6 OFW Real Estate Investment Myths Debunked
Affordable house and lot and real estate properties are the things OFW mostly invest in. However, some OFWs are still scared and are limited by such myths which hinders their perspective in investing.
OFWs are one of the reasons why real estate investment is in a higher position even after the drastic downward slope it got from the previous year.
Investing is somewhat hard if you don’t know what you are doing. A proper guide will help your way to success. Following pro tips are necessary if you’re still a neophyte however, there are also demotivating factors which, at first, prevents you from that success. These are common but you shouldn’t falter because there’s always a bright side to every scenario.
So to state, here are some of the Myths that people usually take on but aren’t that true with relevance to investing.
Myth #1 “Investing in a house and lot is too risky.”
Every choice or action in acquiring a property is risky. Of course this applies to investments as well. Any truthful source of investment opportunities always indicate a warning.
The goal is to understand the involved risks and how they are going to change throughout the time. Making an educated decision about how much risk it includes is better for you. Come to think of it, your money can have a greater potential to grow than just idly sleeping in your savings account.
Myth #2 “You have to be rich before you can invest a property”
This may be true back in the days as most real estate developers need capital as well, fortunately now they are much more stable and have several promotional materials that we can avail in a relatively lesser amount compared in the past. There are also sellers who can provide you with a very flexible payment terms and some might even approve your own terms. So investing nowadays doesn’t necessarily requires a rich person, now it is open for those who are capable.
Myth #3 “You’ll need to lock your money away”
There is no fixed period in investing and there are no penalties for selling your investment. You can completely access your money any time.
One simple tip before investing, you need to have at least a couple of months worth of expenses saved before you venture into investing. In that way, you can carefully assess your budget without having a problem with your financial outflows.
Myth #4 “You need to be an expert in real estate before you can invest.”
Sure, investments are topped by most experts but this is not limited as to those who want to start investing.
Investments are now applicable to those who are viable. Especially in real estate, product knowledge can be studied through out your investments. Certain rules are explained as well by Administrative personnel so being an expert in the field doesn’t really mean that they are the ones capable in investing.
Myth #5 “Monitoring your investment daily is a need”
From time to time, the value of the land appreciates but doesn’t really necessary require of a daily monitoring. Also, once you started to invest in a real estate property, its price wont be affected. In a positive way, once you fully own the property it’s value will continue to go high. That is why Real estate is the best investment there is.
Myth #6 “Investment is a quick way to earn money.”
Although associated with greater cash inflow, investment may or may not be guaranteed quick. Technically speaking, investment is a great way to earn money but it cant be assured a quick one. Yes, there is still an instance where real estate investment may be hard to read especially with certain factors like for instance the availability of the units in the area, speed of development in the vicinity or even its status; Pre-selling or Ready for Occupancy. There are still struggles but regardless, once you acquire property, it is a surefire way to earn money.
There are other myths and also dilemmas that starters have in mind. Some are truthful and some may be a fallacy but all of these revolves into a single answer…
Investment is your own choice and you are the one capable of creating ways to efficiently and effectively be successful in your investment.
Thanks for reading. I hope you’re having a good day.
