1) Think long term. Don’t even think of buying a house if you have no plans of staying in it for 5 years or more.
2) Know what you can afford. It is useless pining over a house or condo that you cannot pay for. Use a home loan calculator to determine whether you are financially ready or not.
3) Determine payment options. Familiarize yourself with various loan options. Options vary from one banking institution to another.
4) Obtain a pre-approval. A pre-approval is a proof that you are a serious home buyer. Banks take note of this.
5) Save for a down payment. A down payment can be between 10 and 30% of the total purchase price. So, again, make sure that you have enough savings to pay for it.
6) Hire a broker. Real estate brokers will be a big help when it comes to negotiation since they have established relationships with the developers and financial institutions.
7) Find a location. The location is the most important factor that affect any other factors when buying a property.
8) Leverage the Internet. There are hundreds of property portals online where you can find just the right house for you and your family.
9) Create a shortlist. List down 3 to 5 (at most) properties that have the amenities that you want in a house.
10) Ask questions. Newspapers and websites are a good source of information and so is your broker. Write down your questions and pay attention to the answers when you visit the properties.
11) Take photos. Upon visiting the properties, document the features of the house.
12) Round the neighborhood. Don’t forget to talk to your future neighbors. Ask them what it feels like living in such community.
13) Consult professionals. If you have no eye for details, you can talk to some professionals like a home inspector who can spot maintenance issues. A geodetic engineer can also give information on the hazards of the area that is, whether it is flood-free or not.
14) Determine what goes into the house. During a house visit, the house is usually staged so it will be attractive. Not everything you see will be included when you purchase the house.
15) Consider a second visit. After deciding on which house to buy, pay it a visit once more. Bring a friend with you since he or she can give a fair evaluation of the property.
Remember that there are several pitfalls that home-buying entails. Don’t be a victim by educating yourself with what you really have to learn about the process.
About Author : Jeric is a Filipino blogger and a business enthusiast. Currently writing and blogging about ArcaSouth, a real estate company in the Philippines that markets condominiums in Bonifacio Global City.