Buying a residential property isn’t just a simple transaction—it involves countless viewings, navigating paperwork, and understanding market trends. For all its worth, the purchasing process from start to finish is overwhelming. This is where a seasoned real estate broker becomes invaluable.
In an exclusive interview with MyHome, Christopher Tordesillas, a real estate broker from Ramroc Realty with 11 years experience, shares his expert tips on how to navigate the complexities of buying a home.
Finding a trustworthy real estate broker is, according to Tordesillas, the most important and challenging part for home buyers. So, he strongly recommends seeking a broker from a reputable company, preferably an in-house agent from major developers, or someone with a credible background to guarantee a smooth purchasing process.
Well-experienced brokers can guide you in making informed decisions aligned with your priorities with regards to your home. Sit down with them and disclose your budget, needs, and preferences. In this way, they can help in finding the perfect home for you and even negotiate the property’s price and terms.
Tordessillas assured that everything is negotiable in the home buying process. So, don’t be afraid to put in a reasonably lower initial offer. The broker then ensures to buffer the negotiations with the seller to avoid starting on a wrong note.
Preparing all the necessary paperwork is particularly helpful when applying for a house loan. Tordesillas explained that if you follow this mode of payment, banks need proof you’re capable of paying the monthly amortization. He emphasized that this is what home buyers need to arrange beforehand along with the budget.
In particular, the following are the basic documents most banks require for a housing loan:
– Duly accomplished housing loan application form
– Photocopy of two (2) government-issued IDs
– Special Power of Attorney (SPA)
– Php 3,500 Non-Refundable Appraisal Fee
Along with the documents above, employed borrowers need a photocopy of their latest Income Tax Return (ITR) and a Certificate of Employment and Compensation.
As for self-employed borrowers, the bank will additionally request these papers:
– SSS / GSIS / Driver’s License / PRC License
– Business Name (DTI) or SEC Registration
– General Information Sheet
– Financial Statements / Income Statement for the last 3 years
– Photocopy of the ITR for the last 3 years
– List of Trade References (Suppliers / Customers)
– Articles of Incorporation, By-Laws with SEC Registration Certificate and latest General Information Sheet (if applicable)
Tordesillas advises to maximize your chances and resources to truly find the home that’s right for you. This means keeping an open mind during your home buying search and taking as much time as possible.
Explore various aspects of the home and the steps involved. Utilize social media to easily find basic information about the seller, company, and property. If you have friends or family in the fields of engineering, architecture, or interior design, get their advice when viewing a house.
Assess the homeowners association (HOA) dues and study if they’re manageable for your current budget. Project potential changes and prepare for sudden expenses.
You should also make sure to ask about the neighborhood’s security, noise level, and traffic. Tordesillas additionally recommends observing the area for an extended period of time or doing multiple viewings at different times of the day.
Cross-check anything the developer or seller says about the property with the HOA to ensure it doesn’t violate any rules. Moreover, ask about the inclusions and if design changes will be allowed prior to buying the home.
Taking a slow process in researching and decision-making prevents you from taking steps you’ll regret in the long run.
When choosing a condominium, Tordesillas suggests buying from developers who have many buildings all over the city with smaller cuts. Known developers already have an established reputation in selling residential properties. In addition, smaller units typically come with a lower price tag and require less upkeep, leading to reduced utility and maintenance expenses. This makes these properties more accessible to a wider range of buyers, especially first-time buyers, young professionals, or those with budget constraints.
“Just be mindful especially with regards to in-house financing. Make sure the terms are sound as usually they attract you with very low first payments and then lump it all at the end,” Tordesillas further advises.
If you find a residential property sold by smaller developers, it’s best to ask around or research more for reviews and additional references. However, if you’re not in a rush, you can look into pre-selling properties since they have better terms and low introductory prices.
But if you have limited resources, consider investing in land. Buying a vacant lot, preferably outside Metro Manila, is relatively cheaper and will only appreciate in value. Then, when you’re finally financially capable, you can build a house on that land according to your preferences at a much lower price.
You don’t have to go through the overwhelming and complicated journey of home buying alone. These pro tips from an experienced real estate broker can be your trusted guide to get you started on the home buying process. Having a qualified broker by your side can make all the difference in finding the perfect home that meets your needs and aspirations.
Read more: 5 Questions to Ask a Seller When Buying a New Home
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