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Property purchase dilemma.


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I want to purchase a land property in a very good location and the price is fair,but I may have to use almost all my savings,not sure if its wise to do that, but I really like the property because the location will bring good rent when I put up the building.

im worried i may regret it if i dont do the purchase.
I've been contemplating this since last week when the agent informed me about the property.
I will really appreciate helpful suggestions, Im not sure i have much time left before somebody else make the payment.

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Do enough research to know for certain that there can be sufficient rent received if you build a building at the location. Never feel pressured to buy because of what a salesperson tells you--many, not all,  of them are only in it for the money they can make. There are a few who are honest. (This is what I did in my previous work life.) Rely on the advice of someone that you know and trust personally, maybe a current or retired property owner.  After you have searched and researched and you then feel deep down that you really want to do this, go for it. My husband and I did it for about 10 years until we retired and moved away. I am now considering getting back into the business again. 🤔 

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You don't say if the building you want to erect is for commercial or residential use. I was a partner in an agency specializing in residential leases. If you are thinking of a commercial building, then you need to factor in the local economy. A fine building will bring in no income without tenanted space.

If you're thinking of a residential building, then you need to allow for possible problems with tenants not paying the rent, damaging the property, legal delays in eviction, etc. It didn't happen very often for us, we kept a tight grip on things, but it does happen. If those circumstances would be a disaster for your own financial outlook, think carefully.

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5 hours ago, Ishaya said:

I may have to use almost all my savings, not sure if it's wise to do that, but I really like the property because the location will bring good rent when I put up the building

 

If you use all your savings to buy the property, how will you be able to put up a building?

 

Make sure you count ALL the costs.

 

 

"Let all things take place decently and by arrangement."
~ 1 Corinthians 14:40 ~

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Sounds like a long time, time investment. Normally, you could do what we did. My husband already had the property. Pulled in a mobile home. (Small) and built a room adjacent to it. 
Today, some 40 years later, we have a home that he built, pretty much. It’s two story, simple, but my dream country home. It has an upstairs master bedroom, an upstairs bathroom, down stairs, the rest of the house that includes two rooms that would be bedrooms, if we had children. 
One of those rooms will be my Zoom service room, and one, where I can bead. Yes, I am spoiled, but it has been a long process, and it’s not yet finished. (The tribe is doing a rehab. Stressful, but a dream come true) 

I want to age without sharp corners, and have an obedient heart!

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Thank you so much Brothers and Sisters,your comments has been very helpful.
I have decided to discuss with the agent to allow me to make the payment twice within interval of three months.he has assured me he will do his best to convince the owner of the property to accept this arrangements.
Thank you very much.

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