House Shopping: Four Things to Pay Attention to During A Property Tour

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So you have decided to buy a home and know exactly what you need—from the number of rooms you want down to the square footage and the type of porch it has. Fortunately, the website has provided sufficient photos for you to peruse and examine. However, these photos rarely capture the true essence of your home and though they may say a thousand words, you would never get the proper feel of the home unless you see it for yourself. Whether you choose a home in Ayala land lot in Bacolod or elsewhere, it is always imperative to check the house or lot for yourself. Pictures complemented with flowery and descriptive captions rarely do the actual house justice which is why property and on-site visits are pivotal to every potential homeowner who wishes to buy a home that he or she would love.

Additionally, as a smart homeowner, you would also ask for this to be a part of the process to be safe as you would never know if the photos uploaded online were doctored.
However, to make the most out of your property tour, you need to be critical of several aspects that would significantly affect your decision as to whether to push through the purchase of the home. Initially, you would want to check the bedrooms, the kitchen and the pavement of these prospective homes, but do not neglect to check these other areas as well:

1.) The Neighborhood

Consider that in buying a home, you are not simply buying the house itself, but you are also buying into its neighborhood feel as well. Choosing the appropriate neighborhood is just as important as choosing the right home and more often than not, if the neighborhood does not sit well with you, you would not push through with the purchase of the home situated there. On your visit, take note of how the traffic, the condition of the other homes in general proximity and whether it has convenient access to business districts, schools and amenities your family might need.

2.) The Neighbors

At some point in your stay, you are going to have to make friends with your neighbors. This is inevitable as you are not going to stay holed up in your home for a lifetime. As a wise adage would say, a neighbor can contribute to the value of a property. Consider your potential house and your neighbors as a package deal. Take a general feel of the neighbors and try to decide whether you think you can live with these persons for a considerable number of years.

3.) Privacy

As much as we want to make friends with our neighbors, we do not want them prying into our daily and private lives. On your tour, do a quick scope and see if your bedroom overlooks the neighbor’s bathroom or vice versa. If you are entertaining in your backyard, would your neighbors see what is going on? If you are a very private person, these might be just some of the things you want to consider. They are not necessarily deal breakers though as they are easily remedied by hedges.

4.) Your Garage (Or lack of it for that matter)

Checking out a potential home’s garage is one of the things that is easily overlooked during an on-site inspection. However, this is one of the paramount aspects of a home you should consider. Suppose you have three cars and the potential home you are considering of buying only has room for two with no possible expansion layout schemes, what would you do? You cannot simply park your car in the driveway as this is the quickest way to rub your neighbors in the wrong way and cause traffic. Check the garage and see if it suits you and your needs.

 

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Top 5 Decisions New Home Buyers Must Consider

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Purchasing a property is an ideal investment one can make. For some people, owning a home is a fulfillment of their dream. But just like any other investments, there are pros and cons when it comes to real estate investment. Before you decide to choose a particular property, there are things you need to consider for as not to regret any decisions later on. And it does not matter if you plan to invest in any Ayala Land properties, you need to be mindful of the preferences you have for a dream home.
However, if you think that investing in a property is just a piece of cake, then you better think again. There are certain steps or guidelines you need to know and follow for you not to experience real estate nightmares. Just because you like a particular property, that does not mean it is best for you to have. Especially if you are one of the first time home buyers, you should consider these things below before you jump into any decisions.

1. Whether to work with a Realtor

While it is true that hiring realtor is important in real estate transaction, it is still up to you on whether or not to hire one. Off course that if you have enough knowledge about the whole process of the transaction. However, if this is your first time in buying a home, then it is best for you to hire a professional agent to make sure that you will have a smooth process of the transaction. Moreover, if there are any confusions about the process, you can always ask your realtor about it. They will be the one who will explain what and what not to do when it comes to real estate investment.

