From then until now, people have been referring to real estate as a great way to invest one's money. Although it may be true ideally, even if you have crunched the numbers, there are even more things that you need to take into account. Don't finalize an investment in Philippine real estate until you have mulled over these factors.FinancesHow much do you have saved for a property purchase? Will securing a housing loan be easy or difficult, considering your credit score? If you know how fast you can get a loan and how much cash you are keeping right now, you can easily tell if you can afford to make this investment today and what type of property would be more financially rewarding for you.
In addition, you need to ponder the security of your job, and how much you are getting paid. You also need to be prepared to pay for any other costs in the future, such as the house's mortgage; real estate investment is, after all, a long-term commitment.Location, location, locationIt is necessary to always keep this age-old mantra in mind, especially since it has various implications. For one thing, a house for sale located in one place may not be offered for the same price as a house in a different location, since real estate is greatly localized. Another thing is that a prime location should be considered if you are buying a property to rent out. Aside from helping you decide for how much to lease it out, its location will say if renters would like to move in: the closer it is to essential places like schools, banks, hospitals and restaurants, the bigger the chance that it will appeal to people.The property's conditionFigure out if a new property will benefit you more than an older one, and vice versa.
Keep in mind that you may need to make a lot of repairing or renovating to get an older property ready for you or a tenant to move into. With a new house, there's not a lot of fixing needed, but you might feel obligated to put off the renovations you want to do, since the brand-new house came with a hefty price tag.Legal mattersMuch legality is involved when the real estate business is concerned. You don't have to give law a thorough study to buy a house, but you do need to have the real estate law basics down pat.
For example, do you know the taxes that are involved in owning a property? What does an expat need to go through in order to legally own a Philippine property? In case you want to rent out the property you will be purchasing, do you know the rules about evicting and accepting renters?Remember that you are the person who will determine your readiness to make an investment in real estate. You might end up with buyer's remorse if you go through with purchasing a property while you are still having second thoughts. If you really think you are prepared enough for it, collect a lot of information and talk to real estate professionals before going through with it.