When making any investment decision, you should think carefully through it before your final commitment. Failure to make a sound investment decision may see you run into financial losses. You can avoid such losses by making an objective decision. Therefore, take your time, go through the various options available to you, and even consult with experts and industry players.
If you decide to join the real estate world, you have numerous choices. The choices available to you range from land that you can later develop or resell, apartments, condominiums among others. Your choice, however, depends on your finances and availability of investment opportunities. If you find it difficult raising the required amount, you may consider a mortgage from your bank. However, when going for a mortgage, remember to consider interests rates and the total expenditure at the end of the repayment term. The rates, however, should not discourage you from investing in a condominium. Here are reasons why investing in a condominium is an excellent idea.
Investing in a condominium will see you enjoy a constant flow of rental income. Once you have completed the paper work and the property transferred in your name, you can lease. If you purchase the property through mortgage financing, you can use the income from the rent to pay the debt. If however, you raise your money to buy, you can enjoy an additional revenue. You can use the income to acquire more properties or invest in other industries.
Minimal maintenance costs
Houses require regular maintenance to keep them in excellent condition. However, with this type of investment, you will not need to worry about the lawn, the pathways, and gardens within the building among others. The management or the property association will handle the maintenance for you. You will only maintain the interior of the condominium and leave the exterior to the management.
Condominiums come with recreational facilities and more amenities. Such amenities as swimming pools are common features in condominiums. With such amenities, your investment is likely to attract more tenants. Some may even come with entertainment facilities, gymnasiums and waterfalls, for the occupants. The amenities will come in handy when looking for tenants.
When investing in such property, you can never go wrong. The property is likely to appreciate especially if the economy is stable. However, do not go for a property that has already attained its highest market value. Look for areas that show indication of growth and allow it time before selling. If you intend to retain the property, you will still enjoy high rental income as demand for housing always continue to rise.
A wiser investor chooses a property that has lower risks. Though there are no investments that are risk-free, choosing one with lower risks gives you peace of mind. A condominium is a low-risk investment as long as you followed due diligence when investing.
You do not have to worry about management issues
A condominium has a board of directors that is responsible for the property and the overall management. They relieve you of the duties of overseeing such functions as exterior repairs. You also do not have to comb through Singapore looking for a contractor and materials to handle the repairs. The board does that on behalf of the owners.
You have a place you call your own
Paying rent every month or renewing leases every year is not one of those things you enjoy. Everyone’s wish the world over is to have a roof over his or her head. Your family will enjoy priceless peace of mind knowing they have a place they can call home. Therefore, if you are looking for a home for your family, a condominium is an excellent idea. You will no longer need to meet the landlord/lady every end of the month to pay rent.
Limited hours of operation
Most businesses require your undivided attention. Your presence is necessary for the running of the firm if you are to enjoy the benefits. However, with real estate, you do not have to spend all your time on the property. As long as the purchase process went on well, you can sit back and enjoy the income flow.
If you had any reservations about investing in real estate, you do not have to worry. You can be sure that investing in a condominium will not give you sleepless nights as you think about your investment. Conduct a market research of the location you wish to buy your property and visit its showflat location. Buy from reputable developers and agents to be on the safe side. If you are not sure of which condo to purchase, you can consider checking out Martin Modern as your starting point.