Costly Mistakes When Buying a Property in the Philippines

A house miniature

Home ownership is anyone’s life goal, but it can be the source of your misery if you take the wrong approach. If you’re buying a property for the first time, avoid the following rookie mistakes by all means:

Investing in a Condo

In the grand scheme of things, any property is more than just a place of residence — it’s an investment. Generally, a house-and-lot package is a better than a condominium unit. A condo, per se, isn’t a bad choice, especially if you live in a city.

However, if you have the means and the opportunity to choose between a house and a condo, go for the former. Any Lancaster New City properties review site, such as Real Estate Hub, would tell you that houses are more resilient when it comes to real estate market crashes.

Buying Pre-Owned Without Inspection

A pre-owned property is a viable option if you want to reduce your costs, but be sure to uncover its secrets before signing on the dotted line. A mere visit to it wouldn’t suffice. You must use an experienced home inspector who would put your best interest above all.

This way, you’d be aware of the property’s existing structural damage. In turn, you would have a clearer picture of how much work it needs to make it your dream home.

Neglecting Mortgage Terms and Conditions

Mortgage application mistakes happen all the time, but none is more detrimental than not reading the fine print. It pays to listen to the loan officer, but verbal promises are not legally binding. Understand every word in the document because it’s the one actually carries weight.

Failing to Negotiate

Home prices and mortgage interest rates are usually negotiable, but you’d have to initiate the talk proactively. However, make sure you have an ace up your sleeve to have some leverage at the negotiating table.

Do your research and think with the foresight to buy a property you wouldn’t regret down the road. With so many affordable housing options these days, now is the time to gain a foothold in the real estate market.