DUBAI: Every successful journey begins with a single step, as the cliché goes.
And renowned OFW financial literacy advocate Randell Tiongson said investors looking to start their real estate portfolio or even a bachelor planning to buy his first condominium unit must learn how to spot a great deal to make sure that their hard-earned money will turn into a valuable investment.
Here are five points to consider:
• Location, location, location!
Getting a good real estate deal all boils down to the location of the property. This does not necessarily mean that it should be at the heart of a business district or even along its peripheries. After all, location is also about connectivity and accessibility.
The key is to identify areas where it is easy to travel to and from major places of interest. Always check out deals in these lower-priced markets as they possess potential returns especially when space demands in city centers become too saturated, pushing home seekers to look for alternative locations.
• It’s a numbers game.
Citing real estate blogger Brandon Turner, Tiongson said property hunters have to understand that snapping up good deals is largely a numbers game. You have to check out tons of listings in a specific area and narrow the leads down according to your preference.
Once you have narrowed your choices, you have to analyze the value of the properties. Which among them do you think would appreciate in a reasonable amount of time and for what reasons?
• Try searching social media for leads.
Most people are now on Facebook, so it is easier to connect to potential property buyers. Indeed, some of the greatest deals can already be found via social media. You may not land the perfect deal at first try, but posts by individuals looking to sell their properties or marketing campaigns of real estate listing services would definitely give you an idea where to look further.
• Early birds get the best deals.
If you spot a listing you believe has potential, you better grab it quickly before the demand swells together with the selling price. More often than not, the one who calls and locks in the property first gets the ideal price.
In times when the seller already entertains multiple buyers, you should still act fast. Your offer must meet or even exceed the seller’s expectation of the value of the property for you to emerge victorious.
• Do your research.
To land a great deal, it pays to do your assignment. Before looking through listing sites, you have to do your part and get to know the market in general. Learn as much as you can about the current trends and make yourself well-versed with the concepts that surround the market.
Finding a great deal is not a talent—it is just a combination of the knowledge you have of the market, the practical mindset, and the creativity and ability to see things in another perspective.
It’s back! The longest-running, most trusted and biggest Philippine investment event in the Middle East region, Philippine Property and Investment Exhibition (PPIE), has helped thousands of OFWs own their very own home. Be part of PPIE 2019 on April 26-27 at the JW Marriott, Deira, Dubai to reach your aspired home. Like @ppieuae on Facebook to get tips and alerts on unbeatable deals.
