Tips to maximize profit for new condominium investors
Tips to maximize profit for new condominium investors
Condominium investment is another way to generate high returns, and is likely to gain popularity over the years. But with investments, there’s risks involved, and real estate assets have high liquidity, so we have to have careful consideration before investing in them to generate passive income for long-term rentals. In this article, we will recommend some tips and tricks for beginners to invest in condominiums. This will act as a general guide for anyone starting their investment journey.
Don’t over-invest
Before investing, you need to have proper funds first. Calculate your own financial liquidity to ensure you have the ability to have a huge debt. There should be enough reserved to pay installments as well. With these types of investments, there is a risk of being unable to find tenants and get steady income.
Choose a good location, with convenient transportation
A “good location” isn’t the same for everyone, but it’s usually good to choose a location that’s close to public transport systems. If it’s convenient, it will have a positive effect on future returns. You have to consider the opportunities of getting rental income, or perhaps more gain from reselling. For example, when choosing a place near schools, CBD, or areas surrounding the CBDs, try to stay near the metro/BTS lines, hospitals, or near community areas where people can find food. Avoid areas such as waste incineration places and isolated locations.
Explore locations and compare
Before deciding to buy a condominium somewhere, try driving around the surrounding area and observe what’s around. Some projects may seem like they’re located in prime locations, but there could be tall buildings blocking the view, or perhaps some projects are located in a crowded corner, making it less appealing. These can cause problems when you’re trying to sell or rent the place out. In addition to that, explore the place thoroughly, and other condominium projects nearby to compare their facilities and building conditions. Each condo has different advantages and disadvantages. Check the resale prices for each place, the starting price, client demand, when it was launched, to see the value.
Choose a well-known brand
Larger, well-known brands are more trusted and attractive than smaller brands. Especially with well laid out marketing, it creates a long-lasting brand awareness and impression. These things make the condominiums easier to sell. In some cases for smaller developers, even with a good condominium, it can be harder to find tenants and buyers, as customers tend to choose what they’re more familiar with, and go with what’s more trusted.
Here are some of the advice BR Agents would like to give to you all, to apply to all condo investments. If you feel like it’s too difficult, or you’re unsure, we can give you recommendations, as well as keep you updated on the property market on a regular basis. Come and have a consultation with a BR Agent. We have been an expert in the real estate market in Bangkok for 11 years, and we’re ready to give you all real estate related matters.
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