2. Whether to work with a buyer’s agent only

There are some real estate agents are buyers agents or some are sellers agents and some do both. That means you have to know which of the parties you wish to work with. Choosing the right agent is can be a tricky thing to do. That is why it is best for you to be keen when it comes to your decision. Of course, you also have to weigh which party should you trust to make sure that your real estate investment is a success.

3. What neighborhoods to look in

Whether you realize it or not, the community plays a big factor when it comes to healthy living. Obviously, you do not want to live in a place where you are not sure of the safety and security, right? That is why, when you go for house hunting, you have to make sure to ask what kind of neighborhood it has. Moreover, this is one of the many things you can make sure that your family will have a healthy environment to grow up with.

4. What you can afford

As a homebuyer, this is one of the most important decisions you need to consider. Never invest in a home that you cannot afford. Purchasing an expensive property that is beyond your primary income can give you a headache later on. This will lead to a financial problem if you are not careful in choosing and deciding on the kind of property you are going to purchase. Moreover, there are a lot of resources available in the real estate market. You can choose the right property for you to have.

5. Whether to deal with potential problems in the home

One way or another, there will be problems that can be found during the final walk-through of the property. That is why you need to make sure that there will be no damages that can ruin your son-to-be-home. And to give you a proper look at your home, it is advisable to hire a professional to make sure that everything is going to be okay.
Although decision-making can be a little bit tricky especially when you do not know anything about real estate, you can achieve a desirable outcome when you know these tips above.

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How to Read a Condo Contract

 

 

Living in today’s current perpetually busy lifestyle can make some of us consider our residential arrangements. And for some of us, this is the perfect reason for finally investing on a residence that is in proximity to our workplaces, but at a more affordable price range compared to a residential housing—complete with the house and lot.

This is where condominium salesmen who are pre-selling condo units should make their warm salutations and introductions to you. But it seems like you have hit quite a bit of a snag: you may have been contemplating of buying a new condominium unit but are unsure of the logistics that go with it. Well, putting all things aside, perhaps the most imperative thing you should consider when you are buying a condo is the most pivotal piece of it all: the contract. However, for those of us who have little to no background in the study of law, most of what we can see is colored in legal jargon and may give us quite a difficulty in dissecting the real meaning of clauses and sub-clauses. If this seems to be your predicament, well then read on as this article simplifies the contents of a contract and would expound on its anatomy. Although wise and much recommended, it would be still too early and impractical to enlist the services of an attorney when you are still glossing over the details of a contract so having said that, give yourself a brief background and read on below.

 

CONTRACT TO SELL

This is the formal agreement between you the home buyer and the seller in written form. Once signed, this paper would signify that both parties agree with all the contents written in the contract along with all the terms and conditions which would include but is not limited to the selling price, the payment schedule and other expenses.

This legal document is executed when one is buying real estate in the Philippines. The broker or the developer issues this contract after the homebuyer has successfully paid the deposit and has agreed to pay the remaining balance to the seller through agreed financing terms. This is the standard protocol in issuing real estate contracts in the Philippine. Note that as a homebuyer, you can demand the contract to sell prior to signing a home financing agreement with a lender such as PAG-IBIG and the like (Some banks would require you to present a contract to sell to have your home loan processed). It is imperative that you are in possession of this legal document before you make your monthly mortgages. Seeing as this is one of the most expensive purchases you are going to make in your life, you need a security blanket to which you can refer to shall anything go awry.

Having the process of your home buying properly documented makes you less at risk of getting scammed and would ensure that the terms of the contract are met as legal penalties will ensure should there be a failure to keep in faith with the terms and conditions of the contract.

ANATOMY OF A CONTRACT TO SELL

Contract Title

Whenever you purchase property, they are all entitled as “Contract to Sell”

Effective Date

This marks the date where the terms in the contract are already fully operative and applicable. Unless explicitly stated in the contract, the effective date is when both parties have signed the contract.

Assets

This section fully discloses the details of the property being sold to you and includes the conditions should you want to make any future upgrades and modifications to the original condominium unit.

Financial Structure

This section discusses how the property will be paid as agreed by the parties in good faith. Payment terms, miscellaneous costs, schedule of payment and other pecuniary obligations are included here.

