By: Benedict F. Baluyut, RMT, REB, REA, RFP
"Have you dreamed of acquiring your very own
home? Have you imagined, seating on your porch, sipping your morning
coffee and reading your newspaper. Seeing your neighbors in the street
mowing their lawns or cleaning the front yard? Or just getting ready for
morning rush of going to work."
Buying your first real estate
residential property requires tedious and multiprocessing tasks of
properly planning and making wise but crucial decisions. Buying a house
doesn’t involve you as a breadwinner but involves your wife as a
co-maker and a borrower and the whole family as beneficiary in securing
your very own home and in the right neighborhood where you can live and
flourish.
In my current experiences a real estate professional
(PRC licensed real estate broker) it points to these important
questions I raise for my clients before buying their prospective home?
Where is the location and accessibility of the house?
– For first time buyers, real property must be located in a very
accessible to main thorough fares and public transport, proximity such
as schools, markets, church, business establishments, work place /
office and others. The golden rule in location is that it the home
should be close within range of the conveniences on your planned
homestead;
Do you have a working budget – For most licensed
real estate broker / real estate salesman will ask you these questions
if they have a ballpark figure of the property the prospective client
wants to buy. These should be disclosed in order for them to find a
property with their listings and would lessen the time in searching for a
right listing;
Are your finances in order? – For most first time
buyer, they should be financial ready, sound and capable in putting on
the down payment for their dream home. A down payment of a home may vary
from the standard 20% to 30% but with most developers can offer lesser
at 10% during promotions by the marketing strategists of these property
developers. Usually, a real estate professional would provide explain
the intricacies of the property and give you a sample computation in
order to have an idea on how much a property will cost in the long run.
With the increase trend of socialized housing in recent years, the
“Rent-to-own” payments schemes had been paved by socialized housing
developer to attract prospective clients on such properties;
Are you prepared to take mortgage or loans? – There
are payment options available in borrowing money from a financial
institutions or agencies such as a bank, private lending firms, and even
the Home Development Mutual Fund (PAG-IBIG Fund). A credit
investigation and background check is done by their credit
investigators. If a prospective qualifies on the standards of the credit
investigator of the lending institution. He or she is given an approval
on lending their money needed to pay the property to the property
developers. Financial documents, your Net Disposable Income (NDI) or
daily to monthly expenses of cost of living and other pertinent details
should be in order in getting your loans approved. Putting everything in
order is crucial to fast track your acquisition of your dream home.
Currently, there are available real estate financing schemes in the
market and most of their interest rates per annum may vary starting at
4% to 18% per annum on the years of the property will be settled from a
minimum of one year to maximum of 30 years, fixed rates and adjustable
mortgage rates are also available;
Security, amenities and other facilities of the house where it is located?
– Most buyers will not settle for less on the safety and security of
their loved ones. Safety and security has become a top priority for
prospective clients. Some would prefer to live in secure and good
neighborhoods such as a private subdivision, townhouses and clients may
prefer in non-subdivision residences.
Other things to remember: Are you prepared to add
extra cost on these? Homeowners Association Fee for those living in
private subdivisions, real estate taxes, Property Insurance and Deeds of
Restriction on the subdivision you intend to acquire your property etc.
With the growing consumer confidence of most Filipinos going high,
many people have dream of owning a property but are hindered with the
facts that it involves higher understanding on finances that an average
Juan do not understand but the pride of ownership is somewhat an
achievement for those who have acquired and already paid the mortgages
and liens it reflects on their resiliency of saving for their future as
it adds to your financial net worth in financial report card.
Originally posted at http://www.pinoymoneyvantage.net/2013/06/on-buying-your-first-home.html
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