Buying yourself a new house can be very exciting, but that enthusiasm gets low as you face new challenges with your proceedings. And if you are a first-time buyer, there are so many things that you are new to in real estate. So when you are buying a house, people might suggest that you hire a broker to deal with your buying and legal procedure. But it is essential that you know or at least get familiar with the basic real estate procedure and laws. And there is no harm in getting the knowledge of real estate.
So these are ten things that you should know when buying real estate properties in the Philippines.
- Down Payment
One of the biggest obstacles people feel when buying a house is the downpayment. Some people get confused with closing cost as a downpayment, but a downpayment is an upfront payment made when closing the deal. The portion or amount of downpayment depends upon the kind of home you are buying, from whom you are buying, and your budget and lifestyle.
- Mortgage Rates
Mortgage rates are the rate of interest charged on a mortgage or the loan you’ve bought for buying the property. The lender decides these rates, and mortgage rates can vary based on the borrowers’ credibility. Mortgage rates can either be fixed or variable as time goes.
- Locality
To know about a locality is a must, especially when you are moving alone or with small kids. You don’t want to risk the security of your family or the peace of your mind. You can ask the local people or the nearest police station about the crime rates.
- Local Market
The local market factors often decide the prices of a property. These factors may include the demand for property, associated amenities, similar properties in the locality, and how much people are willing to offer.
- Property Background
Before considering a house, you must do a background check on that property to check its authenticity and why the previous owners left it. You can directly ask the seller for the photocopy of the title or the certified true copy from the Register of Deeds.
- About Seller
As you are doing your research about the property, do a quick check on the seller. You don’t want to get involved in a fraudulent agreement.
- Amenities and Facilities Nearby
Amenities are one of the factors that determine the likeability of the property. These amenities may include a swimming pool, gym or fitness area, lounge, garden, playground, etc. People with families often look for schools, hospitals, and entertainment facilities nearby.
- Compare Prices
Once you are clear about what kind of property you want, look for similar properties in the same locality and compare their prices. Thus you can get an idea if you are getting a reasonable price or not.
- Payment Methods
Nowadays, sellers are offering various flexible payment methods at your convenience to close a deal soon. If you have any particular requirements about making payment, you can discuss that with the seller. Choose what suits you.
- Associated legalities
You can hire a professional to do legal procedures in transferring the title. Transferring ownership requires a lot of paperwork like new ownership terms or analyzing the deed, registration, and many more formalities.
These are some important things you should know about other than the real estate vocabulary. But theoretical knowledge is not enough; you have to get into real estate to know it. To get yourself involved in buying real estate properties, connect with an authentic platform and make investments that are right for you.