Buying and selling condominiums in the Philippines is one thing for every condo investor. Individuals who are very much fond of investing in condominiums for flipping purposes.
Condo flipping in the country does not seem as easy as most people think. Earning profit from this kind of venture is never easy and quick. But even with these difficulties condo flipping can be rewarding.
More than getting the condo unit clean, freshly painted, improving its condo interior, and selling it at the latter. It takes many steps before enjoying a great amount of profit.
A smart condo investor should know the right time and has enough resources to flip a condo. But if you are still a newbie and looking at the best ways on how to start this kind of business, well, here are some of the few things to know before flipping your condo investment.
Know the Risks of Condo Flipping
Knowing the risks of condo flipping is one way to becoming a prepared condo investor. Flipping can eventually turn out as a flop if you do not have the right knowledge to flip your condo properly.
As a condo investor who aims to make the most income out of flipping the property, you should pay importance to how important you should to renovate the unit and sell the unit fast. Once you acquire the property you will be entitled to all the other expenses aside from the purchase and renovation costs.
While you hold the ownership of the condo, you are in charge of the property tax, amortization, utility fees, and other maintenance. Hence, you should examine well the right time to flip a condo property and see that the market is favorable.
Find the Most Feasible Locations
Condominiums in the Philippines are generally located inside the city commercial districts which you can never go wrong but choosing the best city to invest in will be something to consider.
During the height of the pandemic, most property buyers are looking out for their purchases outside Metro Manila. Meanwhile, neighboring cities like Antipolo, Caloocan, and Batangas are becoming top options for purchase intent.
Whereas other metro cities are also thriving and gaining market consideration such as Bacolod, Cebu, and Davao.
You can begin looking for some affordable condo properties in the country’s most visited spots for tourism as the opportunities for renting out your property is also feasible.
Do not Exceed Your Budget
Looking at the property’s location is a primary consideration before buying a condo. But you may have to look at which property matches your budget.
Looking for the most affordable condo for sale in the country is not an easy job especially when you have a threshold to par. Before identifying your budget, you should also make sure to set it realistically and you may have to put all the costs in one view.
Have the figures including your renovation cost, and other fees to be able to see how much is going to be the expected cost of the project.
Look for Foreclosed Condo to Flip
If you seem to not find the right business project, look below the table. Find some properties whom owners are not willing to pay anymore.
Foreclosed properties are brought by different circumstances such as when the buyer would want a legal separation, death in the family, and bankruptcy. Hence, they are individuals who would want to get off the burden of the condo purchase out of their hands.
You may also hasten your search from the minor and major banks to check the list of available foreclosed condo properties.
Never Get Attached to the Investment
If you are a first-time condo buyer and plan to flip it, you may want to detach yourself from looking at the condo as your property of ownership rather than a condo where you are tasked to sell.
A common dilemma of first-time condo flippers is letting go of the property when you are about to sell it out. Ignore the hard work of renovation and cost and focus mainly on your main goal which is to earn the profit from selling it out.
Remember that this is not a purchase for a home but an investment to gain profit.
Set a Budget for the Interior Design
A beautiful investment means a beautiful place in a beautiful location. And as a condo flipper, one thing you should take into consideration is how to make the condo appear beautiful.
The steps come from visualizing how you may want the condo unit to appear and the next is to consider how much the interior renovation will cost you.
Mainly you can start focusing on the standard finishes of the condo unit such as cabinets, bed, sofas, appliances, and kitchen cabinets. After carefully planning you can add other beautifications such as ornaments or other appliances.
Deal only with the budget that you have mapped out before the acquisition of the condo for sale property.
Hire a Pro to Do the Work
If it is too much to handle as a first-time condo flipper then hire someone who can do the interior, legal works, and marketing of the condo. Remember that you cannot afford to lose or make a mistake in an investment you are yet to begin.
In the long run, you can easily learn from the professionals while seeing their works. Admittedly, you will want to manage everything but ask yourself if you can be able to do everything on your own especially those that require expertise.
Hiring someone to help you in the investment can also save you from doing mistakes in the duration. Plus, it is never wrong to ask for help especially when you pay importance to the matter.
Set a Competitive Price
Since we are talking about ready-for-occupancy condos for sale in condo flipping, you will have to look at the current market condition, the competition prices, and the value of an acquisition.
Consider all the elements before coming up with a listing price that can set you apart from the competition. Plus, you may also want to study the financing terms you are willing to offer to any potential buyers.
Remember that location comes first, and the price comes after.
Work with a Property Seller or Broker
Going back to hire someone to do your work, then if you are not gifted in selling perhaps you can find a licensed property seller or broker to help you out in selling the property.
Asking help to these professionals might do some advantages as most of these sellers hold a list of market audience or leads where they can easily open your condo for property viewing which can even land on a sale.
Most of these brokers are also adaptive to online selling where some do even have their property websites and are actively listing online. Having these kinds of advantages working for you can be a good deal.
You may also want to consider this help because you would want to sell out the condo as fast as you can because of the incurring costs you may also earn while the property sits longer.
Start Condo Flipping with an Affordable Condo for Sale in the Philippines
If you are looking to start your condo flipping venture, then find one today at Camella Manors. The brand offers affordable ready-for-occupancy or RFO condos for sale in strategic locations across Luzon, Visayas, and Mindanao.
The ‘communicity’ of Camella Manors is also a vantage point to work out well for you as most of the RFO condo projects for sale are within the radius of malls, hospitals, banks, and many other lifestyle conveniences.
Check out Camella Manors RFO projects at Bacolod, Puerto Princesa, and Davao City and start the condo flipping business that will work out for you.
Easily inquire to Camella Manors through clicking the most affordable condo properties or via direct message on the website chatbox.