Few years ago a couple looking for property for their first home. Since it’s their first time in searching property. They try to contact all those contact numbers they saw in property for sale. Along roads or subdivision they saw and like. Unfortunately the prices are too high and could not afford it. They realize that
they need to be specific in location and budget to find the home they want.
Today we are lucky because of our present technology. And searching properties become easier. To help you better a few things would I like to share.
five key points in buying real estate properties
1. As a buyer make some list of your property preference.
- Location – near your office friends and family.
- Flood free – this is very important because it affect your daily activities during rainy season.
Type of development – property classification are:
- House and lot
- Mid-rise condominium
- High rise condominium
2. Budget – when buying a home bear in mind. You are spending money for a reason. And for long term benefits. And prices varies on the:
- Type of development
3. Check available properties in the internet through:
- Developer’s websites – here a buyer can speak to developer’s representatives and assign property specialist to assist you about properties you are inquiring.
- Brokers websites Realty company websites – here a buyer can speak to Company representatives and assign property specialist to assist you about properties you are inquiring. Personal website – for the purpose of advertising. To inform the public of properties available. The Real Estate Broker / agent gathers all of his property listings and put in his / her own personal website. Here a buyer can speak directly to the website owner. Classified websites – in this website individual brokers, salesperson and developers list their properties. Example of advertising sites are:
(All of this type of websites has one common purpose (To inform the public what properties are available in the market today.)
4. Reservation Process -You need a friend or license broker, accredited salesperson and duly authorized by the developer to do the job. In assisting you through the process of your property purchased. In these order:
- Site viewing – a broker will show you a model unit for a preselling property. Or actual unit for ready for occupancy units
- Help you choose a unit. At present availability on that project.
- Assist you in filling-up a reservation agreement for your unit. And the buyer will pay the equivalent amount serve as “ Reservation Fee”
- He / she will ask you some documents. To process your property purchased. Such as: marriage contract, proof of billing, and proof of TIN etc.
- Paying your monthly amortization – a month after your reservation of unit;
- If the unit is at preselling period – the buyer will pay monthly amortization for the down payment ex. 20% down payment 80% bank financing. During this period the equivalent amount of the 20% will be divided until the Turn Over date of unit. And at least 3 month before Turn Over of units. Bank loans for the 80% should be process to avoid delay to move in at your units.
- For ready for occupancy unit. Normally developers require buyer to pay down payment in full within a month. And the balance is payed through bank financing or in house financing. 5.Turn Over of units – property is now ready for occupancy. Buyers already paid the down payment. Loan takes out. Buyer is now ready to move in.
- Buyer – this is the day were the buyer feel the joy of fruit of his / her labor. During turn over. As unit owner carefully check your unit. If it is delivered as per the contract agreement. Before accepting the KEY. And sign document for accepting your unit.
- Broker – this is our happy moment for this reason.
Client moving into their units / property is a Big Accomplishment for us. And it feels really great.
I hope these articles will help you a lot in choosing your first or second home. And if you think this could help your friends or families looking for property please share……
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