Author Topic: WISE TIPS WHEN BUYING YOUR FIRST REAL ESTATE PROPERTY  (Read 3705 times)

Offline ProvidenceIloilo

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WISE TIPS WHEN BUYING YOUR FIRST REAL ESTATE PROPERTY
« on: January 30, 2017, 09:14:03 AM »
January is almost over but who says its too late to add more to your 2017 resolutions?
Honestly, regardless if it feels like you are already on the right track, everyone could use a little advice or a few tips especially if its your first time to invest in a real estate property. This is a big leap in your financial road map and could have been triggered by intentions of having your own home, looking to open a new business, or just plain real estate investing.
Here are some points to keep in mind based on insights from personal finance experts and advocates:
Be sure to check your savings, cash flow and ability to make the purchase. Use a spreadsheet to review and check your living expenses against your income for at least the next 5 years to have a clear view of how your real estate purchase will fir your budget.
Never buy real estate just because of marketing tactics like discounts or early move-in dates. Make sure you are able to pay the monthly amortizations for the property on a long period of time. Big purchases out of impulse will be a disadvantage and problem in the long run.
Consider other expenses aside from the monthly amortization of your housing loan if you decide to get one. There are expenses not initially disclosed by sales agents.
Do your research and expand your financial literacy first. Know everything about the property you are interested in history, location, labor, numbers, and papers. Review the contract and get the experts for tips and advices.
Weigh the value of the property to you and the people that matter to you in 15, 30, 50 years from now. Ask yourself if you can afford it. Do you really need to buy the property or will your money increase more if invested somewhere else (mutual funds, stocks, etc)
In the end, the smartest way to do this is to think long-term, have a goal, and think of a reason why youre doing the purchase. Not all real estate property is automatically an investment if you dont make it as one.
Own a home with Providence Iloilo! Visit our website www.providenceiloilo.com or reach us at inquiry@providenceiloilo.com

Offline Calvinmiki

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Re: WISE TIPS WHEN BUYING YOUR FIRST REAL ESTATE PROPERTY
« Reply #1 on: April 11, 2017, 04:30:54 PM »
Is the book available?

Offline marksmith

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Re: WISE TIPS WHEN BUYING YOUR FIRST REAL ESTATE PROPERTY
« Reply #2 on: July 21, 2017, 01:52:44 AM »
Hi Caroline,
I totally agree with you, A good credit record and money to pay the mortgage is required to buy the first real estate.
Thanks!!

Offline ThorKon

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Re: WISE TIPS WHEN BUYING YOUR FIRST REAL ESTATE PROPERTY
« Reply #3 on: July 24, 2017, 09:06:51 PM »
Very good advice, thank you for sharing! Here are some more tips and additional information on the topic https://tranio.com/how-to-invest/ To buy property you need to work out your strategy, think of all the possible risks and additional costs and regular expenses. It will help you find what you want and be ready to make a successful purchase

Offline haleysantos

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Re: WISE TIPS WHEN BUYING YOUR FIRST REAL ESTATE PROPERTY
« Reply #4 on: December 07, 2017, 03:17:36 PM »
This can be a good time to re-introduce this kind of topic now that 2017 is ending. This can serve as a reminder as well for everyone that you need to take good care of your financial status and standing in order to really have a good credit standing not just for the moment, but also when you will be needing it in the future.

2018 is fast approaching, and I really think and believe that things would be good and well for all of in the start of the new year. Most people don't follow the new year's resolutions, but to head start everything, is one of the best things that you can do for it.
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« Last Edit: December 08, 2017, 09:12:45 AM by haleysantos »