Eight Steps To Purchase Your First Home

Buy sell Property & Real Estate Investment Guide

Buying Property Tips#1: Choose the Right Location
Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.
Buying Property Tips#2: Study the Local Market Dynamics
It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.

There's nothing more fulfilling than the thought of purchasing your very first house. This is the main place where you will find an incredible sense of stability and security. This is where you will start weaving memories and joyful thoughts. It is then critical to know the steps involved in home purchase. You wouldn't wanna own something that you will regret later on, would you? Hence, here is something to guide you as a first-time homebuyer.

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Buying Property Tips#3: Choose the Right Property
Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.
Buying Property Tips#4: Do the Math Properly
Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.
Buying Property Tips#5: Consider Additional Expenses
When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.
  1. Do a self-check. Are you really ready to take this leap? Be 100% sure because it is totally different from just renting a condo or an apartment. There are several costs to think about such as repairs and maintenance. There are taxes and insurances too. Ask yourself – are you financially capable at the moment? Are you certain you have no existing credit?
  2. Create a checklist. Once you reach the decision, the next step is to form a game plan. Would you like to stay in the city where all the center of activities happen or would you rather live in the province to enjoy fresh air and a more relaxing environment? What are the must-haves and nice-to-have in your future residence – a porch, lawn, garage or swimming pool?
  3. Do an initial research. You've selected a location and enumerated the things that you want and can't live without. Now it's time to make quick study on your options. Browse over the web for desirable home properties in the Philippines that meet your criteria. Take a closer look at range of prices. Is it too expensive given the current market status in the country? Which loaning companies are available to help you out during the entire course? Is it advisable to hire a real estate agent or broker?
  4. Set your budget. Based on what you found out, map out your financial plans. Can you afford it? What's your benchmark when it comes to monthly amortization? How much are you willing to pay every month? Remember that you should not rely on the purchase price alone.
  5. Work on the documents you need. Prepare your proof of income and assets. Determine which avenue you would explore to raise the money you need. Would you go for PAG-IBIG or would you opt for bank financing instead? Keep in mind that it may require one to two business weeks to process a loan. Plus, you must consider which will provide mortgage with the lowest cost and the best terms.
  6. Visit your selected houses. It is best to view the PH property after you have readied all the necessary docs. In this way, when you see your dream house, you can make an offer right away. Time is precious so do not waste it.
  7. Begin the negotiation procedure. You've seen them all and you've picked your top choice. Get on with the offer and release your negotiating skills. Check out for tips on how to negotiate the right way so the odds will be in your favor.
  8. Get your funds. When the deal is on, go back and acquire your fund so you can close the transaction. Always be mindful of the legal aspects. It's better to be safe than be sorry in the end.
Buying Property Tips#6: Inspect the Property
To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.
Buying Property Tips#7: Pick the Right Financing Option
While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.
Buying Property Tips#8: Invest through Equity
One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.
Updated: December 27, 2017 — 3:33 am
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