Are you planning to buy a new house in a subdivision or condo unit? These days, there are so many pre-selling units that you can buy for a supposedly cheaper price from so many developers. But how will you know which one to choose and where to buy?
We prepared this handy guide to help you out.
1. Choose Only a Trusted Name
These days, there are so many new developers trying to sell housing units in subdivisions or condo units in high-rise buildings. While you can give them a try, it’s still best to choose those that have established their name in the real estate business.
You don’t want to invest your money in pre-selling units that take forever to build and might even have substandard materials.
2. Assess Your Finances and Buy Only What You Can Afford Now
It’s really tempting to buy a unit, especially because these days AirBNB and other options allow homeowners to earn money from these real estate properties.
However, before you count the money that you might earn with these investments, make sure you can actually afford to pay them now.
Your investment will turn into wasted money when you fail to make several payments now because you fell short of your budget.
Remember, most developers won’t return your money if you decide to cancel the purchase, especially if you had only paid less than 2 years. Even if you get your money, you still stand to lose a huge bunch of it.
3. Determine What You Want and Do Your Research
Even if you’re buying from a trusted contractor and are sure that you do have money to pay up, you have to make sure that you won’t lose your hard-earned money.
If you’re planning to buy the house or condo unit for your family, check how far it will be from your work, the kids’ school, etc.
If you’re planning to lease it, check what the place has to offer and whether there’s actually a market for rental properties in the area.
Remember, a house or condo in a central location can be more expensive but it allows you access to everything and might be easier to rent out or lease.
