You’re excited, searching for a property and found one. You’ve contacted the seller or the broker and now are scheduled for a site viewing. Now, first things first, before you have a final agreement with that seller in buying that house, I have listed here things you have to consider that will have an effect when you actually live in that house.
Choose a best location for your needs. Consider the proximity of the house to groceries, hospital, school, wet market, recreation sites, road, churches.
Is it secured? Security should be one of the highest in your priorities when choosing a new house. Conduct an assessment around the neighborhood. This will include questions like, is this place flood free? How about the Marikina Fault System. Here is a link that can help you : Marikina Fault System
Density. This is the number of residents in the area. If you are buying a brand new house located inside a subdivision, ask how many lots are available for sale with its future expansion plans. For condominium buyers, know how many floors will be constructed and study the floor plan of each floor so you can have an idea of how many people will be for each floor once you live in there. As this will have an impact on your security. The more people you have in a community, the less secured it will be. Your privacy will also be affected.
Know all the cost. This not only knowing the total contract price(TCP) but also having an idea of all the cost until the property is transferred to your name. This includes registration fee, reservation fee, value added tax (VAT), transfer tax, documentary stamp tax (doc stamp), miscellaneous fees
Be familiar with all the property documents. Without all the legal documents of the property given or transferred to you name, you still do not own the property even if you pay millions of your hard earned money. SO make sure you have all the legal documents in your hands. Put it in a new envelops and store it in a safe place. This are the list of document you may want to secure, Certified true copy of the title (TCT), Notarized copies of the Deed of Sale, Latest tax declaration of the property, Certificate from the Bureau of Internal Revenue that the capital gains tax and documentary stamps have been paid, Receipt of payment of transfer tax and registration fees.
This are just 5 of very basic things you need to know when buying a property here in the Philippines. I will post more in the coming days, watch out for it.
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