Here are 8 guide line of getting your own place , Have you been thinking or getting your own property? Start your very first investment to increase your net worth or even start planning for your future? Fortunately, this is great news for you! Getting a property is not hard as you may think. It doesn’t really need to shell out huge amount of money just to acquire a property.
In this article it will show you 8 guidelines on getting your own property as early as possible. if you want to fast track your assets or multiply your net worth? Real estate investment is the best investment vehicle to achieve that goal.
Here are the 8 guidelines of getting your own property.
1. Decide on a goal
Deciding on a goal is simply knowing what you want for the property like what do you really need? Do you need that is something spacious or has hotel type amenity? Do you like a place somewhere near your office as a half way home? Or want to get the best value for money that would maximize your investment. In buying properties it should be an added value to your life. It should make your life much more convenient. Imagine having your own property near to offices, malls, schools it will save you a lot of money, time and energy since just a button away from your place you can already enjoy this lifestyle.
2. Know your timeline.
Knowing your timeline is very essential in the process of acquiring a property. Having a timeline is knowing that when you will start saving up, when to start planning and when to start to get your own place in this way it will help you track you goals or simply if you achieve your dream home.
3. Find yourself a credible real estate agent and developer
In the modern age we can easily get the information almost everything in social media. You can just browse and search in your timeline in facebook or see some advertisement online to find a credible real estate agent that will help you all throughout your investment. Finding the right real estate agent is very crucial since he/she will be the one to do the aftersales or customer service so how will you find a credible agent? Look to their social media account and do a background check if the agent is legit and where does he/she study or what does he do or expertise on.
Going for a well-known developer is also essential in own a property in this way you will not be worried if your property will be turnover you are assured that a good developer means they are liquid and well-funded to deliver your home and can finish good quality home to you.
4. Determine and qualify a property that will fit your preferences.
Looking for a home that will fit your preference is simple finding the right home for you like where do you want to live, how big is the home you need and what type of home are looking at is it modern luxury? does it has amenities in it.
After determining the property, you have to qualify the property. does your budget match to the property that you desire? It is very important to check on the price and value proposition of the property. know that the property will give you the best value for money and if your current cash flow is enough for you to buy a luxury home then go for it, you deserve what you work hard for.
5. Get NO DOWNPAYMENT SCHEME
Some developer here in the Philippine offers NO DOWNPAYMENT SCHEME most specially in MEGAWORLD CORPORATION. What benefits of no downapayment scheme? It means that you have low cash out on the property because standard of acquiring a property is with a downpayment of 30% in which you pay up-front to the developer. What’s even better is that you just have to pay monthly amortization to the developer which is payable to 3 to 4 yrs. For example, for the 1-bedroom unit your monthly amortization will start at 18,000 per month. Great deal right? As an investor this is a great investment since you are not putting your money in one basket in this way you can still invest your money on other ventures to increase your cash flow even more.
6. Start Building your equity by paying monthly installments
Going back to the NO DOWNPAYMENT PAYMENT SCHEME as you pay your monthly to the developer. You are actually building an equity portfolio to the developer. Equity is usually 30% of the total contract price of the property.
7. Save up for the property turnover balance
While paying a monthly installment to the developer which is minimal cash out on your part in which you can save up for the upcoming turnover balance after 3 or 4 years of paying monthly amortization and paying the 30% equity through monthly amortization. the last part is paying the rest of the 70% which known as turnover balance.
I know you may think how will I pay the turnover balance and it’s intimidating to pay it but no worries the turnover balance can be either be pay in cash or bank financing. On the investor’s perspective the best way to handle the turnover balance is through bank financing and since you have already an equity portfolio which is a requirement to the bank you are already pre-approved on your home loan and what’s even better you may stretch your payment for turnover balance either 5, 10 or even 15 years in which you will also be paying monthly installment to the bank. Also you may consider if you have extra cash on hand you may pay it to the developer to lessen your turnover balance in this way it will be a advantage for you since you will loan less then you will also pay less on the bank interest. Which is win-win scenario.
8. Get the keys of your dream home
After paying your monthly amortization to the developer before you know it 3 or 4 years had already gone by and your property is ready. In this period, you may live in it or you may rent it out which it makes a self-liquidating unit which can also pay your dues and bills on the bank.
Now let’s work on your dream to come to reality!