By: Benedict F. Baluyut, RMT, REB, RFP
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| Source: Freedigitalphotos.net |
"Have you dreamed of acquiring your very own home? Have you
imagined, seating on your porch, sipping your morning coffee and reading your
newspaper. Seeing your neighbors in the street mowing their lawns or cleaning
the front yard? Or just getting ready for morning rush of going to work."
Buying your first real estateresidential property requires tedious and multiprocessing tasks of properly
planning and making wise but crucial decisions. Buying a house doesn’t involve
you as a breadwinner but involves your wife as a co-maker and a borrower and the
whole family as beneficiary in securing your very own home and in the right
neighborhood where you can live and flourish.
Things to take consideration before buying:
Where is the location and accessibility of
the house? – For first time buyers, real property must be located in a very
accessible to main thorough fares and public transport, proximity such as
schools, markets, church, business establishments, work place / office and
others. The golden rule in location is
that it the home should be close within range of the conveniences on your planned
homestead;
Do you have a working budget – For most
licensed real estate broker / licensed real estate salesman will ask you these
questions if they have a ballpark figure of the property the prospective client
wants to buy. These should be disclosed in order for them to find a property
with their listings and would lessen the time in searching for a right listing;
Are your finances in order? – For most
first time buyer, they should be financial ready, sound and capable in putting
on the down payment for their dream home. A down payment of a home may vary
from the standard 20% to 30% but with most developers can offer lesser at 10%
during promotions by the marketing strategists of these property developers. Usually,
a real estate professional would provide explain the intricacies of the
property and give you a sample computation in order to have an idea on how much
a property will cost in the long run. With the increase trend of socialized
housing in recent years, the “Rent-to-own” payments schemes had been paved by
socialized housing developers or sometimes enterprising small private
contractors and developers to attract prospective clients on such real estate properties;
Are you prepared to take mortgage or loans?
– There are payment options available in borrowing money from a financial institutions or agencies such as
a bank, private lending firms, and even the Home Development Mutual Fund
(PAG-IBIG Fund). A credit investigation and background check is done by their
credit investigators. If a prospective qualifies for a loan on the standards
set forth by lending institution under the scrutiny of the credit investigator.
A prospective loan applicant is given an approval on lending them funds needed
to pay the property to the developers. Financial documents, your Net Disposable
Income (NDI) or daily to monthly expenses of cost of living and other pertinent
details should be in order in getting your loans approved. Putting everything
in order is crucial to fast track your acquisition of your dream home. Currently,
there are available real estate financing schemes in the market and most of
their interest rates per annum may vary starting at 4% to 18% per annum on the
years of the property will be settled from a minimum of one year to maximum of
30 years, fixed rates and adjustable mortgage rates are also available;
Security, amenities and other facilities of
the house where it is located? – Most buyers will not settle for less on
the safety and security of their loved ones. Safety and security has become a
top priority for prospective clients. Some would prefer to live in secure and
good neighborhoods such as a private subdivision, townhouses and clients may
prefer in non-subdivision residences.
Other things to remember: Are you
prepared to add extra cost on these? Homeowners Association Fee for those
living in private subdivisions which has been included under HLURB, real estate
transaction taxes, transfer fees, property insurance and follow Deeds of
Restriction (DOR) on the subdivision you intend to acquire your property etc.
These are the pre-requisites
before of buying a real estate property. It can help you make wise decisions
before committing yourself to this and investing your time, money and effort.
With the growing consumer
confidence of most Filipinos going high, many people have dream of owning a
property but are hindered with the facts that it involves higher understanding
on finances that an average Juan do not understand but the pride of ownership
is somewhat an achievement for those who have acquired and already paid the
mortgages and liens it reflects on their resiliency of saving for their future
as it adds to your financial net worth in financial report card.
CRB Benedict Baluyut, is a certified real estate
professional (Real Estate Broker) a regular member of Registered Financial
Planner - Philippines. He writes from time to time with Registered Financial
Planner Column at Business Mirror. Catch his Facebook page Pinoymoneyvantage |
Follow him at Twitter | Google + or visit his
official blog at http://www.pinoymoneyvantage.net.
Copyright 2008 - 2013. PinoyMoneyVantage| Personal Finance Help Philippines
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