by Caren Tiangco
Image from http://sgramosrealty.com/listing/southwoods-lots-for-sale/
I was on a year-long assignment abroad and got to save my income since my top priority was to buy a lot and build a house.
Why should you buy property?
If your family is renting, buying your own place is having an asset versus an expense. Property can likely appreciate in value compared to most goods which get consumed or depreciate quickly. With properties, may maipapasa ka sa pamilya mo- you can see where your money went at may naipundar ang pinaghirapan mo.
Sa pagkakaroon ng sariling bahay, your family can stay somewhere safe and live in a community you love. But isipin lagi na don’t overspend- buy only what you can afford to pay, maintain, and retain.
Steps in buying property
1. Figure out the right budget.Who will need to contribute to it? Is everyone committed to the target amount?
Image from http://keepupwithmrsjones.com/much-money-lose-budget-2014/
To determine this, dapat ready na ang cash downpayment. Next step is, kung kailangan ng financing, tingnan kung magkano ang monthly payment na kaya mong bayaran and for how long. This is where security of your job and income must be considered. Bukod pa rito, there are other expenses related to property purchase such as Transfer of Title costs, bank fees, furnishing and appliances, and the monthly overhead expenses to maintain such as house.
If you are having a hard time determining the correct budget, have a financial planning session with a financial advisor.
2. Determine location, type, and size of property
Do you prefer a house and lot (new, renovated, foreclosed or for repair), townhouse, condo unit, or lote lang (to build a house on later)?
Location is very critical, mas maigi ang bahay kung malapit sa schools or workplaces ng mga maninirahan dito. Today, there are many ways today to shortlist—many online sites are available that detail location, price, and with photos so you can easily research and narrow down your options.
3. Start searching.
Now that you have determined the budget, location type, and size, you can consult with a PRC Licensed Broker na mapagkakatiwalaan para tulungan kang maghanap ng good options that match your needs. Mahalaga ito para hindi maaksaya ang oras mo lalo na kung you only have a few days back in the Philippines to accomplish your goal of buying a property.
4. Prepare to buy.
Once you have found your dream property, then you are ready to buy. Magsisimula ito with an accepted offer detailing how you will be paying – the price and when. But, before signing those contracts and parting with your hard-earned money, there are some safeguards to check for your transaction. Ang pinaka-important na gawin ay i-verify or ipa-certify the Title and Tax Declaration.
Sa pagbabayad naman, if you will do it through bank financing, the appraisal fee you will pay also allows you to do a third-party check via bank financing.
Para sa certification of documents, pumunta sa Registry of Deeds. Patignan kung totoo ang TCT at CCT. Siguruduhing ang iyong ka-deal ay ang totoong seller, baka naman nagbebenta lang ito ng property ng iba.
Kung kukuha ng loan, prepare your proof of income along with your proof of identity.
Other points to consider:
1. On pre-selling– It would be ideal if you buy a “what you see is what you get” property.
If you are buying based on a promise, do check out the actual contract and terms of what you are buying since its not a furnished model unit you will actually get. This is where the reputation and credibility of your seller really matters.
Image from http://careeratnrc.com/land-contract-video-series/
Ask around for satisfied and dissatisfied past clients so you now what you are getting into.
2. Purpose of purchase– Kung bibili ka not for personal use, kunwari, for investment, do understand how it can make you money, and understand the additional taxes and all the additional expense na kasama nito.
Some say they buy for rental income- do learn how to manage a rental business. Make sure you have expert help in finding a tenant, doing repairs and maintenance, and covering the taxes.
Since this is likely the biggest purchase your family will make, do understand the pros and cons of the property you want to acquire.
Good luck in your property search and God bless your soon to be new home!
Caren Tiangco is a PRC Licensed Real Estate Broker / Lifetime PAREB Member and experienced Marketer. Formerly with Marketing Manager of SMART and Procter & Gamble, Caren, together with husband Broker Choi, now runs EXPERT REALTY Brokerage with a vision to help provide dream homes for their Buyers and EXPERTMARKETING for the property of their Sellers. They also engaged in MultiList with their nationwide network of Licensed Brokers in PAREB. They are also both licensed FINANCIAL ADVISORS to help their clients do financial planning and get the right BANK Loans. For any inquiries, you can reach them firstname.lastname@example.org