04/05/2021
PLANNING TO GET YOUR VERY FIRST REAL ESTATE PROPERTY?
Buying your very first house is such a major milestone. It's a huge decision to make. You need to plan ahead and set priorities so you can avoid committing the biggest mistake in our life.
Before diving in, here are some useful points to consider:
1. SET YOUR GOAL - You need to understand the purpose why you are buying a property. Is it for end-use? or for Investment? If you will use the property as your residence, you need to consider the timeline on when you can use it, how many people will stay to determine the size. If for investment purposes, you need to be very selective with its location since location is one of the predictor of value.
2. GETTING READY MENTALLY - You need to be prepared mentally, since getting a property involves a huge amount and paying it takes years. Set your mind to this long term goal. Focus on the goal, be motivated and driven. After all, having a roof above your head is a basic need, and we need to work hard for yourself and for your future family.
3. PLAN OUT YOUR FINANCES - Since this involves a huge amount, you need to plan out carefully your finances. Endeavor to be better in your in your chosen field and earn as much as you can fr this long term goal. In your spare time, double up your income by having side hustles. Save as much as you can; put your money in banks to start earning 'credit worthiness' as you will need this in the future.
4. DO YOUR OWN DUE DILIGENCE - Investigate and your own research on the property you wish to acquire. Check the background of the developer if they do not have issues on project delivery, and know if they are allowed to do the business in the first place. Check also the legalities of the project (it must have licenses and permits from the government). Check also the quality of the project, hazards of the area (floods, pollution, fault lines, etc). Ask around.
5. SEEK REAL ESTATE PROFESSIONAL'S HELP - In this life's milestone, avoid bumps along the way and minimize risk by seeking help of real estate professionals. You can always get the help and advise of accredited Real Estate Sales Persons (RESP) and Licensed Real Estate Brokers (REB). Do not be afraid of them; they are trained professionally to assist you along the way. There's no added cost when you get their expertise. Plus, if things go wrong, you can seek legal action since these professionals are liable to their actions.
IF YOU HAVE QUESTIONS AND CONCERNS ABOUT GETTING YOUR VERY FIRST PROPERTY, do no t hesitate to ask me. Just PM/DM/Comment me your concern and I will endeavor to answer them here!
https://primabode.com
