Buying a condominium unit can be a reliable way to build your wealth in the Philippines over the long haul. This statement is true even if you have to take out a loan to own the property or use it as your primary residence. Like any other piece of real estate, a condo unit’s value can increase on its own as the economy goes well.
However, properties appreciate at different rates due to several factors. In addition, it’s always possible for it to depreciate under certain circumstances. It’s in your best interest to buy a condominium in Ortigas for sale. To achieve this, you should know how to compare units objectively to identify which ones are going to grow in value over time. Use these five tips to aid your decision-making.
1. Stay Close to the Economic Center
The most valuable pieces of real estate are those situated in the heart of the city’s economic hub. While the ones located in areas experiencing rapid growth appreciate faster, those built in established financial districts can retain their great value no matter what.
Many condominium complexes are constructed downtown, putting the modern conveniences of city living easily within reach. Some of them, however, are situated outside business centers but still near mass transportation systems. The more accessible a building is, the more valuable its units usually become.
2. Think About Exclusivity
A high-value condominium provides its residents with complete amenities. If you no longer have to go elsewhere to work and play with your unit, then it’s likely to appreciate quickly. Such a property attracts many buyers because it promises a safe and convenient lifestyle. A sense of exclusivity is a compelling selling point to justify a high asking price at resale.
3. Go High
Generally, condo units on higher floors come with great value for many reasons. They capture better views, which tend to be scarce in densely populated cities. High-floor condominiums are also naturally quieter and more secure due to their great distance from the ground. If you live in the penthouse, you won’t have any upstairs neighbor to deal with.
These benefits are not without negative counterparts, but the advantages of high-floor units typically outweigh the disadvantages. If you decide to put your condo on the market later on, it will be much easier to sell and cost more money the farther it is from the street.
4. Research the Developer
The long-term value of condos is correlated to the reputation of their developer. Do your homework to uncover the history of the company behind the building. Check legitimate reviews to determine what other people have to say about the developer before pulling the trigger on your purchase.
5. Beware of Future Developments
The law of supply and demand has a direct impact on your condo’s rate of appreciation (or depreciation). The abundance of similar properties can drive prices down while planned infrastructure and commercial projects can raise the land values in the area. Nobody could predict the future, but be aware of the city’s economic outlook to anticipate how condo prices might move in the years to come.
Time is a good ally to build your wealth passively. Even if appreciation isn’t high on your agenda right now, it’s imperative to keep it in mind to buy the right property.