Many Overseas Filipino Workers (OFWs) are looking for ways to support their families in the Philippines. The best way to do this is by investing in condo units that can generate passive income, while they are away working abroad. In Manila, there is a high demand for condo units because of the high value appreciation, location, and accessibility. This blog post will discuss the two aspects between selling and renting condo properties in Manila as well as why OFWs should invest as early as possible. Let's start by learning the basics of selling a condo unit.
The requirements and steps to sell a condominium unit are quite similar as buying a condo. As a condo owner, it's a common understanding that you already know the factors to consider before buying a condo because these factors can affect how you sell or rent out your property.
It may seem like a daunting process to sell your condo with all the misconceptions about condo living. The first requirement to sell your real estate property in general is to ensure you have legal capacity to transact. A buyer or owner of a condo should be at least 18 years old in the Philippines, at peace with the laws of our republic and capable of handling their own affairs without the need of any protective person under the law.
The condo unit should be the same in size and in good condition to that which is being sold on the market. Basically, no shady marketing strategies. Details such as floor area, partition, and paint should be stated. Photos of the condo for sale should not be digitally enhanced so as to protect both buyer and owner in case of any misunderstanding. If this requirement is satisfied then you can sell your condo in Manila through an authorized real estate broker who will guide you through each step from start to finish and assist with all requirements to sell your condo property.
Also Read: 3 P’s When Browsing Through Online Property Listings
As a condo owner, don't leave everything in the hands of your real estate broker or agent. Remember this is your condo property, so you have to do your part in making sure your condo meets the market's expectation.
