Before You Start Looking
Assess Your Financial Readiness: - Check your credit score (through banks or credit bureaus) - Calculate how much you can afford (use our Affordability Calculator) - Save for down payment (typically 10-20% of property price) - Factor in closing costs (additional 5-8% of property price)
Determine Your Needs: - Location priorities (work proximity, schools, family) - Property type (condo, townhouse, house and lot) - Size requirements (bedrooms, floor area) - Must-haves vs. nice-to-haves
Finding Your Property
Search Strategies: - Use Housal's AI search for personalized results - Set up saved searches for automatic notifications - Explore different neighborhoods virtually first - Visit properties in person before deciding
Due Diligence Checklist: - ✓ Verify the title (TCT for houses, CCT for condos) - ✓ Check for liens or encumbrances - ✓ Confirm the seller's identity and ownership - ✓ Review the Tax Declaration - ✓ Inspect the property thoroughly
Making an Offer
Negotiation Tips: - Research comparable prices in the area - Start lower than your maximum budget - Be ready to walk away if needed - Consider non-price terms (move-in date, inclusions)
Reservation and Contracts: - Reservation fee (typically ₱10,000-₱50,000) - Contract to Sell (for pre-selling/developer sales) - Deed of Absolute Sale (for secondary market)
Financing Your Purchase
Financing Options: - Bank housing loan (various rates, max 80% LTV) - Pag-IBIG Fund loan (lower rates for members) - Developer in-house financing (flexible but higher rates)
Loan Application Tips: - Get pre-approved before making offers - Compare rates from multiple banks - Prepare all required documents in advance - Factor in loan processing time (1-3 months)
Pro Tips
- Don't skip the home inspection - it can save you millions
- Always verify the title at the Registry of Deeds
- Keep 3-6 months of emergency fund separate from your down payment
- Consider future resale value even if buying for personal use