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Tips how to buy a property

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What is Pre-Selling / Pre-Constructions means?

Selling the property  that is not already build or during constructions period. During this preselling stage this is your advantages:

         Prices are lower (guaranteed to increase value appreciation upon project completion)

         Easy to pay payment schemes

         Offering low rates and ZERO interest plan.

         Availability of prime location unit/s (e.g. end unit, unit facing east, best view units, units facing the amenities, swimming pools, ocean, golf course, skycrapers)

      You can see the advantages buying in Pre-Selling / Pre-Constructions Property compare to Ready for Occupancy Properties  but the trade off is that there is also a big risks of noncompletion.

To clarify the issues and identify checkpoints in protecting prospective buyers and investors, I have met with the Housing and Land Use Regulatory Board (HLURB) main man, Commissioner and chief executive Romulo M. Fabul. Having served the board since 1982 and handled various offices under the past five presidents, he is the best person to speak to us about the field of housing in our country.

He recommends that even before giving a downpayment on the lot, condo unit, townhouse or house of your choice, one must be aware and take steps to minimize the risks.

         Check if the developer has a permit or license to sell issued by the HLURB. If the developer has not fully complied with the HLURB requirements, such a permit will not be issued. This ensures that the developer has the capacity to complete the project.

         Check the track record of the developer. Established developers will not compromise their names with incomplete projects. Try to find out if there were instances when the developer was not able to complete a project and why.

         Have an expert check the product or the construction plans if at all possible. Or if there's an ongoing construction, ask a knowledgeable person to look the site over. The most important items to look at are not the finishes but the structural, plumbing and electrical systems. Plumbing issues could prove to be a nightmare for the hapless homeowner. Electrical problems can be very dangerous and weaknesses in the structure will not only be expensive to repair, but can be extremely disastrous.

         Buying lots in old or existing subdivision are even trickier. Consult the neighbors and homeowners' association. Verify the records from the register of deeds for back taxes and ownership.

         Listen to your intuition. There are pieces of property that emit good vibrations and some just don't. Remember, this is a house that you would probably live in for the rest of your life and maybe pass on to your children, so it is important that you feel good about it.

There are no shortcuts. Don't jump off the plane without a chute thinking that you can fly. No one can do all the above for you. You must get involved and be satisfied that you have done the best spade work possible. Only then, will you rest assured that your investment is an acceptable risk.

If you're a first-time condo buyer in the Philippines, or a balikbayan who has not been home for a long time, buying Philippine condominiums the right way will save you a lot of legwork and cash.

Below is Tips on How to Buy Philippine Condominiums

 

Location

When it comes to buying a Philippine condo or real estate property, it always boils down to a good location.

  • Is it near major thoroughfares?
  • Is the condo located in a quiet area and yet accessible to the commercial area, schools and hospitals?
  • For the typical balikbayan, the usual question is, how many minutes is the condo from the airport?

Masterplan A good masterplan incorporates several factors like zoning of the area (specific areas are designated for commercial, office and residential use), density of the area (strict implementation of the Floor Area Ratios (FARs) for buildings to be constructed), security and traffic management, designation of areas for open spaces, parks and landscaping, reliable utilities (presence of reliable telecommunication facilities, drainage systems, reliable water supply). How will the surrounding area look like 5-10 years from the time you bought the condo? This will only be answered through a good masterplan.

 

Track Record of the Developer The track record of the developer/builder/project manager is one of the very important tips on how to buy Philippine condominiums.

Did they finish the projects on time?
Did they deliver the condo based on what they promised?


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