “stars” as its main features: affordability, accessibility and independence. It is equipped with an elegant and modern architecture for sleek and spacious residential one-bedroom units. With world-class amenities, including a commercial area, Astra Vertical Villages promises to give the optimum experience in convenience, lifestyle, and condo living.
Written by Julia Adajar
