Wise Investing 101: Know How to Succeed in a Competitive Condo Market
It is undeniable that there is always this competitive side of us wherein we want to succeed in everything we do. Not just us, but we also encounter and meet people who also want to be on top and be the first in everything they do. Who wouldn’t agree to that?
There is no difference when you invest in a real estate. You will most likely encounter homebuyers who want to buy exactly the same property that you want to have. Most of the time, you felt like being robbed out of the opportunity to buy the right condo for you more so when those others were able to purchase the property ahead of you.
Needless to say, getting a chance to invest in a Bonifacio Global City condo first is going to be a tough competition. However, just because you are going to invest in a competitive industry, it doesn’t mean that you can’t succeed.
If you want to be successful in purchasing your dream condo unit, then there is the need for you to plan and decide quickly. Although some of the homebuyers like you may try to intimidate you, you can follow these tips to ensure that you are investing with confidence.
Know and determine what you really want
Before anything else, you should always start on the basics – know what you really want to have and achieve. What is your goal in buying a property? Are you going to invest in a condo unit or a house and lot? Do you want to buy a pre-selling condo?
When you know what you really want to buy in the first place, you will have the confidence and ownership of the process of buying your first condo or home, for instance. Also, with the decisions that you have made, you can get to the next step of the buying process.
Get pre-approved for a loan
The first thing you have to make sure is to obtain a pre-approved loan. You cannot proceed with your investments when you don’t have the right documents to prove hat you can already purchase the condo that you have been wanting ever since.
A pre-approval letter is one of the important documents that you need to have when negotiating and making an offer as soon as you see a condo you can live in. Moreover, there is an advantage when you have the pre-approval letter on your hand. There are a lot of banks who would offer you real estate-related services, knowing that you have the capacity to pay.
Know your finances
There will always be limitations when it comes to finances. And jumping into a final decision when purchasing a home is going to difficult on your end especially when don’t have enough budget for the down payments. That is why, it is important for you to have the pre-approval in order for you to know the upper limit of how much a lender can let you borrow considering your income, assets and credits.
However, budgeting the money that you have can sometimes be demanding. The bottom-line is you have to determine how much you are willing to spend for a particular condo unit to avoid financial problems later on.
Know the market
As a homebuyer, it is not enough for you to know where the condo building is located and who the developer is. Purchasing a condo unit is also about knowing the things that are related to the property that you want to possess. For example, you have to know the sale-to-list ratio in the markets you are targeting. How rampant is condo buying? What is a fair price for a condo of the size that you want? Or even ask whether it is realistic for you to purchase that particular condo unit?
Knowing the answers to these questions can help you decide on whether or not you are going to pursue your purchase plans or not. If you are not certain, then you have to find other condo units or other property types that would fit your needs.
Jump on listings quickly
If you are decided to invest in a condo, you may want to focus on the task. Well, if you are really into a competitive mode and want to be the first person to acquire the condo unit, then you have to make it a priority to visit the unit on the first day they hit the market.
With that, you will have a higher chance of attaining the unit at the location and position you want than those homebuyers who wait for the weekend. Moreover, being the first person to conduct an ocular visit and thus purchase will most likely avoid having to compete with other homebuyers.
Choose your agent wisely
While you may be knowledgeable when it comes to real estate investments, there is still the need for you to hire a real estate agent. This increases the likelihood of making sound decisions while at it. Basically, real estate agents are there for you to help and guide you in every step of the process. They are also the ones who can help you in achieving your desired condo unit.
Moreover, choosing a good realtor is one of the things that you have to consider. You have to choose a realtor that is skilled, knowledgeable, ethical and easy to work with. With that, there will be lesser chance that you will not get the condo that you want.
Make serious offers
Finally, know that your investments are going to be an essential part of your future. Of course, you will not invest your money, time and effort if you don’t take real estate investment seriously. However, within the ever-competitive condo market, you cannot avoid encountering some slight problems. That is why, it is very important to clarify your investment goals and stick to them.
Although the final decision will be always up to you, you must value your realtor’s opinion especially the transaction-related ones. With their good and influential reputation, you will surely get your dream condo.
Succeeding on a competitive condo market is not just about achieving your desired home, it is also about how smooth the transaction process is. It is ultimately about being satisfied with the entire buying process.