THE TO-DO LIST FOR REAL ESTATE INVESTORS
as published in alveoland.com.ph
Buying real estate in the Philippines is a bit like falling in love. Choose wisely, and it may end up being the best thing you’ve ever done in your life. Make a miscalculation, and it can be a long-term source of headaches. But how do you know which mistakes to avoid?
There are certain things investors in real estate need to consider before they take the plunge. Taken seriously, these key reminders may keep you from making major mistakes when your goal is owning land in the Philippines.
THINK ABOUT THE FUTURE
People generally start thinking of investing in real estate–like buying land in the Philippines–only when their current situation calls for it. For example, when they get a job promotion, a pay increase lets them afford a condo downpayment. They could also be transitioning between life stages and may need a home to settle in after marriage. However, considering buying a condo for sale or house and lot for sale is more than just about the present. The demands of the future will also need to be considered.
Investing in real estate is a commitment, especially if you are purchasing property that you plan to live in. Think about what the future will look like, and what needs will crop up then. A seemingly simple concept as pet ownership, for instance, can affect your investment. If you plan to adopt a furry four-legged companion, do remember that some condominium developments are more pet-friendly than others, which will narrow down your choices. Or when elderly parents stay with you, proximity to healthcare facilities and extra bedrooms are top issues to consider.
BUY WITHIN YOUR MEANS
Buying a house or a pre-selling condo takes a considerable amount of money compared to other purchases. Take the time to learn how much it will cost to own and maintain. The most practical solution is to talk to an expert with a calculator onhand, and track the expenses you will be making on your investment against your daily budget.
Even then, consider that there are some costs that are not directly involved in the property purchase, but still needs to be paid for. These include parking fees, association dues, and connection charges for utilities in condominiums.
