I cannot remember if it was last year or it was in 2010 when we bought our first investment as a family, a vacant lot. The lot is located in an exclusive subdivision here in the north of Manila. We acquired it through a bank loan but with God’s grace, we were able to pay it off in less then a year even if our contract with the bank is five years. We had to pay all the bank fees to have everything processed but that is better than having an outstanding loan.
So what were the things we considered prior to buying the lot?
First, I told hubby that as much as possible, we look for something that is strategically located. By that I meant, the real estate should have a good proximity to school, church, market, hospital and public transportation.
Second, the location should be safe.
Lastly, we considered our financial capability. How much money do we have? Do we have enough to pay for the downpayment? How much can we pay as monthly amortization without getting short for our other expenses such utility bills, food and others? Will we acquire the property through in-house financing or bank loan? What are the pros and cons of each? If we go with bank, which bank?
This year, I think hubby is doing another real estate move. I do not want to divulge anything at this point since everything is still unsure and I do not want to jinx it. But I am praying that it will push through.