Buying A Condominium As Holiday Home

If you always go to a foreign country for holiday, you should consider buying a real estate property there. Buying a condominium in a foreign country is profitable because the value won’t drop over years. Instead, the value of the property will increase over the years. You can sell the property to another person or earn rental income from it. Even if there is inflation, the rental income won’t drop. Buying a condominium as holiday home is a smart choice.

If you plan to stay at the foreign country for a few months, you can stay at the condominium you bought. In this way, you don’t have to stay in the hotel. The hotel fee is very expensive and it will cost a lot of money when you keep on staying there. By purchasing your own property, you don’t have to worry about all these problems. There are many condominium units you can invest in. Before you can invest in a condominium property, you need to consult a lawyer first. You must hire a law firm with good reputation in the industry. The lawyer will assist you with all the documents and arrange transfer of your new property.

After you make up your mind to purchase the real estate, you must speak to the lawyer and let him give you advice. The lawyer will perform research for the title deed and check the terms in the contract. If you plan to purchase an off plan condominium, you can get advice about pre-construction projects from the lawyer or construction company. There are a few costs you need to bear if you purchase the condominium in a foreign country such as transfer fee and property tax. If you want to know how much property tax you need to pay, you can consult a local real estate agent.

Most people will purchase the property through mortgage. You can get a mortgage bond from the banking institutions. There are a number of banking institutions that offer mortgage bonds to investors from foreign countries. You can ask the lawyer to help you obtain the mortgage bonds. The home loan is based on the foreign currencies. For example, the mortgage bond may be in foreign currencies such as Japanese yen, Euro dollar or United States dollar. The interest rate of the mortgage is based on the foreign currency.

You should only buy the condominium property from a reliable developer. You should avoid real estate developer which are new to the industry. Before buying the property, it is important that you check the property rights. Anything can go wrong in the condominium sale. If you plan to sell the condominium, be sure to consult the lawyer. If you want to rent a condo, you must learn the condominium rights first. In some foreign countries, the government does not provide any protection scheme. It is important that you draft the sale agreement before selling the condominium. If you hire a real estate agent, he will take care of the whole process.

Getting a Condominium Unit in Makati – Why Or Why Not?

As someone who lives down south of Metro Manila (think 1.5 hours stuck in the van or car when traffic is bad, and 3 hours when it’s just horrible), I’ve often found myself thinking of renting out a condominium unit in Makati, since the biggest and probably busiest business district in Manila today is Makati (although Bonifacio Global City is giving Makati a run for its money).

Often, to get to a decision I would write down the pros and cons of making such a move, so before I do jump the bandwagon and live out on my own, let’s list down the WHYs and WHY Nots of such decision shall we?

Why Not?

Because living alone in a big city is scary. And you’ve never tried living alone
Counter: but this will teach me independence which in the long run will build character.

Why Not?

May be expensive – especially with the rental rate of most condominium units in Makati
Counter: renting out is not an option really, it’s better to buy or rent to own – and there are a lot of condominium units and/or real estate properties in Makati allowing such terms.

Why Not?

Because you’d be living alone and security cannot always be relied upon
Counter: but Ayala Land, one of the biggest developers in the Philippines, promises and follows through on its promise of safe & secure living in its abodes. Should you ever doubt that? Hmm, don’t think so.

Now, let’s go to the WHYs…

Why?

Because living in Makati will make it easier for you to go to work, especially if you work in Makati. In fact, even if you do work somewhere up north, you’ll always be opposite the traffic rush during the morning. Most people go to Makati – while you, if you work in Ortigas, will have an easier time since you’ll be going out of the city.

Also, remember, it takes you a while to get up in the morning, and since you’re not a morning person, living in Makati will give you more time to spend on yourself. Maybe now you can eat breakfast. Maybe now you won’t always be late for work!

Why?

Because investing NOW is better than later. You won’t be asking or scolding yourself why you didn’t invest now. What to invest in? How about a condominium unit? If you don’t want to live anymore in Makati you can always sell it or rent it out.

Why?

Proximity to most cities in the Metro. You are just a 15-30 minutes away from other business districts. And night spots. And malls. And what girl doesn’t love to go to the mall (whether it’s for buying or just window shopping). The metropolis is your oyster and it’s just a few steps away from your condominium!

