Browsing Tag

budgeting

Money Matters

8 Tips to Get Started in Investing in Your Own Property

Contributed by Mandy Yanga

Who doesn’t want to have their own property, right?

Admit it—you’ve always dreamt of investing in a property. You’ve probably even exhausted the books, magazines, and blogs about it—that is, about success stories, about how to do it properly, about tips, and so on. More than that, you’re also hunting for actual properties, such as poring over the listing of the townhouse for sale in San Juan, among others.

But if this is your first time investing in your own property, then it’s easy to get overwhelmed and to be confounded by the whole process, which is why people sometimes quit before even getting started.

If that’s the case, then you’ve come at the right place. This article will explore the tips on how to get started in investing in your own property.

1. Know your budget

This is a very important step to get started. It’s as easy as listing down all your assets, your income, and taking into account your expenditures. Doing this will give you an idea on how much available money you have for investing.

Plus, don’t forget that you can (and you will need to) apply for loans. If you’re employed and have a stable income, then it shouldn’t be that difficult for you to secure a loan.

2. Acquire a pre-approval

Contact your bank regarding a pre-approval for your loan. This will give you an idea on how much you can actually borrow before you begin looking for prospective properties.

In fact, this stage can also be considered an extension of knowing your budget.

3. Keep in mind the ongoing costs

Ensure that you also allot sufficient budget for ongoing expenses, such as insurance, general repairs, and so on.

And once you finally have a property, do your best to do routine checks on it so that you can avoid expensive maintenance issues in the future.

4. Start budgeting

Now that you already know the basic financial matters that you need to take into account, it’s time to dive into this task—it might not sound very alluring, but this is crucial in guaranteeing that your income and expenses are balanced.

5. Identify your goals

What exactly do you want to achieve? What are you looking for?

To make your goals more specific, you can set a deadline for each of them as well. This can also serve as your guideline.

6. Opt for a growth area

This is especially important if you consider on having your property rented. It’s recommended that you choose an area where there’s a demand for rentals, such as being in close proximity to schools and other establishments. The townhouse for Sale in San Juan is also an excellent choice.

7. Be smart

In order for you to make smart decisions, it’s important that you arm yourself with the necessary knowledge. Read a lot about the market and about investing. This will also help you in avoiding property peddlers.

8. Always stick to your goals

It’s advisable to always, always be cognizant of your goals—about what you intend to achieve, and when you should have them accomplished, and so on.

Key Takeaway

Everyone wants to have their own property, whether it’s for residential or business purposes.

Before you visit that townhouse for sale in San Juan, however, there are certain things that you need to take into consideration to make your investment more seamless.

Money Matters

Financial Wisdom, Come Back to Me!

I’ve been a bad money manager.

I used to write regular posts about financial wisdom, saving and investing in my old blog (if you’re interested in reading them, here’s my old Finance Friday series). To be fair, I am still very much interested in learning about the proper way to manage personal finances.

Then life happens.

When I had a full-time job (still homebased but very different from my previous long-term freelancing gig), I was suddenly thrust into a fortnightly payment scheme. What a vast difference from my old once-a-month pay!

And, get this: regular pay. Haha I know this sounds weird to people who have always held regular paying jobs, but for someone who used to get paid on a per-essay basis (read: no essay/work, no pay), this was a welcome change.

12501900_1526209297672918_1631079742_n-1024x768So I got used to life with a regular salary every two weeks. And then I got comfortable — too comfortable. Before, because I couldn’t predict how much work I’ll get in a month, and because I receive my salary only at the beginning of the month, I needed to be careful with how I spend the money. I create budgets, follow them strictly, and even set some aside for an emergency fund and a retirement fund. Looking back, I was wise with money.

But now, not that there’s anything wrong with being paid regularly and on a fortnightly basis (in fact, I am very thankful for it!), it seems as if I forgot the values that made me financially wise before. I can spend everything I receive in one fortnight — down to the last peso — without fear because I know it’s only a short matter of time before I receive another pay. I could live from paycheck to paycheck because I needn’t worry about the immediate future.

What a dangerous mindset to have.

This year, I’m making the conscious decision to commit to growing my financial wisdom again. Here are the specific steps I plan on doing:

Continue Reading