Sunday, April 27, 2014

Tips Before Buying a Real Property

I have been thinking of having my own place separate from my parents' lot. Five years ago, my sister and I built a house but since I had other priorities, I had to stop the construction until my sister finally had it for her family.

Now, I just want to invest on a property and claim it for my kid when he gets older. But, having heard friends and my very own mom scammed over dirty properties on sale, I couldn't  help but be more cautious. 

So, when buy a property, check the following basic tips first before taking the plunge.

  • If you plan to stay longer in one place, then owning a property is only logical, however, buying and selling a property is no easy feat. So, you can ask assistance from a legitimate real broker, scout areas for real property or you can check online, or references from friends who found a site for bal harbour real estate among other areas.
  • Check your ability to pay for a property. Buying a property can be expensive especially if they are in prime areas, so, assess your financial capability first and then, asses your options. Sometimes, paying for a cheap property can be compromised by accessibility to schools, hospitals, markets among others. You can always go for a housing loan. In the Philippines, there are low - cost housings that are supported by PAGIBIG fund where the mortgages may  span over several years through salary deductions.
  • Check if the property  is a clean property, you can verify its status with your government. In the Philippines, you can check with the Register of Deeds for an authenticated copy of the title.
  • Verify if the seller has paid its real estate tax, get copies of Tax Declaration and Real Estate Tax original receipts.
  • Deal only with the owner of the property and / or its legitimate middleman as scams normally happen among the third parties. 
  • Talk to a land surveyor / geodetic engineer  to verify if the property described is as seen. Descriptions stated on the title must be the one sale.
  • Consult with your financial adviser, the banks and family about mortgages and the downright payments to cover the purchases before you take the property. Maintaining a property expensive - taxes, repairs, renovations among others. So, look ahead before you invest your money.



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