Guides to House Investment
Guides to House Investment A dynamic and competitive real estate industry has resulted to the mushrooming of developers nationwide, even as their varied comes conceive to respond to clientsí low- to high-cost needs. however of the various developments, however will shoppers maximized value for their money?
Rita Palma, marketing manager of AMA Communities, Inc., a licensed customs broker since 1990, and owner of Mega sphere Realty early in her career, gives the following tips:
On Buying a House:
1. Location. The old adage about location is still true. It is vital that a buyer should consider the location of the property and its proximity to his place of work, school for the children, leisure spots, Church, market, and Hospital, especially if a senior citizen lives with the family. Consider also the transportation cost.
2. Reputation of the builder / developer. Not all prospective buyers will purchase their first home from the second market. Most of them are attracted to pre-selling projects that offer flexible payment schemes. But bear in mind that flexibility in payment terms does not guarantee that one gets a good buy. At the end of the day, a good buy means a well-constructed and good quality house. In this respect, the credibility of the developer matters a lot. Buyers should also do their research, as agents will always give their products the best rating, One good measure is to ask for a copy of the developers license to sell for that particular project where you are interested in.
3. Amenities or Future lifestyle. Ask yourself how your life would be once you are already residing in a soon to be dream house of yours. Is a clubhouse where the family can spend leisure activities and play important? How about security and safety concerns? Does living in a commercial area attract you?
4. House layout. Check the layout of the house. Do you have room for expansion? How about the size of the rooms? Normally a two-storey has a one toilet and bath. Now, if your more particular to convenience, check the possibility of having separate toilet and bath per level. Others offer one bedroom at the ground level which can be converted either in to a nursery room.
5. Payment terms. It is a must to be aware of a live within his cash flow. It is not sensible to purchase a new home and feel miserable because of huge debts. Note that the higher the down payments, the lower the balance and therefore the more manageable the monthly payments would be. Consider interest rate and other discount should you opt to have balloon payments every often.
If purchase made through the secondary market and through a developer, bear in mind the following .
1. Secure a certified true copy of the title with the registry of Deeds. Check if there are liens attached to it.
2. As much as possible, avoid dealing with people with SPA (Special Power of Attorney), a written and notarized document that empowers one party to deal with another. This is normally used in selling a property where the owner is not or cannot be physically available to close a deal. It is still best to transact business with the owners themselves. If need to, hire a lawyer to assist you.
3. Bring along a trusted architect or engineer whenever possible to check the structural and other technical aspect of the house. An untrained eye canít see beyond the interior. Otherwise, problem that are detected prior to the purchase may unnecessarily add to the total cost or worse, be irreparable.
4. Any and all contracts must be reviewed by a lawyer prior to signing. Payment in form of managerís check is better than cash and personal check.
5. Assistance and guidance of a seasoned and licensed real estate broker/realtor will surely come a long way. Realtors can do the negotiation and facilitate research if needed.
6. Last but not the least, do not decide in haste. Scout around and check what other products are available in the market.