What Do People Look For in Condominiums?

What Do People Look For in Condominiums?

Condos are, for the most part, the hottest property to own today. You can live in, sell, rent, or use it for other personal needs. They’re popular with families and independent adults looking to utilize their well-maintained amenities for personal development and their closeness to business districts and the main roads.

Of course, everyone has their specific wants and needs regarding condos. It’s a matter of knowing which option is the best for you!

If you’re looking for affordability (for budget condo seekers)

Condos aren’t cheap, but when the alternative is a house and lot worth 12 million or more, they’re often considered the reasonable option. People who earn P35,000 to P50,000 monthly can choose to invest in a property like this, especially if it’s close to their office or transit stations. However, affordability can vary from person to person.

Do your research right, and you’ll be able to make the right choice according to your needs. Studios and 2-bedroom condo units are the best for people with stretched budgets. 

Remember, location can also affect the price of your options. For instance, buying a condo in Makati may be more costly than one in Eastwood.

Potential for business (for real estate investors)

Condos are bought for two reasons: either for living or income potential. 

The latter refers to owners who look at condos as lucrative long-term investments. These people like to buy it cheap before the building’s construction and wait for four-six years before they can do anything with it. 

These investors tend to look at three key factors:

Their potential target audience 

A condo building built near university belts means young adults will be looking to rent a place to stay. Those constructed near business districts with heavy traffic will look attractive to commuters who value their time and health. Being an early bird investor means looking at where the condo is built and who will benefit from living there.

The reputation of the real estate developer

Even though condos are a sound investment, there are still some risks to consider for early bird buyers, such as the reputation of the building’s developer. Simply put, known names like DMCI Homes can construct the buildings you invest in regardless of whether they’ve reached their early target goals. 

Meanwhile, less-known developers will offer cheaper condos to compensate for the risk of possible construction delays due to funding or lack of transparency. First-time investors are encouraged to go for the safest path, even if it will cost them extra.

The benefits and disadvantages of the location 

Apart from business districts and university belts, condo investors also look at the area’s livability. This includes potential noise pollution, crime rates, the likelihood of natural disasters, distance to roads, and the reputation of the place for condos in general. The last refers to supply and demand, or how many other condo buildings are in the location versus how many people are currently living in them.

Given that condos are a million peso investment, interested buyers must consider all three factors first to get a slice of that passive income pie. 

Comfort and readiness (for those with money to spare)

For high-income earners, they are probably too busy to furnish an unfurnished condo. If they’re buying or renting a flat, they’d prefer one ready for occupancy. Even though furnished condos are pricier, they are always in demand because of convenience.

Thanks to the internet, you can look up the condos you want in your chosen budget. But if you’re going to invest in a condo that comes from a trustworthy developer, then consider looking up DMCI Homes condos. Many of our condos are commuter-friendly, offering the best amenities that provide a positive advantage to your quality of life.

To learn more, visit the DMCI website!