Oftentimes, Filipinos give much emphasis on the sentimental value of a property rather than its market value. When buying their first house for example, the ideal is a dream house where they will stay in sickness and in health and until their last breathe. They will stick with the property through thick and thin without realizing that the property can only do so much when the going gets tough. This attitude disregards the fact that buying a house is one of the biggest investments they could ever make.
A house is an investment and should not be treated like a spouse although scouting for a good piece of property could be as meticulous as searching for the right partner. A smart home buyer therefore should be less concerned about possible sentimental attachments but must have an eye to resell the property later. The idea is to be able to buy a much bigger and better property until the dream home is finally found.
This buy-to-sell mindset besides allowing the first time home buyer to make the first step into property ownership also make him an entrepreneur as well.
Keep these practical tips in mind and get that dream house.
Location is the paramount consideration in house-hunting. Accessibility of the property because of its proximity to schools, shopping centers, and public transportation facilities helps to ensure a fair market value and “resale-ability.”
When planning to buy a property through a loan, the monthly amortization payments should not exceed 30% of the family income per month. Banks and lending institutions have their respective qualifying requirements that prospective borrowers must satisfy before loan applications are approved. It is advisable for home buyers to visit the bank or lending institution of their choice and check the requirements out.
Caution should be taken when planning to buy a property in projects and developments during the pre-selling stage. In pre-selling, a prospective buyer/investor is assured of a profit because he is suppose to buy a property at a lower value based on appreciation speculated by just the developers themselves. However, the truth is that property value is determined by the appreciation resulting from the status of the real estate market in general and not by a particular group of developers.
Check out the quality of workmanship of the builder or developer when buying a house in a development project. Take the time out to talk to homeowners about possible signs of sloppiness such as poor plumbing facilities and unfinished carpentry areas.
Choose a house with a posh yet more or less conventional architectural style since reselling it is far more easier compared to one with highly personalized architectural design.
Double check the price of the property by finding out what is the going rate per square meter in the area. Likewise, make sure that the property is within its fair market value range. Ascertaining whether or not the price is right is not as easy as it may seem. It is necessary to seek professional advice to avoid faulty calculations.
Get premium real estate from a greater selection of properties to choose from through the best financing option possible without having to worry about the handling of the corresponding paperwork and details by working with a licensed real estate professional.
If most Filipinos could only start becoming smart home buyers, they will not only get their dream homes; but realize other aspirations as well.
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