Steps In Making Your Purchase
Set your objective for buying a property. Is it a first home, a weekend home, for your children to use in the future, for your retirement later on, or are you just in the business of buying and selling real estate, i.e. purely for investment? How can you afford to pay for this property?
• If it is a cash purchase, how much are you prepared to pay?
• If it is to be an installment purchase, how much can you pay upfront in terms of equity or down payment. Subsequently, how much can you afford to pay monthly?
Establish your preferences and criteria for the desired property:
• What type of property do you want- a house and lot, a condominium, a commercial property, or a lot where you yourself can build the house?
• Where is your desired location- Manila, Quezon City, Cavite, Laguna, Bulacan, Tagaytay. (Note that Metro Manila properties are more expensive than those outside of Metro Manila).
• What are your other specifications- two-storey or bungalow type, how many bedroom, do you need a garage?
• When are you planning to use the property- is it for immediate occupancy or are you willing to wait for construction? (Note that developments in the pre-selling stage are cheaper than those which are already built up.)
Guided by your criteria and preferences, identify potential properties. The Land N' House website is designed to assist you at this stage. We have a comprehensive listing of properties in various locations and of different types and price ranges for you to consider. Do your comparisons and initial assessment. Our listing should be able to help you define your objectives more clearly.
If you are not able to identify potential properties from among those we have listed, contact us and tell us your criteria and preferences and we should be able to give you property alternatives.
Contact the broker for the property. Brokers have been accredited and appointed by the owners/developers to sell their properties. They can provide you with more information on the property including available house models with photos, block/lot units available for sale, payment terms being offered, documentation requirements, etc.
In most cases, developers do not entertain direct inquiries and would prefer their buyers to deal with the appointed brokers. While buyers think that going direct will mean lower prices, this is not the case since prices for developments are normally standardized. Besides, going through brokers, such as Land N' House, offers the following advantages:
• Brokers can provide alternative properties for your consideration, saving you time and effort in contacting several owners/developers.
• Brokers have the facilities to assist you in actual visits to the site and will provide you with knowledgeable information regarding the vicinity and other circumstances pertaining to the property under consideration.
• Brokers can negotiate for you and facilitate the purchase transaction. We explain the process to you and have the documentations necessary for your execution.
Make your decision and pay the reservation or option fee. You should carefully assess the property on offer, taking into account your preferences and criteria,. Obtain the agreement of other decision making parties (your spouse, children, or sponsor for the purchase). Also, confirm that you can afford the payment terms (contract price, tax, processing fee etc.) and that you meet the owner/developers' criteria. Make sure that you can also supply other requirements for the purchase and for any bank, in-house or Pag-Ibig financing (see Good News for OFWs for information on the Pag-Ibig Overseas Program).
Once you have made a positive decision, pay the reservation or option fee so that you can ensure your hold on the property while you are still preparing documentation and other requirements, or are still in the process of arranging the required payments for the property. This reservation or option fee is deductible from the purchase price so you do not actually lose it should you proceed with the purchase transaction.
Pay the downpayment or equity, sign the Contract to Sell and other loan documentation and pay the required installments.
