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15 Advice That You Must Listen Before Embarking On Real Estate. - By Maricor Bunal
Before you embark on an investment in real estate development, you need to do your research and ask for advice. From starting out to finding a provider of loans in the Philippines, others have experienced it before. Listening to these tips will be important in determining the direction you take, the mistakes you don’t make and the profit you hope to earn.
Before you go any further:
1. Start with a long-term plan and know exactly what you eventually wish to achieve.
2. Create short to medium term goals in the interim. Develop your long-term business strategy with achievement markers.
3. Educate yourself in the real estate workings and make sure to stay up to date in new market trends and laws. You may even want to be certified as a real estate agent.
When you decide to go for it:
4. Find and choose your niche market and study the real estate specifics of that market. Become an expert in your specific field so that you can better spot great deals.
5. Know your target. Do not be limited by your target property area and be informed of the buying and rental habits and desires of the people as well.
6. Advertise yourself. Let everyone in your phone book, on your social media page and in your local community know that you are now a real estate investor.
7. Expand your contacts and join a group or club of real estate investors.
8. Understand your financing options. Research on who are the best providers of real estate loans in the Philippines and what options you have for financing different real estate projects.
Now find your property:
9. Know where to find your property, plots, or developments to invest in. Also, know which places give you investments at the best price.
10. Avoid deceptions. Don’t trust appearances and always ensure that you have inspected the property before investing. You don’t want any terrible surprises.
11. Find trusted appraisers that will give you an accurate value appraisal of the property so that you won’t end up paying well over the market value.
Buy your property:
12. Ownership verification is essential to ensure a legally binding property title transfer. Ensure the title deeds transfer, as well.
13. Don’t be afraid to negotiate with property vendors or your provider of loans in the Philippines. You may be able to negotiate better prices or interest rates.
14. Have full awareness of your options, whether you want to sell ‘as is’, rent properties renovate to sell, subdivide to sell/rent or build and sell/rent.
15. Mind the timeframes you are working with – ensure you have building crews waiting or ads ready to run as soon as titles transfer. If renovations run over or you don’t rent/sell your properties, you could be liable for bigger bills.
These are bits of advice to get you started on the road to real estate investment. Some of it relates to what happens after you buy a property and is important in building your long-term real estate strategy.
Author:
Maricor Bunal has been a Project Manager and Content Writer for a long while. Her passion in writing is her main drive in crafting articles that are engaging, informative, and meaningful. Her partnership with Loan Solutions PH has given her a whole new opportunity to take writing to a whole new level.
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