ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Important Tips In Buying Real Estate Properties

Updated on June 27, 2010

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.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)