HOMES - Quick Tips for First Time Home Owner (Pre Selling Houses)

HOMES - Quick Tips for First Time Home Buyer/Owner (Pre Selling Houses)

Home buying as well as home shopping are important decisions a starting family will  have make with respect to time and financial terms. Allow us to offer some quick and money saving tips. HOMES steps are;

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1. H- HOME SEARCH

a. Set a Maximum Budget. How much you can afford in terms of Total Contract Price if you are buying in full cash or monthly installment payment for financing terms. For you to  ascertain how much you can afford in amortization payments, industry practices estimate 30 to 40 percent of household gross monthly income for housing expenditures.
b. Enumerate your Criteria of your Dream Home. Lay down your ideal home features, home advantages and benefits as guided by your budget. For starting family you may opt for townhouse, or condominium studio unit. You may restrict your list to homes being offered by housing developer who gained high industry reputation.
c. Search and Compare House Models. You can easily browse the internet for ads/videos of house models or rely from your friends and family’s recommendations. Here Filprimehomes listings may be of help, our house models are mostly located in Mega Manila  Philippines a densely populated urban area.

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2. O- OBSERVE AND NEGOTIATE

a. View House Models. Schedule your house viewing on you day off or other free time with a real estate broker. Have ample time to see and compare more units as much as possible so as not to be constrained to make decisions in a hurry. Home buying is mostly family’s biggest expenditure. Big Housing developers employ in-house agents and brokers. Sometimes it is good to negotiate with them for added safety, savings and access to better unit location. Prepare a set of questions while viewing, to clarify advertised home features, advantages and benefits. Be aware of the location in terms of accessibility of transportation, road network and village community, safety as well as convenience of amenities.
b. Negotiate. Choose your right home. Once selected, negotiate for the best and possible payment terms and conditions according to how much you can afford. Inquire about the developer or Realty firm's promo and discounts. Look for better payment terms, installments due date to avoid penalties and forfeiture. If you have good credit record and can produce clean documents you may choose for lesser interest bank financing. For government employees, Pag-ibig financing mostly is the option. Otherwise, in-house financing which has shorter payment period and interest-laden but less hazzle to documentary requirements may be the only choice.

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3. M- MAKE A DECISION

a. Pay the Reservation Fee. Upon consideration of all the alternatives available, choose and decide on the most acceptable home by paying the reservation fee. This entitles you the exclusive availability of the unit for a certain period. Most developers offer discounts upon reservation payment. Next, have time to attend the counseling. Some developers make it a must. You may learn your rights, duties and responsibilities as a would be home owner. Feel free to air your concerns during the session, as this will be your grounds in the future if things turn out bad.
b. Calendar your Payment Schedule. To avoid penalties and worst forfeiture of your home, take note of your calendart of payment schedule. You will be provided by the developer upon reserving a unit. Philippine Real Estate law allows forfeiture of a unit  for non-payment of amortization within 3 consecutive months.  Set allowance, like setting aside an amount equivalent to one month payment in advance to avoid diversion of funds to emergency expenses. Stay in touch with your agent, broker and developer for updates about your account and house construction.

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4. E- ENSURE DOCUMENTS AND HOUSE TURN OVER

a. Submit Documents on Time. Most housing developer set a period of 60 days to comply with documentary requirements. Ask your agent/broker/developer about the details, due dates of submission. Failure to comply within prescribed period may result to delays in financing loan application and forfeiture of promo but the worst, forfeiture of the unit.
b. Update Payments. Make sure to be updated with your payments as scheduled. Particularly during down payment period, this may be the basis for early processing and approval of your loan.
c. Know your Turn Over Date. Ascertain when will be that date. This is to plan your renovation and utilities connection like water and electricity. Big developers may provide in house service for them. As to renovation, you will be asked to submit your renovation plan and to pay the corresponding construction bond. The amount will be refunded also upon completion of renovation.
d. Inspect your Home. Schedule you day of inspection. Bring along your family, and/or loved ones with you. This will give them a glimpse of the family's future home. They will also give you feedbacks and ideas about what needs to be done. Enjoy the feelings.

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5. S- STEP INTO YOUR NEW HOME.  Congratulations. Your family deserves one.