Owning a house is on every Filipino family’s wish list. Here’s the step-by-step on how to buy your first one;
1. MAKE A LIST OF NEEDS AND WANTS.
Evelyn Solis, vice president for marketing ans sales of One Asia development Corporation, says the list should include the parameters of your decision; location, accessibility and aesthetics.” Don’t rush for the sake of buying”, she advices.”Rushing might later yield a bad result” Solis says family members must rank their needs and wants before finalize their plan to buy a house. Dad and Mom, for instance, must consider the location of their workplace and their kids schools vis-a-vis the prospective house.
Many real estate developers stress proximity of their projects to such important places such as hospitals,churches, schools, malls,markets,cemented roads,and public transport systems. “These are important considerations for the buyer. In these times of burgeoning population in metropolis, grueling traffic is a major factor, “Solis says.
Of course, it’s important to ask what type of housing you are looking for, Does the family wants to buy a house and lot or a condominium unit?
For instance, a newly married couple might buy a condominium unit because they’re living a fast-paced life. But this could change later when they become parents and want bigger space for their kids or for after-office activities such as walking in the park or tending a garden in their backyard,’ says Solis.
TIP: Think long-term. The real estate expert says decision-makers in the family must be prepared because, unless you’re buying to invest, a house is a long term project that’s by no means an easy undertaking. Consider changes in incomes and ages. Consider too your collective commitment. Is the family willing to sacrifice of monitoring and supervising the construction of the house?
2. CONSIDER YOUR BUDGET.
How much can you afford? Do you make an outright purchase to get huge discounts? Is your money just enough for downpayment? How much monthly amortization can you afford to shell out? If you need some financing go to your bank and check their requirements for a housing loan. Also check if you’re eligible for a housing loan.
TIP: Look for banks that offer low interest rate. Choose one that offers fixed rates rather than floating rates.
3. SCOUT FOR THAT DREAM HOUSE.
Although oil price hikes are pushing prices of commodities skyward, take the advantage of the still recovering real estate market to find great bargains. Look through advertisements, referrals from friends,brochures passed around in malls, and even in newspaper notices from banks wanting to dispose of foreclosed properties.
Join open house trips conducted by property developers, says Solis. You might also want to scout online to save time.
TIP: Foreclosed properties are cheaper. Depending on the property’s location and phydical condition, the properties being auctioned off are five percent to 30 percent lower than the market price of similar properties in the area.
Once you spot some possibilities you might want to bid on, do serious inspection. Study the location, neighborhood, and affordability. Factor in renovation costs as the property might need some repainting or total demolition.
4.TAKE YOUR PICK.
Given your family’s requirement and what the market offers, you can now choose as a family. In the family, Solis says, the wife usually makes a decision based on what she feels; the husband on what he thinks. Remember to balance these aspects, she advices.
5. DO A BACKGROUND CHECK ON THE PROPERTY DEVELOPER.
Check the developer’s licenses and permits to sell. See if they are approved by the Housing and Land Urban Regulatory Board (HLURB).
TIP: Get a developer which offers an affordable financing scheme.
Great tips.
You might also want to deal with brokers who are specialist. If you want to buy a house in Ayala Alabang, you want somebody who is an expert in that area… you don’t want somebody who is an expert in a different product like condominiums, townhouses, etc.
This might save you a lot of time and unwanted hassles.