I am a First Time Buyer of House and Lot, What Should I do?

Are you a First Time Buyer of House and Lot?

Whether you are purchasing a car, gadgets, a house for the first time or anything for the first time, it is normal to have some level of uncertainty, confusion and even some stress.  The process of buying a house seems to be complicated for many but it doesn't have to be the case.  With the proper preparation, research and with the guidance of a Real Estate Professionals, buying your first property can come with delight and excitement.

Here are some guides and tips for First Time Home Buyers that will make their experience more fun and enjoyable.

Know Your Capacity to Buy

The property that you can purchase depends on your capacity to pay for the monthly amortization. Usually, there is a required monthly income for a specific property that you want to purchase especially if it is through Financing like bank, Pag-Ibig or In-House.  To get the required income, just divide the monthly amortization by 30% (ex. 5,000 m.a/ 30% = P16,667).

Know the Developer

It is very important to research the track record of the developer that you intend to purchase a property with. This is to ensure that you get a property from the credible Developer already, a company that has a track record of delivering the units to its buyers.  This is to ensure that you have peace in buying your first property.  There are various developers out there that are good on promise but not on performance and delivery. So choose wisely.

Get a Licensed Broker or Accredited Agent

It is important to note the role of the Licensed Broker in assisting you on your first home to purchase. They are the one who are knowledgeable about the property and can explain you well the details of the project. Deal only with Licensed Broker or Accredited Agent.  They are the one who are allowed by the Professional Regulation Commission (PRC) and HLURB to practice Real Estate Selling in the Philippines.

Schedule a Tripping to the Project

One of the most important thing to consider in buying your house is to have a site viewing on the project itself. In this step, you can check community, the actual units and the project development. This will help you decide whether you would love to purchase a house in that project.

Know the Payment Scheme

There are financing options available to various projects, you can have either Pag-Ibig Financing, Bank or In house Financing.

Get a sample computation of the house you intend to purchase, the required downpayment, the terms, and the monthly amortization. Usually, the terms of the downpayment will give you an insight on the estimated completion of the project.  

Know the needed Requirements

You can check the list of requirements with your agent/broker. Basic requirements include contract of employment if employed or Income Tax Return if with business as proof of income, Valid IDs as proof of Identity, Proof of Billing, and other general requirements.

Reserve Your First Unit

Check the inventory available, the block or phase of the unit you want to purchase.  Once you've chosen a unit, it's now time to reserve it.  Submit your basic requirements plus the required reservation fee to the authorized personnel of the Developer. Complete other needed requirements in 30 days or the terms allowed by the Developer.  After that, determine the schedule of the monthly for the downpayment and the schedule completion of your house.

I hope that these basic tips would help you in your search of your first home to buy.

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