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Useful tips to help you invest in real estate in The Philippines

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If you are thinking about investing in real estate in the Philippines, then there are some things you will need to know. Like with any other investment, real estate is something you need to do proper research before getting into it, but the earlier you enter into it, the better it will become for you.

Here are some of the factors to keep in mind, and will go a long way to making your experience a positive one.

Plan with the end in your mindset

Before investing in anything, you must answer some questions, which include:

  • What do you see financial freedom as?
  • What are some of the things you want to achieve from your investment?
  • Is the investment going to give you financial freedom, or the chance to pursue your actual life purpose?
  • Will it give you freedom of time?

The answers you have to these questions will ultimately give you your ‘vision’. This will ultimately help you remain focused on what you want to achieve.

Educate yourself on how real estate works

Real estate is a risky area to get into when you do not have any knowledge about it, so you will need to familiarize yourself – no matter the country you are dealing with.

For instance, if you want to concentrate on foreclosed property, real estate auctions are probably the best place to learn and observe first, before you attempt to purchase anything. You should also ask as many questions as possible, even when buying properties.

Other aspects to learn include taxation laws on real estate, the legal rules and procedures of property ownership and transfer, real estate laws in the country, and so on.

Attend reviews and seminars for real estate brokers

This is another way of acquiring knowledge about the country. You do not need to do it so that you become a licensed realtor, although it can still assist you to achieve this goal.

Find the niche you want to work in

You cannot know everything extensively – you need to focus on a few areas at most. Preferably, this should be near where you work, live or generally just near you. As a general rule, it should not be more than 30 minutes away from where you mostly are – otherwise, you will be wasting your time, resources and efforts.

For instance, you cannot focus on an entire city and the real estate intricacies of that market. You will need to focus on a specific area within the city itself, and find out as much as you can about it. this will allow you to spot genuine and fake deals when they come along.

Let others know you are an investor

This will help you get some extra money when they need consultation services, so make business cards and alert as many of them as possible.

Final thoughts

Becoming a real estate investor in The Philippines requires plenty of research and work to help you make the right decisions when the time comes. It is additionally important to make as many friends as possible within the industry, as they will come in handy when you are thinking of buying a property and will advise you accordingly.