Condo investment
Traditionaly, whenever overseasnFilipino workers (OFWs) go on a vacation, they either stay in their parents’ or relatives’ house or in a hotel during the peak months of November to January when occupancy rate and room charge are relatively high. Most of them, wanting an alternative, choose instead to purchase condominium units so that whenever they would come to the Philippines for a visit, they have a safe, comfortable place to stay. It will be no hassle to them if they want to explore malls and other entertainment hubs, alone or with company, since most of the condos are in close proximity to places of interest. Not merely as a transient investment, condominiums will also provide them a home if they choose to retire.
These are some of the reasons why OFWs are investing on condominiums: not only do they provide them a secure, permanent home, they also offer a cheaper alternative compared to the properties in the countries where they work or even have settled. As property rights are protected by the Constitution, condominiums seem to be a fail-proof investment: they are made to pay for themselves many times over without fear of loss and still appear to be the safest place to invest huge capital which you do not want to gamble.
The key
to an intelligent investment decision, as I’ve mentioned previously in my column, is to get a professional broker or brokerage company to assist you in getting a condo unit that suits you budget and needs. The advantage of consulting with a professional broker over an agent from a developer is that the former would give you more options while the latter would expectedly push only the only development of the company that pays for his bills. What is crucial, given that the condominiums’ location and price are the same and competitive, is the integrity of the developer: the quality of the projects it has finished and its standing in the industry. Buying a condo unit is just like buying a premium car: although its features may be the same as the others available in the market, it is the strength of the brand name that makes it different.
As of late
I’ve noticed that most major developments are rising in high-density, business areas. If I were a developer, I would create condominiums in the university area, at least medium-rise ones. Most of the dormitories in this area are 40 years old with some built right after the war. Investing in a condo at the university area guarantees the unit owner continuous rental as a rentee would average a four-year stay after which, a freshman will take over his place.
When I had
my restaurant and bar business in P. Burgos and Makati Ave. 20 years ago, there were only three condominiums in that area. Currently, there are major developments being constructed in full swing. I just wonder how will the area accommodate the volume of people, not to mention vehicular traffic, considering that the roads are the same as 20 years ago. I hope that the developers will address this concern and coordinate with the government agencies concerned.
