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Three Ways To Make Money With Your Condo

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First published on CondoAsia.ph

Buying a condo that’s right for you is a good investment. But it’s somewhat disheartening to recount how much you initially spent on it and how much you’ll need to spend further on a monthly basis. Although your property’s value will eventually go up, you can’t just sit back and wait for that to happen. If these things do bother you, making money with your property can be a great idea.

Here are three ways to make money with your property, particularly your condo:

Rent It Out
This is the most obvious way to make money with your property. But renting out your condo can be very risky because it might lead to incurring damages or encouraging theft. As a landlord, you should be extremely picky when it comes to tenants; you should also insure your property.

If you’re renting out your condo, do it on a monthly basis or a 12-month lease. If you’re going to rent it out for business, i.e. set it up as an office space, you can still have a place to go home to …

Five Worst Mistakes First-Time Condo Buyers Make

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First published on CondoAsia.ph

Investing in a condo can be one of your major life achievements; but it can also be one of your biggest downfalls, especially if it’s your first time, and you commit the same mistakes that some people did before buying their first homes.

For your first purchase to be successful, be cautious of your decisions, and avoid these five mistakes:

1. Not Getting Mortgage Approval 

Before purchasing a home, you must first secure a home loan and get your mortgage approved. Sadly, some first-time buyers fail to qualify for a mortgage due to poor credit history. If you’re applying for a mortgage, don’t secure credit for a new car or a bedroom furniture simultaneously. New financial obligations can lower your credit score.

Never co-sign a loan while you’re trying to close a home loan. Don’t act as a guarantor for someone else’s debt. Accumulating more debts can only diminish your mortgage eligibility.

Also don’t accept a new job offer while you’re applying for a…