It is every man's dream of finding a place to live, a shelter to provide for his growing family or a place of serenity and comfort in the confines of his very own space and even want to sustain the lifestyle that he wants. It has become diverse from its needs and wants not just the typical aspect of living in a house as home but somehow it has become a need of the few to live in high-rise condominiums or in beach house facing the sun and the sea with the cool breeze where you can taste the salt in the air.
Buying is very difficult and requires tedious and meticulous task, investigation and lot of legwork just to find the right the place for you and your family. Here are just a few steps to considered in finding the right home for you.
THINGS TO DO BEFORE AND AFTER BUYING:
1.) LOCATION - This is the most top priority of first-time home buyers. Your future home must be the convenient for you and your family. It may be a stone throw or few minutes away from supermarket, churches, schools and other important place that you do on your daily grind. Accessibility from point A to B must be at ease in doing so. Taken to consideration the jeepney rides to and from or vice versa or your gas mileage you can save for your car on your way to work. It is also important to ask around or survey if the neighborhood is peaceful, any flooding there during rainy season so that it won't be a hassle for you.
2.) BUDGET - finding the best deal for money is not easy. Just ask this question, Can I afford to buy this house or this property? You must learn first your income capabilities and other assets you can use as mortgage especially with banks. You must try pick the right house at the right time which will not strain you of your hard-earned cash in getting that perfect home. Budgeting is planning the expenses and revenues to be used just to acquire your dream home. Do not forget to ask the financing schemes choices available for buyers which will be convenient and applicable to you as a buyer. Most houses in the Philippines are available through Cash payment, Deferred Cash, Bank Financing ( banks are becoming competitive and have lowered interest rates to get new applicant for Home Loan for up to 20 years or more) and In-house Financing (higher at most starting at 16% to 24% interest per annum).
Currently, Home Development Mutual Fund (home loan from a government agency) or PAG-IBIG Fund has lowered from six (6%) percent interest rate starting at one (1) year to 30 years at twelve (12%) percent interest rates.
For Bank Rates, different banks are offering very low rates so don't forget to shop around and ask which bank offers the lowest interest rates fixed in how many years. So far, 8.5% interest p.a. is the lowest that China Bank (China Commercial Banking Corporation) and Bank of the Philippines Islands Family Bank at the time of this writing.
3.) SIZE AND TYPE - a house, condo or any structure to be used as home must be ample for you and your family. It meets the standards and quality that will last in a very long time and at the same time be a legacy to your children. As a home buyer, you should have foresight on what you will need and want to do with your home if you have children or expanding your home just to accommodate your growing family. House can be bungalow (ranch style), loft-type to 2-storey house in the suburbs or even within a studio to three bedroom condominium in a mid to high-rise building within the bustling city.
4.) HISTORY /BACKGROUND CHECK - Do not forget to investigate who you are dealing with (either the owner or from a land developer if it is a housing project) and property you are looking for. Beware of fraud, con artist with fake titles and be vigilant in falling prey with these criminal elements. There are times when the property you are buying is not what it seems to be and definitely has encumbrances or likewise not for sale at all. It needs to verified and checked at the Register of Deeds and also the Bureau of Internal Revenue (B.I.R.). All you need are photocopies of a Transfer Certificate of Title (TCT) or Condominium Certificate of Title, Tax Declaration, Location Map/Plan. If you have no time going to these places you can hire the service of a licensed real estate broker. A Licensed Real Estate Broker should be reliable and knowledgeable in detecting fake titles and determining the authenticity of the title of the property in question wherein he/she can give you transparent report on that particular property you want. Check first for the broker or agent if he/she is registered with Housing and Land Use Regulatory Board (HLURB).
If the property is mortgaged , it should have a Clearance to Mortgage from the HLURB.
For project developments, you can ask for the License to Sell from Housing and Land Use Regulatory Board (HLURB). You should also ask the date of completion of the projects.
5.) OCULAR INSPECTION - it is wise to conduct a site visit on the property, walk around it once in a while or make a drive by around the neighborhood and survey it. If you are inside the house, be meticulous in looking for flaws which need minor repairs and maintenance at the same time. You may not know that this particular unit is falling apart especially homes built more than 10 years or more (depends on the quality of materials used) so that when you move-in, you would have peace of mind and no worries at all.
6.) DOCUMENTATION - this process is very tedious and requires a lot of attention and emphasis on legal matters. You should read thoroughly on all the contents of the Contract to Sell especially the terms and conditions in fine print. Do not sign any blank form of the Contract to Sell. Always secure a copy of the Contract to Sell and all the documents you need to sign and make sure that the Contract to Sell would be registered by the owner/developer to the Register of Deeds. On payments, please pay directly to the owner/developer o the marketing agent authorized by the owner or developer. Do not forget to ask them to issue you official receipts and keep your receipts on file.
I hope this information blog could help you in finding that home in honest, clean and in a legal process that would achieve your dream home. Good Luck.
