It is every Filipino’s dream to have a home that they can call their own. Many are even working abroad to earn more money so that they can buy a property in the country. In a 2013 report by the Philippine Overseas Employment Administration (POEA), their record shows that there are over 2.4 million overseas Filipino workers deployed abroad.
However, buying a real estate property can be a bit challenging. There are times when deals don’t push through because of problems including insufficient knowledge on how to go about the process or a lack of familiarity with proper documentations.
What do you do when your transaction falls through? Of course you don’t give up. Overcome these hurdles by keeping these eight ways in mind:
1. Be prepared.
Preparation is the key when buying a home. Make sure you are armed with the right knowledge. The first thing you do is to come up with a checklist. You should put down all the things you have to look into before you proceed with viewings or negotiations. It is necessary to learn as much as you can about the property you are thinking of buying.
2. Set aside a budget for your down payment.
You have to be financially ready before you purchase a house. As such, decide early in the planning process how much you are willing to spend and how much you can afford. Similarly, manage your expectations. Stick to your budget! No matter how tempting another home may look like, if you can’t pay for it in the long run or you’ll have difficulty meeting with the payments, then don’t even think about getting it.
3. Take your time.
Buying a home is not like shopping for clothes or groceries. You can’t be an impulsive buyer. There’s no 7-day warranty in this type of transaction, wherein if you find something not to your liking, you can request for a replacement or a refund.
Look at different properties. This will make it easier for you to narrow down your choice since you can compare each one and determine which is the perfect home.
It is important that you don’t rush the home buying process. This is an expense that involves thousands of pesos of your hard-earned money. Depending on the urgency of your need, it’s best to sleep on the decision overnight once you’ve decided on a property.
4. Stay informed.
You are protecting your future asset by being an informed buyer. Read on the news and keep abreast of what is happening in the real estate industry such as who are the top developers in the field and where is the best place to buy. You can use newspapers, online portals, or even ask trusted friends for information. Knowing the market will give you an idea if it is a good time to buy a home or not.
Aside from watching out for common scams, you should also familiarize yourself with Philippine real estate laws. This will let you know what rights you have as a buyer or how you can further safeguard your interests.
Also, don’t hesitate to ask questions from the developers and the real estate agents. You should know upfront what are the terms and conditions involved when buying a home.
5. Find out the track record of the real estate developer.
Before you settle for a particular condominium, make sure that the property developer is reliable and trustworthy. Compare the developer’s track records and see which company really delivers and provides high-quality service.
What success stories can they tell about their developments? Were they able to complete their projects on time and did the quality meet your expectations? It is also good to note how long the company has been in the industry, what are their niches, and how financially capable they are.
6. Choose a reputable real estate broker.
While you can directly talk to a home owner and negotiate with them, you might want to hire a professional as well. It is ideal, especially for first-time home buyers, to get the services of a registered real estate agent because they are more familiar with the processes and the documentations needed. This will make it easier for you to transact with the seller. Furthermore, in the event of fraud or other dubious acts, you can take action against the broker and file a formal complaint.
To verify if the real estate broker you are dealing with is legitimate, go to the Philippine Regulation Commission’s website and use its “Verification of Professional Licenses” service that is found on a box on the rightmost side of the page.
7. Check out the neighborhood.
After inspecting the house and identifying if there are problems that need to be addressed, don’t forget to tour the neighborhood. Be sure to acquaint yourself with the area before you make an offer. This is an important, yet often overlooked part of the home buying process.
Touring the area will help you find out if the neighborhood will complement your lifestyle or give you an idea how the setting would affect your stay. Some of the things you have to know is if it is in a flood-free place, what are the common crimes to watch out for, and how accessible is it to your workplace and other modern conveniences.
8. Negotiate properly.
The negotiation process is a very critical part when buying your home. You should know how to properly go about so that you’ll achieve a “win-win” situation. You can read on home negotiation techniques to get you started.
When making an offer, find out why the seller is selling. This will immediately give you an idea how low can the price go. If there is an urgent need, the seller might consider a lower offer; but if it’s for retirement purposes, sellers may not be motivated to accept your offer.
Shop for the right home
Don’t be discouraged when your first foray in home buying doesn’t push through. Having more time to prepare is better so that you are armed well and you won’t have any regrets in the future.
Want to view more real estate properties for sale in the Philippines? Check out condos, houses and lots, and townhouses for sale.
