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Overcome Buyer's Paralysis When Buying A Condominium In The Philippines
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Overcome Buyer\'s Paralysis When Buying A Condominium In The Philippines

A real estate business is something many people want to go into such as buying a luxury condominium and have it rented. However, they just cannot because of this buyers’ paralysis. A buyer’s paralysis holds someone to push through with the investment. It may have its own beneficial reasons, but it surely brings adverse effects, too. It deprives someone of the great investment opportunity for sure. Here are some of the buyer’s paralysis when buying a condo and how to overcome them.

Be Strong Enough to Make a Decision

The prospective buyer was looking at multiple condo units already. The realtor wants to pull off her hair because of frustration. The buyer is paralyzed, letting him have one condominium after another pass him by. He just cannot make a decision. Though buying a home is an overwhelming process, the buyer does not have to do all the bloody steps alone. There are all major decisions to make including one that would greatly affect a financial situation. A condo home may put a roof on the head, but it is not a liquid asset nor a growing investment. Though it appreciates, it also needs maintenance and repair expenses. That is why it causes a commitment phobia.

When planning to buy a condo unit, see which part is the major hindrance to making a decision. If it is about finances, see which aspect serves as the greatest obstacle. Examine the need - if the family really needs a condo home. A home’s benefits are providing the family with a quality life, tax breaks, stable environment, rising real estate values and a lot more. If these benefits seem not attractive, then the buyer should not bother thinking about buying a condo home in the first place. However, if they sound very significant, making a plan is important. Then work with the real estate broker who can give great guidance. Most importantly, make a decision so that investing in real estate becomes a reality and be strong enough to stand on it.

Consider the Investment Cost Thoroughly

Buying a condo in the Philippines can involve a mortgage. Some realtors may suggest that living in a better and bigger condo can bring real convenience, comfort and happiness. However, stretching oneself to buy an expensive condo unit is not ideal at all. That is why some buyers have this fear of over-spending. It is important to buy a condo that basically meets the needs, even if it is not the most luxurious and expensive ones. The buyer is the best person to know his financial capabilities more than anybody else.

Live Within or Below the Affordability Level

It is important to consider what the buyer can afford today and in the future. Realtors may entice the buyer to buy the more expensive executive condo. However, some financial advisors said that housing should be at most 25 percent of the family’s earnings and that a condo buyer must be sure that he shall have a salary rise, that his income is stable and that he shall able to handle big unexpected expenses in the future. Even if these are assurances, it is still better to live within or even below one’s means. Condo buying should not be over buying. Then the buyer’s paralysis of fear of overspending shall be addressed properly.

Prioritize Specific Goals

One trait of a buyer’s paralysis is a conflict of goals. For example, a couple wants to buy a bigger condo because they plan to have a child and want to add some space. However, buying a bigger unit, and adding a member to the family can both affect the financial situation. One has to give in. A large mortgage cannot bring genuine happiness, even with the coming of a new baby. The important thing is to prioritize goals and not bring all the financially-affecting plans together. Prioritize what is most important – buying a bigger condo unit, having another baby, going back to college, buying a new car or paying a personal loan. Then target that priority first, one at a time.

Try to Solve Marriage Problems First

One of the most difficult personal issues to address is a marriage problem. This is something that cannot be handled by a realtor. In the presence of a marriage problem, buying a condo is still a major decision and may not solve the couple’s problem. It may take long years to pay and if being pushed through and the marriage breaks, it may leave one person paying the condo debt alone. The buyer should be able to predict and plan this first. Better still, have the marriage problem addressed first as that is one cause of a buyer’s paralysis. Then condo buying or even making money in real estate can just follow.

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