Tips on Buying Real Estate in the Philippines

Thinking of buying Real Estate in the Philippines? This means in layman's terms, a home, a personal condo, lots only and whatever it is called, for business, a home you can call your own finally or whatever purpose you dream of it.

Now hear this! Buying Real Estate is not hard nor is it easy. In the case of buying a home where you can call your own, everyone in your family has to contribute to this decision.
And these are the questions that comes into your mind.

• Is it the perfect home for me and my family?
• Can I AFFORD it?
• Will my friends like it?
• Can I make money out of it?
• Is it accessible to all the utilities available in the vicinity like, electricity, water, schools, churches, market place, malls and many more?

We have so many questions that come to our mind that would hinder us from making this decision and result will be no action at all. So again another delay in your dream home or the home where you can call your own.

I've compiled some tips you might consider necessary or helpful in your decision.

1. Buy a Home to Live In

Finding a dream home means living in it -- why buy a home if you cannot commit to staying in it for a few years? The costs of buying and selling a home alone will set you back quickly. If you move a lot for work, consider renting a smaller place and putting money aside for the big home purchase later.

Additionally, buy a home with a worthy neighborhood. Location, location, location is a cliche, but it is certainly not a joke. Look for homes in great school districts, because whether or not you have children, good districts are a priority for buyers. Living in one immediately increases the value of your home.

2. Buy An Affordable Home

Buying a home is rewarding and an occasion to celebrate, but only if you have the money to back up the purchase. If you find yourself yearning for a four-bedroom three-bath that you cannot afford, you could end up like so many homeowners who are struggling to make the monthly payments. Buy a home where you can start small and can afford the monthly amortizations. Look for Affordable Housing packages that suits your budget so that you wouldn't worry about the additional expenses. If you are a Filipino and working overseas make sure you become a member of the Housing Development Mutual Fund or Pag-ibig. They offer members, loans of up to three (3) Million Pesos.

The general rule is to buy a house priced two-and-a-half times your annual salary. Take into account any debts or expenses you have that could really affect affordability. Get copies of your credit report, fix any errors and make sure your credit history is as clean as it can be before going to see a bank or any lender about which homes you can feasibly afford. 

3. Buy A Home With Professional Help 

While Internet access guarantees the ability to browse real estate listings in any area in the country, buyers will need an agent, a mortgage lender and a Real Estate Broker. The process of buying a home is confusing and difficult, which is why there are professionals in the real estate industry to help.

Go to a reliable Real Estate Broker so that you'll be given sound advice and tips in securing your new home. Shop around for a lender with the lowest interest rate and get pre-approved before house hunting. Have your Broker help you find out what the prices of homes sold for in the area are so you can bid accordingly.  By following these easy tips, you will be able to find the perfect home at a great price with a good mortgage plan to match.