Maybe one of the reasons why we don’t live our own home yet is because we simply don’t know how to start and no one is guiding us on buying property.
LUCKILY, YOU’RE HERE!
In this article, I will be sharing with you the step-by-step process in buying your first property from a development project so I can help you push through and guide you in buying your first home.
TAKE NOTE: I will only discuss when you’re buying from a project developer AND NOT FROM AN INDIVIDUAL SELLER.
Let’s get started!
1. KNOW WHAT YOU WANT AND WHAT YOU NEED
First, you need to know the location where you want to reside — what kind of neighbors you want? What nearby establishments you need? Is it accessible by car or by public transportation?
This must be in your major considerations when buying your first property. Failure to consider the location may put you in a position where you regret buying that property.
Secondly, you need to know your budget — can you pay in full cash? If not, how much you can pay for down payment? Can you pay the down payment in spot or installment? Most importantly, how much can you pay for the monthly amortization?
Knowing this can help you and your agent save time in searching for property that fits your budget.
Lastly, know the purpose of buying — is this for your own use? Is it for investment? Who will occupy the property? Will you use the unit and rent it out eventually?
This is as important as the first two questions. You have to know your motivation and inspiration in buying a property, be it your first property or not. Why? Because there are properties in the same location, but with different target market — one property is close to schools, but the other one is close to recreational activities.
2. SEARCH ONLINE
After you know what you want/need, the next thing you want to do now is to make a research.
How are you going to do that? Look for properties online.
“Why online? Why not go out in the market?”, you ask. I mean, you may also do that, but, imagine the time and effort it will cost you. Not to mention the cost of commute or gas. Search online for convenience.
There are lots of information online so you must search only on property portals. BUT.. there are lots of property portals too!
If you’re really searching for a property, I suggest you visit OnePropertee. It is so user friendly, especially for home seekers because it lets you input the location you want, including what property you’re looking for — is it house and lot in Cavite? a condo in Metro Manila? or maybe a beach properties in Batangas?
Also, in OnePropertee, you can also look for property that fits your budget! Just input your monthly income and they will suggest properties for you. That’s convenient, right?
3. INQUIRE TO AN AGENT
You have done your research and found the property you wanted/needed. The next thing to do is talk to an agent. Seek for help. You don’t have to do this alone. Real estate agents know how to help you.
Keep in mind, you have to be honest when talking to an agent so they will know how to assist you properly and even give suggestions for you.
As much as possible, don’t hide anything from them. Do you have any credit card debts? Are you declined by any banks before? Are you separated but legally married? Let your agent know those things.
If you think you can trust us, you can send us your inquiries here.
4. PREPARE THE INITIAL REQUIREMENTS
Before you actually and physically view the property, make sure you have at least prepared with you the initial requirements for reserving the unit. This will help you not to waste any time going back after your viewing just because you need to prepare your requirements when you can prepare it beforehand.
Imagine this, we schedule your unit viewing today and you have found the unit that you want. Can you reserve that unit? Most likely NO. Why? Because in reserving a unit, you need the initial requirements. So we schedule the reservation of unit after a day or two. But guess what? The unit that you want is already reserved by another client. See?
Preparing early won’t hurt, but it can prevent some potential regrets.
5. SCHEDULE A SITE VIEWING
This is one of the most exciting part in buying a property. It’s now time for you to actually view the unit. But before we get into that, first you need to schedule a site viewing with your agent.
When are you available? When is the most convenient time for you to view the unit?
As much as possible, schedule at least a day before the actual viewing of the unit. If you really need to see the property the same day, give at least two (2) hours for your agent to prepare. Maybe they will be coming from other area, assisting other clients.
Before anything else, you must agree with your agent that you understand the details and the payment terms of the unit your viewing. This is to prevent any wasted time for both parties.
Do you like the basic details of the unit? — Like number of bedrooms, number of bathrooms, the size of the unit. Are you satisfied with the details? Are the payment terms favorable for you? Is the property presented is within your budget? Unless all answers are “YES”, don’t schedule a viewing yet.
These are the things you should consider when viewing the actual unit.
The deliverables: Ask your agent if what you’re seeing will be included when the unit is being turned over to you. Although this question must be already asked before the actual viewing, asking it again won’t hurt, right?
The location of the unit: Know where the unit is located in the subdivision or the tower. Make sure it is where you really want to live. Visit the actual unit if necessary, not just the model unit.
The facilities and amenities: Since you will be living there, if not forever, but for a very long time, ask your agent to show you the facilities and amenities. Imagine yourself being in the swimming pool or just walking beside the playground.
6. PICK AND RESERVE A UNIT
Here it is! It’s all what you’ve been waiting for. Time for you to reserve the unit.
But.. We’re not done yet, we still have the last step.
7. COMPLETE ALL REQUIREMENTS
After reserving the unit, usually, the developer will give you thirty (30) days to complete all the requirements needed in order to have your loan submitted and applied to financing institutions.
For the list of all requirements that you need to submit, you may check our article here.
You have to remember that failure in submitting the required documents within the given time will be subject to forfeiture of the reservation. The reservation fee, most of the time, is non-refundable.
All you have to do now after completing all the requirements needed is to continue the payment of the down payment and wait for you to be scheduled for a punch listing – it is when you will be visiting your actual unit to check if there’s any repairs needed to be done before you accept its key.
Congratulations on purchasing your new home!