Being left out in the dark is something that most of us don’t want to experience.
Maybe in the past, you have experienced being left out in the loop of certain information that you think you need to know and you feel really bad because you’re the only one who doesn’t know about it. We as human beings want to be informed of the latest trend, latest market conditions, or the latest news because we want to be always in the know. But what if you have no information about one of the most important aspects of your life and you miss it? What will you feel right now when you know you’re risking your family’s future by being unaware of the facts that you need to know?
That’s the same with the lack of knowledge about your property.
The following are the risks you’re giving yourself and your family about not knowing about your property.
Missing on savings
Many are worried about monthly installments but a lot also doesn’t know about good debt and bad debt. Good debt is money owed but will help you build wealth or increase your income over time, on the other hand, bad debt is money owed that puts little to no benefit to your finances.
Do you know that your house or your property can be your savings tool?
Property is a very important savings tool once you understand how paying monthly actually helps you to save money consistently. On average, 70% of your monthly payments go back to yourself and the 30% is to pay for the interest? So you are saving 70% every time you are paying monthly too. Thus, by not knowing about this and how this relates to your current property, you are actually wasting money! You could have been saving money by now.
You’re leading yourself to Regrets
There’s a saying, you don’t know what you don’t know. Thus, by following our own limited judgement, it will handicap our decision-making process if we are not given options or perspectives to consider.
We are prone to decide on what limited information we have which is risky when it comes to our property because it may cause us a lot in the future.
It’s best to decide if there are available options and are viewed from different angles and perspectives. Then we will be confident of what decisions to make and will not regret in the future. If you have a chance to make decisions knowing all the available options before deciding, would it help you have a better judgement?
You are prone to Making the Wrong Decision
Decisions based on “I think..” “I feel this is..” “I have a gut feel..” is very dangerous and is the number 1 trap homeowners make whenever it comes to property. Emotions can cloud our judgement when we base our decisions on them. We tend to underestimate the risk when we are excited and feelings of sadness cause us to settle on what’s available.
Can you imagine making the biggest decision potentially based on limited info, data, research, and numbers?
It would be very risky. There are 2 criteria to deciding about your property today.
- Emotional Criteria
- Logical Criteria
Thus, before we consider the emotional criteria, we fill the knowledge gap of the logical aspects with research, data, and numbers to back up our plans and decision-making process so we go in with our eyes open and confident of the outcome.
It is essential for you as a homeowner to be aware of your property.
Stop risking your family’s future and take the necessary steps right now to make use of your property for the benefit of your loved ones.
To start, here are 3 simple steps you can use to review your property and gain knowledge about it.
- Know your property details.
- Look at past transactions.
- Tabulate the financial sums.
With this knowledge, you can start planning about what you and your family’s future will be. What lifestyle do you want to have and how do you want your retirement to look like.
Start now if you want to have a bright future ahead. Failing to plan right now is the recipe for a bigger problem in the future.
If you are overwhelmed and don’t know where to start, we at Singapore Real Estate Insider are very eager to help homeowners like you be successful in their real estate journey. We have a PROVEN and EFFECTIVE method to help you step-by-step in your Real Estate journey that is based on facts, data, numbers, and the latest market trend for your safe entry and exit plan.
Reach out to us and we will gladly help you to be aware of your current property situation.
