It would be really nice if money can grow on trees. All you have to do is have a good soil to plant in on and voila! You can get the dough that you need to buy the things that you want. All you have to do is be patient.
The idea of investing in a property is almost the same, only you do not need to a pot and soil to do so. However, patience still plays an important role.
Putting your money in real estate investments is a growing trend not just for people in the country, but also for others around the world. In the Philippines, investing in a condominium is fast becoming such a trend. Here are some important things worth noting in making your first investment a successful one.
Lay down a time frame before you even decide to get into the market. Investing in a pre-selling condo in Capitol Commons, and getting the actual property a few years from now for you to rent out gives you enough time to have your finances ready.
Also, the early bird catches the worm even when it comes to property investment. In this case, however, being an early bird ensures that you get the best deal possible. Having a timeframe and sticking to it is not easy and is considered a long term commitment, but so is your property investment.
1. Understand the market.
Researching will be your best friend. Knowing the current market trends is important in helping you make the necessary decisions when it comes to your property purchase
Ample knowledge can help you decide where to invest, what kind of developers to look for, and what kind of prices and policies to expect upon purchase. Thus, be diligent in knowing as much as you can about the real estate market before jumping in the waters.
2. Figure out your financing.
There will be various kinds of payments required upon purchase; the most common one is a down payment. The rest will be required from in a span of a certain period of time.
However, even upfront payment won’t be required immediately, figuring out how you will finance your purchase is still very important. Loans from banks, the government and other institutions is always an option. Making sure that your credit is in good shape should also is as important.
3. See what the future holds.
It is important to have a vision more than anything else. Ask yourself: “How do I see my property in 10 years?” Will you be living in it? Will be it rented out to others? Will it still be under your name or sold to another owner?
Having a vision of what you plan to do with your property even before you actually have it allows you to decide more objectively about the present.
There is no single, perfect way to purchase a property because every person has their own preferences and circumstances. But, knowing how to weigh things to lead to the right decision will give you the kind of guidance that you need.