Buying a house for the first time is a very exciting experience. You always get that feeling that everything will be perfect and you are also hopeful that the home you’re going to pick will bring you and your family (or future family, for those who recently got married) the happy life you deserve.
Once you have found your dream house that meet all your needs, should you buy it or keep looking? What loan can you apply for? What papers should you look at? In order to help you out with this, we’ve developed a very simple quiz that will help and guide you in preparation for buying your new home.
1. Are you an employee or self-employed/owner of a business?
Employee – You can avail the necessary benefits provided by the government for both government and private employees, such as SSS and GSIS.
Self-employed – For those who are self-employed or owner of businesses, they can avail housing loans through PAG-IBIG.
2. Are you buying the property through a housing loan or straight cash?
Housing Loans – Might take years to pay for It, but it is not that expensive because you can slowly pay for the house until you’re fully paid.
Straight Cash – For those who are paying straight cash, most developers and/or home owners offer rebates and you can even negotiate for good prices with the help of the real estate agent.
3. For those who are applying a housing loan, how much is your annual income?
Above 100,000 php – You can avail for a housing loan through PAG-IBIG, SSS or GSIS (depending on the nature of your work or business).
Below 100,000 – You might want to consult with a certified real estate company that can help you find the best deals for your budget
4. Are you buying from a developer or from an individual owner?
Developer – Make sure that there is a mother title and that it is certified
Individual owner – Make sure that the Certificate of Title is legitimate and the property’s tax status is updated.
5. Do you have a licensed real estate broker?
Yes – Go on!
No – It is important to get the services of a licensed real estate broker because there are rules and regulations that will require expert help on real estate matters.
6. Is the description in the Certificate of Title similar for the property or house that is being sold to you?
Yes – Go on!
No – The way the house looks should be in the Certificate of Title’s description. If this does not apply, then move on and find a better deal. We can help you with that!
7. Is the title for the house free from any form of mortgage from a bank or any lending company?
Yes – Go on!
No – Once you buy a house with mortgage fees that is way overdue, you (being the new owner) will be forced to pay for the overdue fees! Time to find a better deal!
8. Is the house’s yearly real estate taxes paid and updated?
Yes – Go on!
No – Once you buy a house with mortgage fees that is way overdue, you (being the new owner) will be forced to pay for the overdue fees! Time to find a better deal!
9. Is the seller of the house or property the true owner or simply a representative?
Yes – Go on!
No – Only transact with the true owner of the house. If a representative is the one dealing with you, get his/her ID for verification purposes, as well as the contact details of the true owner.
