There are now over 12 million people in Metro Manila, according to the Philippine Statistics Authority. This figure is believed to continue increasing in the next years, mainly due to migration. More and more people from other regions are making Metro Manila their home, with most of them looking for better job opportunities. Provincial employment rate and salary grade remain low, so they try to find other ways to earn more.
However, there is a downside to relocating to the metropolis to work – commuting is terrible. It takes a lot of time and effort just to travel from your home to your workplace. Taking public transportation every day has become physically, mentally, and emotionally draining for the Filipino workforce.
If you are one of these people who are having a hard time with metro traffic, you might probably want to take the opportunity to invest in a property near your office. You can purchase or rent a condo unit in Capitol Commons, for example, if you are working in the Ortigas business district.
If this is your first time buying a property, you need to be equipped with the basics of investing in real estate. Here are some tips you should keep in mind.
Decide on the type of property
For your first investment, you need to determine what type of residential property you would like to get. You can choose from condominium units, apartments, townhouses, or condotels. Do some research about each type and check which one fits your needs and of course, your budget.
Pick between short-term and long-term investments
You also need to consider whether you plan to reside in that particular property for a long time. For example, if you cannot decide whether to get a condominium unit or a townhouse, consider the size of your household. Are you planning to live on that property until your babies grow up or is it just a temporary residence option?
Explore selling and renting options
You can also choose to purchase a property and then make it an income-generating business. For one, you can have your unit rented under Airbnb and have a consistent flow of earnings from it. You can also buy a pre-selling condo unit and sell it at a higher cost later on. Just make sure that you get a property located in a prime area to increase your chances of getting potential buyers or renters.
Talk to a real estate consultant
Do not hesitate to consult with experts in residential property investments. Scout for credible real estate consultants to assist you with the whole process. These consultants have enough knowledge of the country’s property developers. So, it is safe to say that they can walk you through the whole process of investing in a residential property.
Make sure that you do your own research on the best practices in purchasing residential properties in Metro Manila. Try to explore developer backgrounds and check out feedback from their clients. Do not forget to prepare a solid financial strategy, as well. This will ensure that you do not overspend. Then, continue learning about how you can earn extra income using your real estate investment.