Buying a house is a milestone for a lot of Filipinos so it isn’t unexpected that we get too excited when we finally can do so. With the advent of technology like the internet, looking for a house to buy has never been this easy.

But since this milestone involves us separating with a huge amount of money, we must practice prudence in ensuring we cover all the important matters when purchasing a house.

Before Starting A Home Search

A house’s selling price is not the only cost when purchasing it. So before even starting to look online for beautiful houses to consider buying, you must be aware of the additional costs it entails. Examples of these are transfer taxes, registration fees, etc.

If you are planning to have the purchase financed by a bank, you need to consider how much the maximum downpayment you can tolerate and then find out the possible monthly amortization for the amount you will have to take as a loan. Lastly, don’t forget that some banks take processing fees from the loan proceeds.

Correct Setting of Expectations

A lot of times we either overestimate or underestimate our buying power. With so many DIY videos and articles we see on the internet, we can sometimes incorrectly assume that possible needed repairs or upgrades can be done by ourselves. The truth is, much of this should be left to the professionals who do this kind of work to ensure that our homes will be a safe place to live in.

With this, I always advise to have them to research the different types of professionals they would possibly need after buying a house and list how much it may cost to hire them. Get three quotes for every service type so that you’ll be in a position of strength when negotiating the fee if you want to save. Never sacrifice safety and the well-being of your family for possible savings.

Be Careful of the terms Ready for Occupancy and Move-in Ready

For the developer or seller’s perspective, Ready for Occupancy and Move-in Ready is possibly true for them. Keep in mind though that these terms are very subjective. A house that needs some repairs or upgrades and isn’t move-in ready for you can be the opposite for them.

Buying an “As Is – Where Is” Property

These properties are usually listed at a below-market price because of possible repairs needed that the sellers don’t want to take care of anymore.

While there are a lot of really good buys on these kinds of properties, formal inspection, research, and cost estimation won’t hurt before making a decision.

Buyers sometimes let their excitement get over them and already make decisions on how much they love one house only to find out that the total costs for purchasing it may result in a financial squeeze in the end.

This could either make you either feel very disappointed in letting go of the house that you already decided you love or get yourself in a situation where you’ll not feel secure or satisfied living there amid financial difficulty.

So how to ensure you have all the information you need before embarking on this very important journey?

Do the research and write them down as a list. Writing this information down helps ensure you will not forget anything that can throw you off your calculations eventually.

Having a knowledgeable agent to assist you in purchasing the house is also very important in ensuring that everything is covered information-wise before proceeding with the house hunt.