What Do I need to consider in buying my own property?

What Do I need to consider in buying my own property?

With the growing population of the Philippines, more and more housing needs arise to accommodate the demands of people wanting to have their own property.

You can see various housing and condominium projects being built throughout Metro Manila, nearby provinces and to other Urban areas of the Country.

With these many projects, how would someone interested in buying its own house or condo choose what properties he/she needs to purchase?  What are the things that need to be considered before buying your own property? As this is a long term and a serious investment, you need to have due diligence in checking the property you will buy.  In this regards, a respected and credible Licensed Real Estate Broker can help you get the property you have dreamed of.

Here are the few lists of things that I think you might need to consider before investing your own property.

1. Consider your Housing Needs

Before you plan to purchase your property (house or condo), you need to consider if there is already a need on your part to buy such property.  You need to consider whether it is more economical to buy or rent a house temporarily.

2. Consider your Capacity to Buy

Another consideration that you need is your current financial status.  In buying a property, most of the time, there is a reservation fee and downpayment required.  While most developers provide an installment payment for the downpayment, you need to prepare yourself for its regular monthly payments.  You also need to determine whether your Current income fits to the loanable value of the property.  This is very important factor as this will determine whether you will be approved or not in Loan Financing

3. Consider the Location

Everyone wanted to be in a great location, in a pleasant housing environment and in a safe and secured community.  But most of the time location entails higher price of the property.  So for some, they consider location, although quite far, just to have their own house and lot.  That’s why there are a lot of projects in the provinces near Metro Manila like Cavite, Rizal, Laguna and Bulacan for better and affordable housing projects

4. Consider the Developer Of the Project

It is very important to know the credibility and track record of the developer.  This is to avoid problems like not delivering the project on time or maybe the substandard physical appearance of the property you have purchased.  With these, your trusted Real Estate Broker can help you choose a project to a credible Developer.

5. Consider the Payment/Financing Options

You can avail various financing options based on your preference.  Options available to the deliver can be In-House Financing, Bank Financing or Pag-Ibig Financing.  I will discuss in details the type of Financing in my succeeding Blogs.

If you are looking for properties to buy either condo or house and lot, you can contact me at 0922.879.7968/0935.317.2057.  You can be sure that I will assist you in acquiring the best property that fits your need.

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