Buying is very difficult and requires tedious and meticulous task, investigation and lot of legwork just to find the right the place for you and your family. Here are just a few steps to considered in finding the right home for you.
THINGS TO DO BEFORE AND AFTER BUYING:
1.) LOCATION - This is the most top priority of first-time home buyers. Your future home must be the convenient for you and your family. It may be a stone throw or few minutes away from supermarket, churches, schools and other important place that you do on your daily grind. Accessibility from point A to B must be at ease in doing so. Taken to consideration the jeepney rides to and from or vice versa or your gas mileage you can save for your car on your way to work. It is also important to ask around or survey if the neighborhood is peaceful, any flooding there during rainy season so that it won't be a hassle for you.
2.) BUDGET - finding the best deal for money is not easy. Just ask this question, Can I afford to buy this house or this property? You must learn first your income capabilities and other assets you can use as mortgage especially with banks. You must try pick the right house at the right time which will not strain you of your hard-earned cash in getting that perfect home. Budgeting is planning the expenses and revenues to be used just to acquire your dream home. Do not forget to ask the financing schemes choices available for buyers which will be convenient and applicable to you as a buyer. Most houses in the Philippines are available through Cash payment, Deferred Cash, Bank Financing ( banks are becoming competitive and have lowered interest rates to get new applicant for Home Loan for up to 20 years or more) and In-house Financing (higher at most starting at 16% to 24% interest per annum).
Currently, Home Development Mutual Fund (home loan from a government agency) or PAG-IBIG Fund has lowered from six (6%) percent interest rate starting at one (1) year to 30 years at twelve (12%) percent interest rates.
For Bank Rates, different banks are offering very low rates so don't forget to shop around and ask which bank offers the lowest interest rates fixed in how many years. So far, 8.5% interest p.a. is the lowest that China Bank (China Commercial Banking Corporation) and Bank of the Philippines Islands Family Bank at the time of this writing.
3.) SIZE AND TYPE - a house, condo or any structure to be used as home must be ample for you and your family. It meets the standards and quality that will last in a very long time and at the same time be a legacy to your children. As a home buyer, you should have foresight on what you will need and want to do with your home if you have children or expanding your home just to accommodate your growing family. House can be bungalow (ranch style), loft-type to 2-storey house in the suburbs or even within a studio to three bedroom condominium in a mid to high-rise building within the bustling city.
4.) HISTORY /BACKGROUND CHECK - Do not forget to investigate who you are dealing with (either the owner or from a land developer if it is a housing project) and property you are looking for. Beware of fraud, con artist with fake titles and be vigilant in falling prey with these criminal elements. There are times when the property you are buying is not what it seems to be and definitely has encumbrances or likewise not for sale at all. It needs to verified and checked at the Register of Deeds and also the Bureau of Internal Revenue (B.I.R.). All you need are photocopies of a Transfer Certificate of Title (TCT) or Condominium Certificate of Title, Tax Declaration, Location Map/Plan. If you have no time going to these places you can hire the service of a licensed real estate broker. A Licensed Real Estate Broker should be reliable and knowledgeable in detecting fake titles and determining the authenticity of the title of the property in question wherein he/she can give you transparent report on that particular property you want. Check first for the broker or agent if he/she is registered with Housing and Land Use Regulatory Board (HLURB).
If the property is mortgaged , it should have a Clearance to Mortgage from the HLURB.
For project developments, you can ask for the License to Sell from Housing and Land Use Regulatory Board (HLURB). You should also ask the date of completion of the projects.
5.) OCULAR INSPECTION - it is wise to conduct a site visit on the property, walk around it once in a while or make a drive by around the neighborhood and survey it. If you are inside the house, be meticulous in looking for flaws which need minor repairs and maintenance at the same time. You may not know that this particular unit is falling apart especially homes built more than 10 years or more (depends on the quality of materials used) so that when you move-in, you would have peace of mind and no worries at all.
6.) DOCUMENTATION - this process is very tedious and requires a lot of attention and emphasis on legal matters. You should read thoroughly on all the contents of the Contract to Sell especially the terms and conditions in fine print. Do not sign any blank form of the Contract to Sell. Always secure a copy of the Contract to Sell and all the documents you need to sign and make sure that the Contract to Sell would be registered by the owner/developer to the Register of Deeds. On payments, please pay directly to the owner/developer o the marketing agent authorized by the owner or developer. Do not forget to ask them to issue you official receipts and keep your receipts on file.
I hope this information blog could help you in finding that home in honest, clean and in a legal process that would achieve your dream home. Good Luck.
About the Writer
CRB Benedict Baluyut is an associate real estate professional of C. F. Baluyut Realty with PRC REB License No. 8358. He is the current Vice President for External Affairs with Real Estate Brokers Association of the Philippines, Inc (REBAP) - Pampanga Chapter.
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