10 Tips for Buying a House and Lot in Alabang

Alabang is an up and coming area in Metro Manila that is a hotspot for real estate investors today. A lot of establishments are rising in the area and it has become one of the most desirable addresses in the Philippines.

If you are planning to buy your own house and lot in Alabang, here are 10 tips that could help you make the house buying process easier.

1. Find a licensed broker or sales person.

The home buying process is very complicated. There are a lot of properties to choose from, you have to deal with a lot of people, and you have to work with a lot of documents. The entire process can be very overwhelming, so it’s good to have an experienced professional guide you through it.

2. Take your time.

Don’t rush into buying a house. Look at other options that you have and research about its immediate environment. Is it in a safe community? Are there any future developments nearby? Would you be comfortable with that? Make sure that you are fully informed before you decide to buy.

3. Talk about important dates with the seller.

If you decide to purchase, ask when you can move-in, get the title, and other important events. This will help you determine a good timeline for your purchase and help you prepare financially.

4. Negotiate the price.

No matter who or what company is selling you a house, remember that you can always negotiate for a cheaper price. If you are not comfortable with doing it yourself, ask you broker to do it for you.

5. Explore your financing options.

There are several financing options that you can try in the Philippines. If you don’t want to use your savings, you can apply for a bank loan or a loan from the government. Each of these financing options have different requirements, so you have to find out which option you are qualified and are comfortable with. You can even ask your broker for advice on this.

6. Get a loan pre-approval.

This can help you make sure that you will have money to finance your property. This will also help you land a better deal with property sellers and developers.

7. Know the government taxes and miscellaneous fees that you have to pay.

There are a lot of developers and sellers who hide these information from the buyer to make it seem like they are buying a property at a very low price. However, you will still be required to pay for these fees, otherwise you cannot move in the house or get your title. Knowing how much these will cost can help you prepare for it and avoid any complications in the future.

8. What are the documentary requirements that you need to comply?

You may need to submit a lot of documents to so that the developer or seller can process the transfer of your title and make the house officially yours. Know what these are beforehand. You can start preparing them before you purchase a property – this would help you save time in the long run.

9. Read everything before affixing your signature.

To ensure a smooth transaction, you will be asked to sign several contracts and documents. Read everything before you affix your signature so that you know exactly what you are getting into.

10. Let an expert do an inspection before you move in.

Regardless if you are buying an old house or a newly-built house, you need to have it checked by an expert. The sellers and contractors may have overlooked some glitches when they did a quality check on the house. An expert can point this out and you can ask for assistance from the sellers in fixing it.

The Bottomline

Buying a house is a long-term investment. These tips will help make your investment more secure, so you can make the most out of it.