I know there are various reasons to buy and not to buy a condominium unit in Makati. In fact, I can think of a few more but the ones above are the most salient points. If I do buy, perhaps I fancy myself a nice 1 bedroom unit in Park Terraces – it’s set to launch this 2010 and has one of the most strategic locations in the city of Makati. And since it’s from Ayala Land, should I even worry about buying from them? Not even remotely!

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Pattaya Real Estate – Why Invest in Pattaya Condos?

Going on a vacation in exotic counties like Thailand can really take away money from your pocket. You have to pay for the plane ticket, accommodation, food, as well as other things that will give you an enjoyable vacation.

Like buying something that takes money away from your pocket, vacations are considered to be a liability. It’s one big spending machine, which will really drain your life savings. But, everybody needs to go on a vacation in an exotic location every once in a while.

If Thailand is one of the countries you are considering going to for your vacation, you may want to try taking advantage of your vacation and invest in something that will make you a lot of money.

For starters, Pattaya is one of the most popular vacation destinations in Thailand. The nightlife is lively and this is considered to be one of most livable cities in Thailand. Pattaya has plenty of great things to offer. Because of this, more and more people are visiting Pattaya, Thailand every year. With its year round warm and pleasant weather, almost everybody wants to go on vacation in Pattaya.

One great investment that you can ever make in Pattaya during your vacation is real estate. Today, many big companies are now putting up houses and condos available for sale. If you want to earn some extra cash and at the same time cover your vacation expenses here, investing in Pattaya real estate is definitely something you should do.

Condo units are now the hottest selling real estate in Pattaya. Why?

For starters, one of the main reasons why foreigners buy condos in Pattaya instead of land is because foreigners are basically not allowed to own land in this country. So, owning a condominium is the best way to own real estate in Pattaya, Thailand up to this point in time.

Before you just purchase a condo unit here, you need to remember that there are also several factors that will affect the value of the property. The first is location. Locations are perhaps the most important factor that you should look in to in order for you to make a good decision when purchasing a condo unit in Pattaya.

If the condominium is located near the sea and the more the breathtaking the view is from the condo unit, the pricier it will be. This is what most people think about when it comes to buying real estate. However, this is not really the case in Pattaya, Thailand. In fact, there are so many condo units in Pattaya that is located in prime lands and has a great view which sells under a million Baht or around 30,000 dollars depending on the current exchange rate.

For a property situated in a prime land, this is definitely worth every dollar.

So, why is this considered to be good investment?

To answer this question, you need to remember that Pattaya is one of the most popular vacation destinations in the world today. With hundreds of thousands of people visiting Pattaya every year, you need to remember that a lot of them will need to rent out accommodations. Hotels can be quite expensive, which is also why many people who visit Pattaya who plans on spending a long vacation here look for vacation rental homes. It’s a great way to save money and as an owner of a condo unit in Pattaya, you can make money out of this demand.

You can rent out your condo unit.

This means that if you are not around to use your property here in Pattaya, it can make money for you effortlessly. You don’t have to be here in order for you to make money. Just think of your condo unit as your passive investment, which makes you money without you working hard for it.

There are a lot of reasons why people will want to rent a condo unit in Pattaya. Most condo units here are now equipped with modern amenities. They are close to shopping establishments and services, it is low maintenance, and it offers 24 hour security.

Most condominiums are also equipped with swimming pools, convenient parking space, health clubs or gyms, party rooms, community centers and a lot more.

Investing in Pattaya real estate is definitely something that you should look in to when you go on vacation here. It is highly profitable and with the looming market changes and the expected tourist boom in Pattaya, Thailand, you can expect that the property value will rise and you can resell your condo unit for profit or you can continue renting it out for a higher price.

Finding Low Risk Investment Rental Housing Opportunities

In general, low risk is not part of the high return investment formula. However, today’s rental housing market offers a possible exception. The housing crash is producing rental home investment opportunities that should provide superior returns for years to come. My personal favorite areas to look are condominiums, townhomes, and multifamily properties. Many of these rental residential opportunities have had their values CRUSHED. Even better recent legislation and funding from the U.S. government are going to force large numbers of these homes into the market in the coming months. Combine this with a raft of mortgage resets on the horizon and the opportunity for potentially even better values is very real.

In one real example I am familiar with, a young college graduate completed purchasing a condominium at a price that will cover the mortgage by simply renting one bedroom alone.

In the Washington, DC market, one of the less damaged from events and where occupancy’s remain high you can acquire condominiums and townhomes that will generate between 8% and 15% annual returns on cash investment. These are homes in prime locations with great local transportation and sustained neighborhood strength over decades.

