Getting a home to call your own is indeed everybody’s dream. As the real estate industry continuously booms in the Philippines, consumers get a lot more options to consider in buying a property in terms of location, style, size, and of course, the price. Its popularity and attractive advertisements invite individuals of getting one rather than just rent an apartment or a condominium and shy away from investing.
Planning to purchase a property can be very exciting but surely, it can be one of the most difficult decisions one can make in life. It’s never easy. It’s not just finding a place to stay and raise a family. It requires financial preparedness, a lot of work and the right mindset.
Before investing your hard-earned money into a property, here are the top tips for real estate investing in the Philippines:
- Determine your financial goals. Buying a property is an investment. Before investing your money, it’s necessary to ask yourself first why you are doing this, what your expectations are and what you want to get from this investment. For a family man, the primary goal is for the children’s future. Another primary reason is for additional sources of income. There are many reasons why and this should be clearly defined on top of your list before investing.
- Study real estate investment. Investing in real estate is no joke since it requires a big amount of money and a long period of time. To be more confident in making decisions, one should be knowledgeable about real estate investing. With thousands of sources on the Internet, it’s easy to learn the basics and the most frequently asked questions along with the best answers about this topic. Books are of course is a more reliable source. There are training and seminars, some are free that can also help you gain more knowledge about this aspect. Friends and relatives who have experience in investing can be an effective guide in this field as well.
- Make sure to have clean credit background. After finally deciding to invest in real estate property, it’s necessary to review and check your credit background. If you don’t have enough money to fully pay the property instantly, chances are, you would borrow money from the bank or any financial institutions. Banks check on applicant’s credit background before lending money. In some cases, there are mistakes in bank reports that should be quickly resolved and corrected by the person involved. Any negative reports can affect the home loan application and most probably, an application can be denied. If findings are legitimate, it’s a more difficult problem to deal with. The bank may require more documents to support the client’s credibility.
- Check the location of the property. Just like any business, location is very crucial. Whether it’s for personal use, say a home for the family or a business perhaps, location can dictate the success of this venture. Customers will definitely consider proximity to major places such as malls, schools, public transportation and the likes. It’s also necessary to check the neighborhood and the condition of the place during the rainy season to see if it’s a flooded area so as to avoid future regrets.
- Look into all possible options. The more options you have, the more chances of getting the best property for your investment. Comparing and analyzing pros and cons of the properties is an effective strategy to identify important factors and possible problems that may arise in the future. Don’t just get what comes first or what seems to look nice. Since this property can be a good business, investment decisions should not be purely based on personal preferences. One can make a research if necessary.
- Make sure you are dealing with a legit broker and/or developer. When inquiring about a property, brokers or real estate agents always welcome a prospective client. Make sure you are dealing with legit licensed brokers. Be careful in paying a security deposit or initial deposit. It’s better to visit the head office directly and deal with their managers before letting go of your money.
If you’re looking for a sound investment, real estate is the thing for you. With all these aspects considered, now is the time to invest. The value of real estate properties for sale increases over time. The earlier you invest, the better the chances are of growing your money.