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Tag: how to save money for luxury home
₱2,000 — ₱2,000,000,000
Type of housing
What are different ways you can save money when buying luxury properties for sale in the Philippines?
- Get a good real estate agent
- Buy during the off-season
- Ask the opinion of a luxury advisor
- Stop using credit
Buying your own luxury property for sale in the Philippines is a worthwhile, but an expensive long-term goal for an aspiring homeowner such as yourself. To be able to get one, you need to have at least tens of millions in cash. It can be difficult to have savings of that amount even with a full-time, high-paying job. Thus, it would be good for you to know the different ways you can save money for your dream luxury property.
Get a Good Real Estate Agent
Enlisting the help of a good real estate agent is the most economical choice you can make. When you have the help of a talented real estate agent at your disposal, you can save money because of one very important skill that they have — the ability to negotiate a good price. Usually, this agent is used to closing deals in a way that will not only please clients but also pleases the seller of a luxury property for sale in the Philippines.
Thus, this person can probably make the price of the property you want much lower by making a great deal with the seller. By the end of the negotiation, you’ll be much closer to paying for your dream luxury home in full!
Additionally, realtors prevent you from spending unnecessarily because of their knowledge of the real estate market. The market for luxury properties is basically a collection of trends; what is popular, what is new, what is worth your money, and what is not. For example, you may want to buy a house for 50 million pesos, but your realtor knows there is a comparable house 30 minutes away that costs less than that price.
Buy During the Off-Season
Generally, things cost their lowest during the off-season because there is very little demand from customers — deluxe homes for sale in the Philippines are no exception. These off-peak times are the best if you want to buy your ideal luxury property for a much lower price.
Usually, the purchase prices of luxury houses are at their lowest from October to November, while it is the most expensive during the month of June. The average cost of luxury homes is at their highest in June because this is usually the time families are looking for homes to settle in before school starts. Because these homes are being sold quickly, you won’t have enough time to make a deal.
When October and November roll around, sellers are more desperate to make a sale because the houses have stayed so long in the market. These are usually the same people who have bought their new homes during June and now badly need to get rid of their old home. The longer these are in the market, the lower their value. These months are the times you can negotiate with the seller to buy the house at a lower price, and in return, save a lot of money.
Ask the Opinion of a Financial Advisor
Financial advisors differ from real-estate agents because they are mostly interested in your monetary situations. They want to know if your net worth is enough to purchase your ideal property, and if not, will help hatch a plan which will lead you eventually to your goal.
These advisors are usually talented in the areas of taxes and accounting. Some even choose to specialize in long-term investments such as luxury properties. If you find an investment/financial advisor, you are in luck. First, they understand the risks of buying a house. Second, they also know what opportunities you need to take to be able to save while buying that dream property.
Stop using Credit
No matter how financially literate you may be, it is hard to resist using credit cards beyond their limit. These items falsely make you feel richer than you are. It is just better to not use them for the sake of your long-term savings.
Besides tempting you to purchase more than you should, they can lower your savings by burdening you with exorbitant interest rates. When you buy a luxury home on credit, you end up paying a higher price than what you would have had you just paid for it straight up. Usually, credit card companies will charge an interest rate of up to 18% to the original of a luxury property.
The dream to buy a luxury property for sale for yourself is a serious commitment. Not only do you have to generate enough cash for the purchase itself, but you have to do so while sustaining yourself. Thus, these different ways of saving money will make sure you accomplish your desire by removing unnecessary things from your lifestyle and making important processes easier to accomplish.
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