Enough examples, the investor should be looking for projects that offer the following characteristics:

  • Strong neighborhoods with excellent shopping, amenities, schools, transportation and employment,
  • Physical structures that promise minimal upkeep (one of the reasons I like condominiums is your responsibility is limited to the interior only),
  • Potential seller financing options,
  • Shortsale price reductions,
  • Foreclosure auctions,
  • Tax sales

Next, you should take the time to see what government officials plans are for development and employment in the area. Finally, take the time to verify the initial conclusions you have made about the neighborhood. The neighborhood should be strong and strengthening.

Finally, don’t steer clear because a cash purchase is needed. Other people’s money does not necessarily mean bank debt. In today’s economic environment you may be purchasing with investor capital and creating your returns from the management and development effort you put into an opportunity.

Smart investors who realize the trends described above will be rewarded for finding and capturing these opportunities as the constrained new construction of the past couple years comes to roost in the form of greater rental demand in the coming years fattening your returns still further. There has never been a better time to complete a rental residential acquisition. Today’s relatively strong returns are likely to be multiplied as traditional lending returns allowing more normal leverage levels and pumping up your income to investment ratio.

Home Buyers–California Condominiums Are An Attractive Homeownership Option

With the median home price of a single family home in California at $567,690, according to the California Association of Realtors, condominiums have become an increasingly attractive home ownership option for singles, young couples, young families and retired couples as starter homes as opposed to the traditional detached single family home.

Condos are usually located in well established, proven suburban neighborhoods and yet are usually located close to major freeways which provide the homeowner with accessibility to the workplace. Some condos are the same size as houses in regard to square footage, and others have the square footage of comparable apartments. They vary in price range and can be a good starter home for young couples or singles. While the rapid price appreciation in the state, especially in the Los Angeles, California area, has accelerated the price of single family homes, according to a California Association of Realtors report it has also strained the purchasing ability of many young families. Many young couples therefore may often opt for a condominium in a neighborhood with a better school system as opposed to purchasing a single family home in a less desirable neighborhood.

As for retired couples who may just want to downsize and avoid being saddled with the responsibility for exterior lawn maintenance, they usually have the equity and credit rating to buy in more luxurious condominiums in the Diamond Bar, California community for example, where luxurious, 1400 sq. ft, 2 ½ bedroom condos with European kitchens start at $550,000.

Condominiums have proven to be almost as profitable in the last five years as compared to investments in single family detached homes. The rate of appreciation of condominiums and single family detached homes over the last five years has been similar in the communities of Diamond Bar, Walnut, and Rowland Heights, with both exceeding 20% annually. However, as the market has cooled and there has been a price correction in available condominiums, they still are a very good investment.

One thing to keep in mind is that when you buy a condo, you are also buying into the entire building, or common areas, in which your condo is located. As a co-owner of the building, and very often through the property’s homeowner’s association, you will be assessed your proportional share of the cost for repairs required in common areas, such as the roof, heating system, or general exterior maintenance. These costs need to be factored into your overall monthly budget.

Condominiums can be a great investment as they can enable the home buyer the opportunity to live in a much more desirable neighborhood as well as provide the homeowner the tax benefits of homeownership. The sale prices for condominiums generally sell for 20 to 30 percent less than similar detached single family homes. You will have all the amenities of owning your own home, but will be able to share the cost of upkeep on the building, roof, and maintenance. For most buyers priced out of the single family home market, the choice is to buy a condo that meets their living needs, builds equity and improves their credit rating– or continue to rent. The choice seems pretty clear!

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Advantages of Owning a Condominium

More and more people nowadays are finding buying condominiums as great investments. There are many advantages that owning and living in a condominium offers and it is better that you know the advantages before you buy your own. Because the truth is, living in a condominium is a little different from living in a traditional single family home unit.

Living in a condominium comes with some particularities. If you think condominium lifestyle is right for you after reading this article, then you could start searching for one for yourself. At least you know what to expect.

Advantages:

1. A condominium is a great investment. Even without improvements, an owner has the potential to make a gain on the sale in the right economic climate. That is why real estate investors love to invest in condominiums.

2. Living in a condo is less expensive than living in an apartment. Any tax advantages that are available to a traditional homeowner will also be available to you as a condominium owner.

