Owning a condo is seen as a hybrid kind of ownership as it is not a traditional structure in property ownership. There are some characteristics that can help in the definition of ownership of condominiums. An individually owned unit is the space that is within the boundaries that have been specified. This can include multiple rooms as well as interior wall that divides different rooms in that specific unit. It also includes storage areas and balconies. The unit is airspace without land, but is still considered real estate.
There is a lot of confusion about the differences between condominiums and townhouses. They share many similarities, and this seems to be the source of this confusion. Even amongst real estate professionals we often hear more opinions than facts.
Recently, a lot of developers are flocking in Davao. Even before PRRD became president, Investors already knew the potential of Davao. It is a melting pot of diverse cultures and eco-tourism. Truly life is here where the goods are cheap; traffic is moderate compared to highly urbanized cities such as Metro Manila and Cebu, good weather all year round and low crime rates. Who doesn't want to live here? Investors saw it as a potential to expand or even launch their projects. Davao also has the best schools making condominium living an ideal. The reason also is that most of the subdivision where house and lot are offered is located far from the metro making commuting inconvenient.
The demand for condos is still high and a good number of developers are making them available to meet with the market demands. New condos come with better amenities, units and benefits and they are not really equal. Some are better than others, but there are things or features that you can use to be sure that the condo you are interested in is really worth the money you are going to spend on it.
Have you ever considered the idea of buying a luxury condominium as your next investment? Since condos are typically less expensive than a single family home, they can make accessible investments for those with little cash or who are new to real estate investing. However, they sometimes get a bad rap on their investment potential.
Like with most things in real estate investing though, a lot of preparation and attention to detail can enable anyone to make a profit. Here are a few things to consider about condominiums as an investment.