Planning to invest in real estate? Here are some expert advice from people who know the trade.
1. Location is important, BUT there’s always a good location everywhere because there’s whole bunch of different people with different jobs, different preferences, different circumstances and so on..
Besides, established and trusted condo developers are not stupid to build their condo projects at locations where no one would be interested.
So, if you are looking to buy a condo for investment, your choice should really just depend on who your target market is.
2. Know Your Target Market
In the Philippines, condominium developers build projects for specific groups of people. They already have specific targets before they launch their projects.
Some condominium projects are built for the average guy and some are built for the one who got ahead in life. They are not built equal.
So if you are to be wise in your real estate investing, do your research and find out about the trends in the market. Just because the Juan who got ahead in life is willing to pay more for his shelter requirements, doesn’t mean the high-end market is always the most lucrative.
3. Be Serious About Your Timeframes
Timing is also one of the most important elements in real estate investing. It is so important that if you mess it up, you could potentially end up stuck with a useless property. One that will never produce a return on your investment for the next decade!
4. Consider the Developer of the Project
When you buy a condo unit in the pre-selling phase, you need to see to it that your developer can deliver your unit at the time they promised.
Aside from delivering on time, also ask around and check for yourself the quality of work different developers deliver. Nobody wants condo units with leaking sewage pipes from the floors above, within a few years from turnover.
5. Know Your Payment/Financing Options
If you want to make serious money investing in condo properties, you should learn about the word “leverage,” which is about using as much of other people’s money and as little of your own money as you can, to buy your real estate investments.
6. Develop a Long Term Plan
Real estate is serious business and things like this require long term commitments. That is, if you want continuous and compounding profits and/or income.
Buying your first condo unit is just the first step. You don’t stop from there if you want real success. And the best way to keep going forward and never get lost is by following a long term plan.
7. Keep Yourself Updated
This will keep you “in the know” of what’s currently hot and what’s not. Part of keeping a good long term plan is updating your plan as you go along. Make your plan adapt to the changes in the market.
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Source: The Filipino Times