Compliance

This section basically enlists the obligations of both the seller and buyer to avoid rendering the contract null and void. In essence, this is where it is explicitly stated that your responsibility as a buyer is to make sure you do not default on your scheduled payments until the balance has been fully paid. The seller, on the other hand, has to make sure that he has the legal right to sell and transfer the property to you without any restrictions apart from full payment.

 

Though reading various articles pertaining to condominium contract comprehension can never be commensurate to years of study in law school neither is it equal to acquiring the services of an attorney it would, at least, give you a brief idea of what to expect should you push through your condominium purchase. However, it is highly recommended that you avail of a legal counsel’s assistance by the time you are ready to ink the contract to sell.

How to Save for Your Perfect Home

 

 

In the course of life, we all reach different and various milestones and yet there are some landmarks that are similar for each individual. Graduating from college, landing the first job, getting married—these are just some of the life’s most important highpoints, but I think we can all agree that nothing compares to the level of satisfaction felt in purchasing your very first home. After all, with the economy moving at a rather stagnant pace and with prices at an all-time high, saving for your first home may come as a bit of a challenge.

Today’s real estate industry may be rather busy in erecting high rises and condominium towers, and many of them are pre-selling condos at a reasonable price for the average Filipino. But, all that is for naught when you cannot even afford their barest minimum price. Purchasing residential areas may be a little intimidating considering that you would have to shell out a small fortune just to afford one, but the process that goes into buying your first home is not as complex as you initially thought.

Sure, it may be daunting to think of spending a huge chunk of your savings, but think of buying your first home as a lifetime investment.
And because this is the case, you need to select the best course in going about it to make sure that you would not have any lasting regrets from your purchase. Though buying a home today can be a bit more intimidating than it was before, a carefully laid out savings plan will help you attain the house of your dreams.

Utilize the guidelines below and perhaps, you might find yourself moving into your perfect home.

DETERMINE A REALISTIC PRICE RANGE

You, yourself know how much you earn and can foresee how much you would be able to save. When you determine and establish a price range, go for something realistic and practical. After all, a house with a sprawling lawn and pool or a condo with a private lift may sound enticing, but you cannot spend your whole life saving just for the down payment without ever moving in. When you recognize and realize how much you can realistically afford, you can plan the rest of your budget better as well as narrow down your property options.

HAVE A DOWN PAYMENT GOAL

When you have a price range in mind, the next thing you need to consider is your down payment goal. Consider that twenty percent of the overall price of a property is the widely accepted down payment minimum, although it would be advantageous for you to go beyond as this would make your borrow less as a result. Incidentally, if you go beyond the twenty percent minimum, you may even get approved for lower rates in interest, and it gives you a much better equity on the property you are purchasing.

CURB YOUR SPENDING

When we are earning, it is easy to give ourselves free passes in buying unnecessary and rather luxurious items as a sort of reward for all the hard work and stress we have been through. But consider spending less on unnecessary items and saving your money instead. When you cash in your Christmas bonus, consider it as a welcome addition to your home-buying savings. Additionally, you should be mindful with even the simplest expenses you make every day (consider cheaper alternatives to the more expensive purchases you are accustomed to). One great way to keep track of your expenses is to keep a listing inventory of all the items you bought in a day.

THINK OF WAYS TO AMPLIFY YOUR INCOME

Be creative when it comes to sourcing money, after all, having a single source for your home-savings is hardly sustainable, and it will largely disappoint you if you do need extra cash to cover emergencies. But unforeseen and fortuitous events are things beyond control, and whether you like it or not, you are going to have to find ways to cover costs. So, whether it is taking up a second job, selling unused items, or investing a portion of your paycheck in investment deals, you should be sure to have a monetary buffer for covering costs should the untoward happen. Avoid having a stagnant savings account, let your money grow and be creative with it.

Be wise about your money and start saving and investing then maybe having the home of your dreams will come earlier than you expected.