Important Tips In Buying Real Estate Properties
Guide to Buying Real Estate Properties
For many of us owning a house is a dream come true. It is one’s crowning achievement for the sacrifices and hard work over the years. It being a basic necessity of shelter for one’s family, choosing the type of dwelling and the location must be carefully studied and decided. It cannot be done haphazardly and whimsically. One should consider first and foremost, comfort, security and proximity. It is this one choice of a lifetime for a place worth calling one’s “home sweet home”.
Determine your budget
How much can you afford? Have you set aside an amount intended for purchasing a property and building a house? Or if need be, have you identified and made prior arrangement with a financial institution for a possible loan? One should not be too ambitious and eager to acquire a property beyond one’s earning capacity or else end up sweating in keeping up with the monthly amortization and eventually face foreclosure.
Choose the location wisely
1. What type of subdivision or residential area would be appropriate for your family’s lifestyle? How big a lot area would be suitable and affordable?
2. Check the lot terrain. It should be at level or a little higher than road level. If the terrain is sloping or uneven and the lot shape is irregular, consult your architect if it is still buildable according to budget. Check the drainage. Does the area easily get flooded during the rainy season?
3. How about air and noise pollution, is there any source nearby that could possibly generate smoke, odor or noise pollution? Is there any protective zoning and restrictive ordinances to prevent the encroachment and proliferation of environmental and industrial hazards?
4. Is the area convenient to public transportation? Is there a school, church, hospital or market nearby? How far is it from your office or place of work, the airport or the seaport?
Know the neighborhood
Are the neighbors friendly? Does the subdivision provide such services as police and fire protection? Is there a system of garbage disposal and collection? Check if the subdivision or the vicinity has adequate public utilities of water, electricity, telephone, cable TV and internet connection. Check also the peace and order situation within the community.
Know the developer
Make a background check of the subdivision developer, their track record, corporate setup, their general reputation. Do they provide the usual amenities of road maintenance, perimeter security, lighting system, sidewalks and gutters, multi-purpose hall, playground and open spaces? Is there provision to set up a residents’ association and reasonable subdivision dues?
Check the Title of the property
1. The cadastral lot number, the title number and the technical description should match the actual lot monuments and the survey lot plan prepared by a licensed geodetic engineer/surveyor.
2. The title should be free from any and all liens and encumbrances to avoid any future disputes on ownership. Comparison should be made between the owner’s copy of the title and that of the original copy on file with the Registry of Deeds for any encumbrance annotation and/or adverse claim and to secure a certified true copy of the latter for purposes of authenticity.
Consider the price of the property
Compare the asking price with that of the fair market values of adjacent lots or those within the vicinity. Is it fair and reasonable? What is the appraised value and the loanable value of the property. Knowing this information will guide you on a wise decision to purchase or not. Are the real property taxes current and updated? A tax clearance will show proof of tax payment.
When all of the above have been checked and verified, then one may proceed to buy that piece of property whereon to build one’s dream home.