Don’t wait until it’s time to sign the contract to educate yourself about the intricacies of buying a condo unit in the Philippines.
Failing to plan properly for one of the most expensive and largest purchases you’ll ever make can lead to many regrets and problems later on.
First-time buyers are especially vulnerable to making mistakes if they don’t educate themselves beforehand. Even if you’ve purchased one or more condo units in the past, it’s a good idea to educate yourself all over again to discover changes that have taken place in the real estate market.
Choose the type of mortgage that’s best for you.
Your real estate agent and/or lender should be a great resource for those answers.
Execute a study of real estate in the neighborhood you like and want to purchase. Check out whether condo units are selling fast or lagging on the market. Is it rented out quicker? Find out why.
Figure out the maximum mortgage payment you’ll be able to easily make with your current salary and bills.
Be sure to check your credit reports, scores and assess your credit situation. Improve it before you apply for a condo unit if needed.
Online tools to help you assess your current financial situation are abundant. Your computer and internet connection can help you educate yourself so you’re not blindsided by the buying process.
Active real estate agents are great resources to educate you on the home buying process and there are also classes that can educate you on the right moves to make in your area. Take advantage of everything you can to give yourself an advantage in the real estate market.
Look closely at the obligations on the contract you may sign with a real estate agent.
Be aware of what you’re signing at all times when it comes to buying a condo unit
You could be liable for commissions paid to the real estate agent even if they don’t help you with the transaction if you don’t go over the contract with a fine-tooth comb.
Interview your real estate agent as you would anyone who goes to work for you. Ask, “How unique are you in the real estate marketplace?”
Remember, you’re learning and their job is to make the path easier by helping to educate you about the process.
Be sure to read everything carefully and get another opinion from someone you trust who knows the ins and outs of the real estate business.
Some real estate agents charge fees for locating properties for you and some don’t.
Get to know your real estate agent and expect the process to be seamless from the search to the day you sign the contract.