DIY house hunting is said to be one of the most challenging tasks for an aspiring homemaker. What they don’t realize is that this is only the beginning.
Buying a house in the Philippines can be a difficult process. Although there are online markets where you can search for a prospective home, it’s still useful to assess and ask around in person. The documents and other formalities are only the tip of the iceberg; you should also consider the history and location of the property. Here are five things to look for before you close that deal.
Verify ownership history
If you’re eyeing a property that was previously owned, it’s best to ask intently about the ownership history of the house. There’s no harm in asking, especially if you’re buying it using your hard-earned money. Like in many horror movies, what you’re exactly avoiding is long years of stress and fear that your investment isn’t worth it. Prevention is always better than cure, so make sure that the property you’re choosing is worth your money.
Check waterworks
Another stressful aspect of looking for a house is the plumbing. When the waterworks are damaged, expect to pay thousands for repair and restoration. Test out the faucets, toilets, and water pressure. Check the water pressure, faucets, and toilets. Low water pressure can be caused by leaky or clogged pipes. To check for a water leak, inspect under sinks and bathrooms, as well as walls, to see whether they are coated in paint or have mold growth. If you have any suspicions, consult an expert right away.
Assess the property location
Whether you’re looking for a property in Metro Manila or in developing provinces like Rizal or Laguna, consider how far it is from points of interest. If you have children or have a college student, make sure the commute will not take hours. In case of an emergency, check to see if there are any convenience stores or supermarkets, or neighbors. These are just a few of the things to keep in mind before deciding on a house.
Pay fees and taxes
Make a list of all the fees you will have to pay like administrative fees and taxes. This includes the price of registering the Deed of Sale and notarial paperwork. Documentary stamp tax, transfer tax, and real property taxes are just a few of the obligations you will encounter once you take possession of the property.
Ensure a transfer certificate of title
A transfer certificate of title is your primary proof that you own the property. This is the process when you purchase a house from a previous owner. Following the payment of other government taxes, the Bureau of Internal Revenue, or BIR, will issue the Certificate of Authority to Register, permitting you to get a transfer certificate of title to the property.
It is entirely up to you whether to acquire a pre-owned house or look for a newly built home from a developer. But one’s things for sure, if you understand the process of getting house, you’re just a few steps closer to owning one.
For more details and for your real estate needs, visit Elanvital Encalves or contact its sales at +63 9271440196.
