In college, financial management and investment are not part of our curriculum. That's why the consultative approach to selling properties in our real estate sector was born. This approach aims not only to elevate the careers of local realtors but also to provide clients with proper guidance when they decide to invest in real estate.
The challenge often begins with the question of where to start, what factors to consider, and whether there truly exists a “perfect” property.
As I continuously strive to improve how I serve my clients, I recognize the value of sitting down and talking to as many clients directly. Just like closing a sale, it's a numbers game; the more leads you interact with, the higher your chances of successfully closing a deal. Through my conversations with a diverse set of clients, each with unique profiles, needs, preferences, and investment goals in real estate, I've identified three major factors to consider when purchasing a property.
First: Property type
It's crucial to select a property type that aligns with your current lifestyle and needs. For instance, buying a condo unit may not be the right choice simply because your friends have invested in one. Condominiums are ideal for those who prefer a minimalist living style, maximizing limited space and relying on nearby amenities. They're especially suitable for individuals in fast-paced environments, where cooking, maintaining a large home, and laundry are time-consuming tasks.
The accessibility of condo living, with coffee shops, malls, restaurants, and laundry services just a stroll away, adds to its appeal. Tight security measures, such as floor cameras and on-site personnel, make higher monthly association dues worthwhile, since you also get to enjoy amenities like swimming pools, gym, and function areas.
On the other hand, if you desire space for expansion or gardening, a house and lot within a subdivision might be a better choice. For those with a specific vision for their home's design and layout, buying a lot offers complete freedom to locate living spaces, decide on the number of bedrooms, and customize the kitchen layout. Buying a lot also allows you to choose the desired lot size.
Second: Budget
Careful financial planning is essential to ensure that your property investment doesn't impact your basic expenses, such as food and transportation. While some clients have the means to purchase more expensive properties, I prioritize helping them allocate their real estate budget sensibly, considering their essential expenses. Real estate investment isn't as flexible as canceling a Netflix subscription; it requires a well-thought-out financial commitment.
Third: Location
The belief that properties outside Metro Manila should be significantly cheaper is a common misconception. In reality, numerous township developments across the Philippines create self-contained communities with schools, hospitals, malls, and other necessities.
These developments influence the market value of the area. For example, in Santa Rosa City, Laguna, township developments from various developers are in close proximity, leading to appreciating property prices.
If you seek accessibility to essential amenities and key destinations like airports and central business districts, expect a higher price tag because you're not just purchasing a property; you're investing in a lifestyle that extends beyond the perimeter of your subdivision.
Taking the first step toward buying a property can be daunting, especially for Millennials embarking on their first real estate investment. Remember that this won't be your only property; it's a step toward expanding your real estate portfolio. There is no perfect property, but there is a best-fit property that aligns with your current needs and preferences.
For inquiries and free consultation calls, feel free to message me on my Facebook page: The Property Geek.
Jireh V. Mamaclay, 27, is an industrial engineer by profession. Recognized as The Property Geek across Facebook, TikTok, and YouTube, he has transitioned from a banking role to a dedicated realtor in the South. Presently, he manages a team as the sales director of a realty enterprise. He intends to assist fellow Filipinos, particularly those within his generation, in attaining their property investment goals.