by MANLEY SALAZAR, REB, REA
You saved for quite some time, and are now ready with your hard-earned money to buy your dream home! Depriving yourself of some things you want to finally get that house that you think you need. What are you going to do now? Where do you start?
As a real estate service practitioner for one and a half decade, let me give you some insights and tell you some pointers – things that I learned, some the hard way, as I make this profession my bread and butter. These do not necessarily come in chronological order. Some should be taken into account simultaneously.
1) Decide on your preferred location.
Consider your place of work, the present and future school of your children, proximity to market, malls, church and other places that you consider as vital. How long will the traffic be? How conducive is it for raising a family? Depending on your budget though, you might have to list down, not one, but probably, three preferred locations.
2) Know how much fund you can allocate for your investment.
Are you planning to pay in cash or are you going to avail of financing? An important note when you are going to avail of financing, your monthly payment should be around 30-40% of your income. Leaving enough for food, clothes, probably travel and leisure.
3) The type of property that you want.
This factor will depend on your budget, and this might also cause you to consider a wider choice of locations. Are you going for a condo, or do you want a house and lot with a nice yard, or a townhouse maybe? List down features which are non-negotiable (e.g. number of rooms, garage, number of bathrooms, etc.), and negotiable (e.g. lanai, balcony, etc.).
4) Find a competent, legitimate real estate broker or salesperson.
Sometimes there is a notion that it is best if you can do away with a broker or a salesperson to save on cost, but I tell you this, not because I am a broker, but because I believe this really makes sense – a caring, trustworthy, competent, legitimate broker or salesperson can make your life much easier when buying a property. Imagine going through thousands of property listings on your own. Screening what could probably be a good match only to stumble upon unscrupulous sellers. Yes, scams still do happen. I am not saying you could never find what you are looking for on your own, but the question is, do you have the time? Or do you know what to do from offering to buy, to negotiating with the seller, to transferring the title? A broker is not to be looked as an added cost, but rather as a way to save time and money and close deals more efficiently.
5) Do serious ocular inspections.
Your home could be the single biggest investment of your lifetime. See it personally before putting in any amount of money.
6) Understand the process from property selection to title transfer and possession.
Your broker must be able to explain to you and guide you through the whole process. The end goal is for you to have these – ownership and possession. Ownership is having the title of the property under your name. Possession is when the property is turned over to you for your beneficial use. Getting ownership means making sure that all paper works are done and that all taxes are paid. A good broker will tell you right from the start of the expenses that would be incurred. It is not just about the price that you will see on your contract but the total cost or all of the amount that will come out of your pocket.
What I have written are just bits and pieces of the six basic things to look into when buying a property. In my succeeding blogs, I will tell more details on each. I am hoping that somehow these could enlighten would-be buyers of real estate.
Should you have any questions regarding this topic, please fill-up the form below and I would be happy to discuss to the best of my knowledge.
Amenadeals Realty 