We cannot escape real estate. It has always been existent whether we like it or not.
Now that you are capable of owning one or at least owning has started entering your consciousness, let us take a look at the journey that you will embrace.
Here are the stages of owning a real estate property:
- Sourcing – in this stage you search for properties that you like, whether it is a condo unit, a townhouse, or a house and lot. You search online and offline. You search properties in the internet or social media. You also search properties though real estate flyers and brochures being distributed in malls and other locations.
- Inquiring – once you have a shortlist of the type of property you like, you start asking questions to real estate brokers and agents. You ask about the contract price, payment terms, turnover date, exact location, among other things.
- Viewing – you start visiting condo showrooms or model houses so you can feel and imagine how it is to live in the property that you are going to buy.
- Deciding – your viewing experience will determine this stage. If you are ready, you then decide to buy the property and proceed to the next stage. If you are not yet ready, you repeat the experience of Stages 1, 2, 3 and 4.
- Reserving – you secure the property by paying the appropriate reservation fee which ranges from P5,000 up to P100,000 depending on the type of property.
- Paying –this stage might be the longest depending on your available cash flow. If you have saved enough, paying the property in full will save you thousands of loan interest. If you have a steady income, getting a loan will be a wiser option as the monthly amortization may not consume a big chunk of your budget or savings.
- Moving In – this stage captures one of the sweetest moments in your life – to finally move in to the property that you have saved for and to the property where you can rest, dine, sleep, or do whatever you want.
- Maintaining – while you pay your property you also take care of its wear and tear and you do this while you are still paying your property or even if you have fully paid it.
Selling or Transferring can be another stage. Time will come that due to planned or unplanned circumstances, there will be a need to sell your property or leave it to transfer to a new one or a bigger one. Once you decide this, the cycle repeats again.
Now where are you in your real estate journey at the moment? Any milestones or challenges? Leave your comments please.