Real estate investing is not a piece of cake and Investing in Philippines real estate specifically has it own challenges. You have to put in a lot of effort and have even more patience. investing in Philippines real estate is not a get-rich-quick-scheme. The rewards though can be lucrative for investors who are in for the long-term and willing to purchase and properly manage a piece of real estate property but for most people real estate investing risky.
There are many strategies that can be used in order to be successful in real estate. Usually, investors buy an old house, renovate it and sell for a profit. Other investors purchase a house and sell it only after so many years when the market value has increased. A common strategy is to buy a property and have it rented thus giving you a permanent passive income in the process.
Yet, a lot of people get overwhelm by the prospect of investing into real estate and voluntarily quit before they even begin. But the fact is, real estate investing is not complicated but pretty simple if you know some of the age old techniques.
Here are some tips that may help you in real estate investing. They are very easy to understand if you are focused and determined to succeed:
1. You have to have the necessary finances and resources. It would help if you list down your assets, income, expenses, and liabilities as well. Through this way, you will know if you are capable of making that investment and how much cash you are able to invest. You can resort to getting bank loans if you have limited funds. It would be good if you have a pre-approved loan from a bank or a mortgage broker. You may opt to start small by buying first a duplex or a 3 to 4-door apartment, just for you to get feel of the business.
2. If you have your eyeing a specific property for your Investment in Philippines real estate, do not just buy the property instantly. You have to do some research on the zonal value, market value and the prevailing value of the property to avoid overpaying the property. It is always essential to do due diligence on the property in order to check also if the title and other documents are free of encumbrances and adverse claims. You must always aim for a good and profitable deal.
3. You have to check rules and regulations governing the specific property you would want to invest in. You have to check if they have the necessary locational clearances, or are within the appropriate zoning regulations (ie comeercial, residential etc) You have to be aware also of the accessibility of the site, safety of the location, as well as the reputation of the developer. It would be good to check also from reliable sources that the site is not situated on the earthquake’s fault line or that there are flooding issues.
4. If you have prospective renters for the property you are investing in, it would be good to screen all your future tenants. It is very important for the success of your investment if you have renters who pay on time and do not do damage to the property. You also have to make ready the necessary lease contract in order for the rental contract to be legally binding between the parties, you as the lessor, and the renter as the lessee.
Are you seriously considering investing in Philippines real estate, lets look at some of the options available
ARTICLE COURTESY OF http://realestatenetwork.ph/