3. Extra security. It is safer to live in a condominium because entrance must be gained first through the common entrance and then your private entrance. Also, neighbours are likely to notice individuals who are not living within the building.

4. No extra house works. When you live in a condo, you don’t have a roof to repair, you do not have a lawn and sidewalk to shovel, and you don’t have to clean the pool. With the busy lifestyle today, what most people love about living in condominiums is that someone else takes care of the plumbing problems, roof maintenance and other difficult house works.

5. Social advantages. When living in a condominium, you know that every one of your neighbors also own the space they’re living in. You can build long-term neighbors. Plus, it is a lot easier to go out and leave the space when going on a trip or vacation for an extended period of time knowing that you have neighbors whom you know.

6. Location. If you are someone who likes living in the city, buying a condominium is a great choice.

7. Amenities. Most condominium developments offer a range of amenities in the common areas. You can just go out from your space and enjoy one of those amenities with your neighbors.

8. Condominium association. Having an organization in the building is a great help. You got people to help you when you’re in need. The association serves to enforce bylaws, handles maintenance and repair issues, and deals with disputes with developers or between unit owners.

The 5 Disadvantages of Condominium Ownership

In the past condominiums were not necessarily considered to be a good investment for a variety of reasons, however that image has since changed dramatically. With the high price of single family homes, condominiums and townhouses are becoming more attractive to many buyers such as singles, retiring couples that are downsizing and small families that would like to purchase in excellent school districts. However, for those home buyers that have only considered a single family home as the definition of homeownership they may not be familiar with what options are available in the form of condominiums.

Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share such as the land, lobby, hallways, swimming pool, grounds and parking lot. While many condominiums are designed to look like apartments or are built in high rise city buildings, more and more builders are designing them where they can be referred to as townhouses. Townhouses are usually attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes

In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, usually referred to as the homeowner’s association which is made up of the unit owners. The fee covers maintenance, repairs, grounds keeping and building insurance.

In the past condominium ownership suffered with a negative image for a variety of reasons, however that image has since changed dramatically. Once the thorn in homeowner’s sides, condominium associations have worked hard in recent years to clean up their negative image where disputes and lawsuits were once rampant. Homeowner’s associations have become savvier and much more professional about property management and have taken steps to prevent legal problems and disputes before they happen. However, there are some disadvantages that still need to be considered before you buy.

1) Monthly Homeowner’s Association Fee

If there is a homeowner’s association, you will usually have to pay a monthly maintenance fee that is separate from your mortgage payment. Many condominium owners factor this expense as similar to the costs they would have incurred for someone to do the lawn care and other maintenance if they owned a single family home. However, you should watch for unnecessarily high monthly charges and ask to see a copy of the latest financial statement from the homeowner’s association.

2) Less Privacy

There is also less privacy than with a detached single-family home. Communal living is not always desirable for some people and the noise level generated by living in close proximity to others can influence some buyers to simply look elsewhere. Usually, the biggest concern is about parking for the owners and for their guests. However, many condominiums are being designed with their own garages and have common parking areas available for guests.

3) CCR’s Can be Very Restrictive

CCR’s or Covenants, Codes and Restrictions are defined as the bylaws that govern the use of the property. Most CCR’s are reasonable, but some can be very restrictive. There usually are limits on the type of exterior changes or improvements you will be able to make to the property. In addition, you may find, among other things, that they prohibit or restrict pets and the renting or subletting of units. Make sure that you get a copy of the CCRs and review them (they usually have a summary booklet) before you decide to make an offer.

4) High Tenant Ratio

Also, make sure you find out the owner-to-tenant ratio. Because many condominiums are often purchased as investments, there could be a high percentage of tenants in the building. Although this trend is also changing, especially in condominiums which are located in urban areas where they provide convenient shopping, access to transportation and other amenities thereby attracting owners who intend to live in their condos.

5) Resale Value

In some real estate markets, such as Las Vegas and Florida, builders have overbuilt condominiums and townhouses and they are being sold at a loss. However, in other real estate markets they have held their value as an investment despite economic downturns and problems with some homeowner’s associations.

While some of these factors would discourage some buyers from purchasing condominiums, it may be just the right investment for others because it suits their pocketbook and lifestyle. In spite of these disadvantages, the high price of single-family homes in some real estate markets such as California and the influx into the housing market of more single homebuyers have made condos relatively hot national investments. A professional realtor can assist and guide you in showing you which are the great deals in your local market and city.