Here are the steps you need to take in buying a new home
Not everyone is privileged to be a homeowner. If you think you can afford your own home, then go ahead and take the plunge!
The process of buying a house will not be easy nor inexpensive, whichever path you decide to take. You could even fail as you try to do this, but you will be a proud homeowner if you do succeed.
First thing to consider in the process of buying a house is the type of home you would like to invest in or purchase, whether you want a single-detached house, a townhouse, a duplex type, or a condominium unit. You also need to ask yourself if you want to build a house from the ground up or look for a turn-key property where you pay for a house that's already completed by a developer. You can also opt for a pre-owned house and renovate it to suit your taste and need. If you are unsure of the different pros and cons for each property type, it is also helpful to contact a real estate company to assist you in the decision-making process while helping you look for available options. With help from a RE/MAX Philippines agent, you are assured that you have the best options to choose from.
Second, you need to determine where you want to live. Do you want to be in the center of metro cities or do you prefer the suburbs? The location will also determine the amount you'll spend for your dream home.
As a premier real estate company, RE/MAX Philippines can offer you homes in the best locations across the country. Our network of agents will definitely be able to help you in the buying process and allow for a stress-free experience.
After you've decided on the type of house and the location, look at your budget and compute how much down payment you are ready to make. You usually need a sizable down payment to make a purchase. Developers will usually allow you to pay this in installments for up to 1-2 years. Then, you have to decide how to pay off the rest. Will you get a loan from a bank or Pag-IBIG Fund? Before you even look for an actual house, we suggest that you already have these steps in the bag.
If you go for a house or condominium that's a project of a reputable developer, they usually have set terms for the down payment and monthly amortization. Developers typically require up to 20 percent down payment. It can be lower but 20 percent is usually the maximum.
Finding a broker
Contact a licensed broker so you can start house-hunting with their guidance and help. Most developers have a roster of accredited and licensed brokers to sell the properties on their behalf, and it is easier to reach out to these brokers and let them do the coordination than do it on your own.
The advantage of having a broker is they negotiate on your behalf and save you some legwork. They take care of everything, including the legal requirements. A broker may also be able to help you manage your fees, and will assist in getting a computation for the payments you will need to make, which include the reservation fee and the actual downpayment.
Finding a good broker might sound intimidating, but it’s not as hard as it seems. The good thing about RE/MAX Philippines is that all of our brokers are the best in what they do. They are more than ready to assist you with all of your concerns.
Fulfilling the requirements
Buying a property requires the buyer to submit specific requirements as mandated by law. The requirements you need to turn in would include the following:
· Accomplished home loan application form
· Photocopy of government-issued IDs
· Community tax certificate
· TIN (tax identification number)
· Recent ITR (income tax return)
· Certificate of employment
· Latest three months payslips
Once the deal is complete, you will receive, as proof of ownership, the Contract to Sell, Deed of Absolute Sale, and the Certificate of Title or Condominium Certificate of Title.
Make sure the title is authentic. Certificate of titles are issued in duplicates – the original copy will be handed to the owner while another copy will be submitted to the Register of Deeds. However, before the court issues the Title Certificate taxes and clearance fees must be paid first.
Owning a home is not accomplished overnight. It's a lengthy and costly process that may result in success or failure, but you don't need to go through it alone. If you find the right broker, the journey will be a lot smoother.
If you’re thinking of buying a home, inquire at our website, https://remax.ph/.
Arcasouth, "A Complete Guide In Buying A Property In The Philippines”