17.4.08

Wanted: a Good Condo Acquisition Plan

My cousin who’s a nurse, working on a foreign and European traveling luxury liner for over five years now is excited about the idea of buying her first real estate property here in the Metro. Initially, three years ago, she’s had the chance to buy her 2 hectare farm land in the province. The land is now fully paid and her cash crops are earning her well, thank you.

Her plan is to buy a condominium property as soon as possible. She was able to inspect and evaluate the unit the last time she was here while on her annual vacation. She loved the property’s location and “looks like” she “could afford it”. It’s a good investment to prepare for her “daughter’s schooling accommodations when the time comes”.

According to her, her current financial picture is: she has enough money in savings and time deposits. She also has a life insurance which is on its fifth year of payments. Her available cash is more than enough to buy the property in cash, plus the rest of the processing and incidental fees. But then she say’s that will almost deplete all her cash in the bank. And she doesn’t like that idea. I told her why not take a mortgage

Taking a mortgage perhaps with a large down payment will be a good financial arrangement in making this acquisition. I am sure she has a good financial credit record, because she just finished a three-year amortization plan for her high-end van. She has a credit card she says, which only her family use. Her family, meaning her mom and a daughter lives in the ancestral home in the province which she also helped renovate.

A research is in order I suggested. There are property and mortgage specialists who can help in evaluating the many different types of loans available. These specialists know precisely the unique requirements of home buyers and home owners. From first time condo or home property buyers to current ones, these experts find and provide all sorts of loan financing such as a mortgage, refinancing, or home equity loans. I told her, “that if you look in the web you’ll find one which matches what you need.”

And that’s one good, solid advice. Made me feel good:-)