Get inspired with this Millennial Entrepreneur
In this day and age, everything is financed. We spend thousands of pesos on degrees that just don’t reward us like they used to. Life, as a whole, seems more and more expensive and we’re not really engaged to put money that we don’t really have into a market we don’t really trust.
Nonetheless, an investment that is obviously traditional, yet historically consistent, is Real Estate. All things considered, today is the best time to invest in real estate as a millennial – and this interview from a young entrepreneur, Ms. Rosemarie Tan, is going to tell you why.
Ms. Rosemarie Tan, a 24-year old entrepreneur who is currently managing her own businesses; a pet shop, restaurant, and a spa have seen that having a condominium is one of the greatest investments she have.
“Maganda po kasi yung mga condo investment kasi habang tumatagal, pamahal ng pamahal yung value. Unlike sa iba, kunwari gadget, cars, nagdedepreciate agad siya, so sayang lang.” -Mr. Rosemarie Tan
Investing your hard-earned money is a hard thing to do and equally as frightening. But with the way the market is evolving, real estate is a leading way to plan for the future, sustain your living situation, enjoy a supplemental income (if you rent it), and put your money towards something that will reward you later down the road.
Millennial shouldn’t be hesitant to get into the real estate market just like Ms. Rosemarie Tan, just don’t forget to do your own research, decide what’s practical based on your condition, and if the situation allow, invest in your own condo.
Read these additional guide to condo investing if you think this is the route for you.
- Ask Questions
“Can I afford it?” and “Which condo is right for me?” is a good question to start. By trying to answer related questions, prospective buyers go through a reality check that puts forward their personal circumstances and top considerations.
- Know your goal
Owning a condominium means defining whether you are buying to own (potentially live in) or buying as an investment.
- Are you financially ready for this?
Aside from making sure that your monthly salary can comfortably cover the monthly amortization, you should also be aware of other costs that may be included in purchasing a condo. Charges outside the contracted price, construction bond (if any), monthly condo dues, mortgage fee (if applied as loan), and other fees that cover expenses associated to supporting the maintenance of the condominium property.
When it comes to investing, it is best to step lightly. Don’t rush into it if you don’t have enough funds to get started.
When buying, have a thorough research and study if it is a good property for investment.
Whether for personal use or investment, the value of a property is only as good as its location and its developer. Studying the value of similar properties in the same location will give a hint as to how the condominium’s value can appreciate over time. Research on the developer to check if they have a good reputation. Check their track record if they completed the construction of all condos they’ve pre-sold. Remember that banking on a good, trusted company should be part of your investment decision. Ask a lot of questions – possible terms of payment, additional discounts your broker can specifically offer, inclusions, and make sure you plan out how you will finish paying for the unit and how you will financially sustain its upkeep. Fully paying a unit is not the end. There are others costs to sustain so make sure that too is considered when you decide where to invest.
Conduct a study if it is a good property to live in.
Before buying , ask yourself, “Is condo-living for me? Does it fit my lifestyle?” and these questions will be answered by your thorough research on the pros and cons of living in a condo, which can result to concrete plans for each step of your home ownership journey.
Your first property investment is a good practice in investing, dedication, persistence, and responsibility. Home ownership is an immense step into transitioning into adult life. It is a physical materialization of your hard work and success, and will definitely be a lifetime source of achievement.