4 Mistakes Real Estate Investors Should Avoid
Buying and
selling affordable
house and lot in the Philippines is a good way to make money but it won’t
be easy that’s why avoiding some mistakes might save you in the long run.
These are the 5 mistakes real estate
investors should avoid:
Lack of Research
When buying gadgets
what we usually ask for are the models, its features and its advantages from
other models. Ask a lot of questions and try to determine whether purchasing it
is worth the money. This is what should be done when buying a property but a more
strict due diligence should be observed.
Questions that you need to ask when buying a house:
- Is the property built in the
vicinity of a commercial site, or will long-term construction be occurring
in the near future?
- Does the property reside in a
flood zone or in a problematic area? Such as ones known for termite
problems?
- Does the house have foundation or
permit "issues"? What is new in the house and what must be
replaced?
- Why is the homeowner selling?
- What did he or she pay for the
home and when?
- If you are moving into a new
town, are there any problem areas in town?
Abysmal Financing
When
buying a house, many are unaware that they are choosing the wrong financial
option of buying their house. Many buyers tend to buy variable loans where they eventually pay the price when interest
rates rise. Buyers should make sure that they have the financial flexibility to
make the payments if the rates go up. Nonetheless, if they are not flexible income
to pay the rates, they should go with a fixed-rate
mortgage.
For mortgage rates in the
Philippines just visit this link: http://www.foreclosurephilippines.com/best-financing-home-loan-interest-rate-comparison-chart/
Being a Know It All
Many
buyers think that they know it all because they have closed a real estate deal
in the past. Though it went smoothly in the past, there is no assurance that
future deals can be successful too.
As a
real estate investor, you should befriend experts that can help you make the
right purchase. Experts that you should have should be, real estate agent, a
home inspector, a handyman, a good attorney and an insurance representative.
These experts would be a great help in case problems arise.
Overpaying
Finding
the right house that will suit your needs is really very frustrating. The
problem here is when a house that meets your needs come, you are pressured to
buy a house that you think is the right one. Because of this you tend to be
anxious that your dream house would be bought by others. With too much emotion
about the house you like, you tend to overpay and end up buying a house that is
not on your budget.
To
avoid overpaying, what you should focus is on researching homes that you like
and its comparison with the others of its kind. Do not rush on buying your
dream house.
Mixing
your buying decision with emotion is very dangerous. Relax and be patient on
finding the right house for you.
For
affordable house and lot in the Philippines, visit Vistaland International’s site
here http://www.vistalandinternational.com/.
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