One of the biggest milestones in a person’s life is making the big move from your parents’ home to your own nest. Rеal еstatе investment is a major life decision that takes much consideration and planning. But if you already know what you want – e.g. to live in a condo in Manila – the next step is figuring out to how to get there.
Making your first real еstatе investment can be a daunting task, but also one of the most rewarding. Here are some tips on how to turn your real еstatе dreams into reality.
1. GOOGLE IT
With any major purchase, it’s best to start by doing your research on the options available. Whether you’re looking for a condo for sale or a condo for rent in the meantime, there are many properties and real еstatе developers to choose from. Rеal еstatе in the Philippines has been on a steady surge and is one of the industries that has greatly benefited from the country’s positive economic growth in recent years. And thanks to technology, property hunting today is as easy as typing “real еstatе property” on your smartphone. When comparing properties, consider important factors such as distance and transportation options to your workplace, proximity to major establishments, amenities, and other pros and cons. Aside from doing your research online, you can also visit housing fairs or talk to real еstatе agents and brokers who may provide you with more elaborate answers to your queries.
2. DO THE MATH
Before investing in real еstatе, you have to seriously ask yourself – Can I afford this? Thankfully, many real еstatе companies now offer more affordable payment schemes and promos that make it easier to own a property. Aside from the reservation fee, downpayment, and monthly amortization, also consider other expenses such as moving costs, association dues, insurance, and property tax when making your computations.
3. WATCH WHERE YOUR MONEY GOES
Now that you know how much it actually costs to own a condo, you need to make sure you have enough cash flow to sustain your regular payments. And achieving your dream condo may entail some sacrifices and lifestyle changes, especially when you’re just starting out. By being more meticulous in your budget, you’ll be able to set aside a significant portion of your income for a real еstatе property that can become both a utility (something you can use and enjoy) and an investment (something that can increase in value over time). That is why investing in real еstatе is one of the best types of investments you can make, especially when you choose a property in a great location and with a notable real еstatе developer.
4. PRIORITIZE YOUR SAVINGS.
Buying a condo or any real еstatе property is a major financial decision, that’s why it’s important to be financially prepared for it. Aside from tightening your purse strings, one of the most important habits to keep is saving regularly. Here’s a proven formula you can use to force yourself to save. Every time you receive your paycheck, already subtract your savings before spending. You can also enroll your payroll account in an automatic savings program which transfers a designated amount to another savings account (preferably one without an ATM). Did you receive your performance bonus or salary increase? Immediately put it aside to make a substantial deposit (and increase) in your savings.
5. STAY FOCUSED
Keep yourself motivated by constantly reminding yourself what’s at stake. Using visuals and constant monitoring can help you stay on the right track. Stick a photo of your dream condo on your bathroom mirror or office desk to be reminded every day of your #CondoGoals. Monitor your progress through Excel sheets or financial tracker apps. Make a countdown of the remaining years/months on your mortgage and tick off every month paid with a simple treat. Whatever strategy you come up with it, it’s important to keep your eyes on the prize.
“A goal without a plan is just a wish,” as quoted by Antoine de Saint Exupery. Dreaming about owning a condo is one thing, making it happen is something else. By taking these small but meaningful steps, you can turn your #CondoGoals into reality sooner than you think.
Are you looking for a real еstatе property in the Philippines? Call 63917 555 5274 or email email@example.com to learn more about condos for sale and other real еstatе properties by Century Properties.