IS IT WISE TO SECURE A LOAN TO BUILD A HOUSE?

If you have ever thought of this question, then you are at the threshold
 of a big decision. One that will significantly affect the direction of your life.
FACTORS TO CONSIDER BEFORE THE MOVE
1.      Is the house for residential or commercial purpose? If it is for a commercial purpose, there is the tendency that it will begin generating revenue once built. Also, will it be located in a strategic position?
This will affect how quickly and how much it will generate revenue. On the other hand, a residential house will not generate funds to service or perhaps pay back the loan. Therefore, it will be a poor decision to secure a loan for a residential building. However, if it is purely commercial structure, then you need to stretch your imagination in these areas:  how long will it take to recover your capital? Will the generated revenue be able to pay the interest and the capital?
2.      The interest rate: most banks’ interest rate is high. You don’t want to put your neck into a noose of debt that will drag you down. So be careful.
3.      The cost of building is high: work out your budget perfectly and know the exact amount to start and finish the project. Otherwise you might start and get stuck on the way. Don’t let this happen to you.
THE BOTTOM LINE
The answer to the question at the outset depends on a thoughtful consideration of the factors considered. You can also rely on your business acumen and experience to take a decision.
WARNING: if you are inexperienced in this field, please it will be in your best interest not to venture into it. Call 07031384722 or 07054107283 for a consultation. View properties listed for sale here: www.facebook.com/propertytycoons
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