After many years of hard work, it’s only natural that we’d want to reward ourselves with a little prize for all our efforts. A common investment is real estate – a second house. A place where the family can go during the holidays to get away from the hustle and bustle of regular life that exists in the primary home.
But before you decide to sign the first contract offer shoved in your hands, here are a few things you might want to consider.
Can I afford it?
The very fact that you’re reading this gives us fair reason to believe that you’ve already set some funds aside for your future real estate investment. Feeling doubtful? Let us help you with that and repeat after us: I CAN DO THIS.
Don’t be dissuaded by the thought that only the rich can afford real estate investments. Right now, there is a movement among real estate and land developer’s scene in creating leisure communities for the middle class. A primary example of this is CItiGlobal with its projects Fontaine Villas and Clifton Resorts Suites all in Tagaytay.
Is the neighbourhood safe?
Nothing says comfort like safety. Your new home, however perfect, can be ruined by bad neighborhood. Be careful of over-the-telephone transactions; don’t bank on giddy and warm sales talk. Always do site visits. Consider the surrounding areas and ask yourself the following: is it close to town center? Who are my neighbors? Why am in the middle of nowhere? When dealing with security measures, go the whole nine yards.Trust us; you’d want your holiday home to be a safe one.
Would it make a good investment?
In addition to neighborhood, also consider your future plans during site visits. What do I want to do with this place? What can I actually do with this place? Is it to remain as is, or do I want to make improvements? If so, what, why and to what extent? Take notes and be imaginative.
Also, it’s important to consider your Return on Investment (ROI). Will you be able to get your money’s worth? Or did you just spend a sizable chunk of your fortune over some bad personal investment? Not to worry, here’s a start.
The key is to develop business acumen. It’s common knowledge that property value appreciates annually. More especially if it undergoes significant development. Think of this: many holiday homes offered today are strategically located within close proximity to scenic and tourist spots for a reason. Don’t let your realtors have all the fun. Be your own business man. In four to five years, it’s like you didn’t spent a penny at all.
For more information how to make the most of your second home, click here.
Is it easily accessible?
Kindly please consider the distance between your primary house from your planned second one. While roadtrips are always fun, you don’t want your travel time longer than your actual stay. Plus, once renovation starts, you can bet you’ll start travelling like crazy to and fro to check up on the improvements. Think 1-2 hours – 3 hours tops. Anything beyond that, better make sure you have sufficient rest day or so before heading for the road again.
Can I take care of it?
Your new home’s set, the furniture bought, the walls painted – everything is going exactly according to plan. Top of the line question: who’s going to maintain it? Many private properties undergo a slow and depressing decay due to neglect and unfinished maintenance: Large, white-painted townhouses with sharp grills and high walls oozing with dry rust; lush and overgrown with grass and thorny foliage; with gates barred, roofs perforated, and interiors faded and dusty – like something straight from a horror movie.
Be sure to make a habit of a bi-weekly house visit – or better yet, if you have extra cash in your pockets, hire a housekeeper. Hire someone you trust who can do these visits and sprucing up for you. Don’t let your holiday getaway become a holiday nightmare.