| Tips in Buying a House in Manila Area |
Buying a house can be downright alarming with many factors involved especially if it’s your first time. With preparation and right guidance, the results will be satisfying. A house is considered as a major investment and a secure place for your family’s future. Think about the amount of money you can save from buying a house instead of renting it. Ask yourself if you are ready to take in the plunge of bigger responsibilities. Do you have a job and are you financially stable? What type of house would you want to own? What kind of neighborhood would you prefer to live? Do you have an emergency fund set aside?
When you have the proper mind set and is now focused, this is the time to think of finances and find out what you can afford. There are means to purchase a house like applying for a mortgage and government programs involving real estates. Getting pre-qualified for a loan makes it easier to get a real estate agent. You can ask for a loan from the bank but make sure you have a clean slate of history finances. Loans are for those who only earn low and moderate income. Choose the perfect option that works for you and will not leave you in debt. Have your budget setup beforehand including your daily expenses so you'll have an idea on which house will you be getting. This will also prevent you from buying a house that exceeds your budget limit.
Once you know about the finances, it is time to search for the available houses. Location of the house and its community should be considered especially when you’re a family. If you have children, you may want to check out the quality of the schools nearby. Even the security of your children always comes first. The great thing about getting a house in Manila are the major landmarks, parks, offices, schools and universities and shopping centers. All are within your reach. After making a trip to several neighborhoods, narrow down the list to where most likely you would live. It will be a good idea if you would visit the place more than once to see what it’s like during the day and even at night and pay close attention around the place. Rate each houses from 1 to 10. When you found the house with the features that you like, you are now ready to buy it.
You need a budget to cover three costs when buying a house: earnest money, down payment and closing cost. Earnest money is the deposit you put on a house to prove that you are serious in getting it. Down payment is the percentage of the home cost that you pay when you agree on a settlement. Closing cost is the extra cost needed to process all the paper works when buying the house. When you make an offer on a home, the real estate broker will put out the earnest money into a bond account. If the offer is accepted, your money is eligible to be applied for the down payment and closing cost. But if your offer is not accepted, the money will be returned to you. If more money is put on the down payment, the lower will you paying for the mortgage. Closing cost paid during the settlement averages 3-4% of the amount of the house. Your real estate broker will give you an estimate of the closing cost since the charges varies for the lender charges and other processing fees.Make sure that the amount you can afford is more than the cost of the house that you like. This will enable you to apply for a mortgage. You can also finance a home from your bank loan, savings account, credit union, private mortgage companies or government lenders. Have a chat with several lenders before you can decide whom to turn to. Different lenders offer different rates of interest and loan fees. It takes 3-6 weeks for the loan process to be approved.
You’ll have a better house buying experience working with a real estate agent. They know the ins and outs of the business. They can find a list of houses that fits your price range and can explain to you the other aspects in real estate that are difficult to understand. Real estate agents will also be the one who deals with other important matters like getting acquainted with the neighborhood (checking out schools nearby, traffic around the area and the security of the neighborhood) and guiding you through the paper works and that can save you a lot of time and stress. Do a home inspection once you found the house you’re interested in. If you are dissatisfied with some parts of the house, you can ask the seller to do some certain repairs or put the price a bit lower. Be reasonable. Good part in all of this is that you are not the one paying for the real estate broker. The payment will come from the home owners and not the buyers.
House selection can also be very easy with just a few clicks away. There are available sites about Manila real estates and you can sort through the lists online. ManilaEstates.com will take you to an extensive list of available houses, apartments and even office spaces around the Metro. The website contains pictures for a more realistic view. Who knows? You may find your dream house here.
Andy Fox is an expert in Manila Real Estate and also a professional Makati Rent Apartment broker.
http://www.manilaestates.com
Article Source: UnArchived Articles
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