Tips/Advice when buying property

[IGX]

Spin off po nung isang advice thread ko :)
Say house n lot po o lot lang, ano po kailangan ko tignan? And ano po mga prosesong involved dito?

Big Thanks Po Ulit :)

[Krakista]

Isa diyan ay siguraduhin mo lang na hindi yan foreclosed property. Mas masasagot ng mga nakakaalam ang proseso para malaman kung foreclosed property yan o hindi.

[donndonn]

Alamin mo kung accessible ba yung place from your work, kung ok para sayo yung environment at kung hindi bumabaha.

[KuyaDanny]

Check for:

1) Valid title
2) Encumbrances and liens
3) Tax liabilities
4) Homeowner's association dues are updated
5) Any existing leases on the property

If you are really resourceful, also check:

1) Zoning laws
2) Future government infrastructure plans (baka maglagay ng highway sa inyo tapos kailangan bilhin ng gobyerno ang lupa mo dahil dadaanan ng kalsada)
3) Feng shui

[IGX]

KuyaDanny,

Ano po sa tagalog *** #2?

Hihi oo nga Kailanga pa pa feng shui, basta morning sun ok na yun ;)

[seifadiaz]

How do you get this information:
2) Future government infrastructure plans

[KuyaDanny]

2) Future government infrastructure plans

Major infra projects are planned years in advance, sometimes in consultation with the community. A few friendly conversations with your future neighbors or the barangay authorities will yield useful information.

If you are buying in a newly-developed subdivision, this issue may not be too important, as the developers should have investigated any potential infra conflicts before they started digging.

[KuyaDanny]

Some O-C homebuyers also check the geology, so they can know such things as the type of foundation needed for the house, if there is a chance the area will collapse (such as Cherry Hills), or where the water is if they need to dig a well.

[ako_toitzz]

oo nga saka kung binabaha ba yung place,
i like this thread im planning to buy H&L din maybe next year
and di ko rin lam yung processing, and ano ano ba dapat na nga papeles ang kailangan saan mga ahensya ang dapat puntahan , kelangan pa ba ng abogado mga terms of payment kung balak mong kunin ng cash yung property how do you pay for it do you give the cash personaly or by the bank,, etc.. i dont know this king of stuff yet,,

[o8si5]

Check for:

1) Valid title
2) Encumbrances and liens
3) Tax liabilities
4) Homeowner's association dues are updated
5) Any existing leases on the property

If you are really resourceful, also check:

1) Zoning laws
2) Future government infrastructure plans (baka maglagay ng highway sa inyo tapos kailangan bilhin ng gobyerno ang lupa mo dahil dadaanan ng kalsada)
3) Feng shui





i agree.well said.

[IGX]

Any other tips? Like how to get loans from Pagibig and banks also?
Does in-house financing really charge high interest?

[roadrage23]

oo nga saka kung binabaha ba yung place,
i like this thread im planning to buy H&L din maybe next year
and di ko rin lam yung processing, and ano ano ba dapat na nga papeles ang kailangan saan mga ahensya ang dapat puntahan , kelangan pa ba ng abogado mga terms of payment kung balak mong kunin ng cash yung property how do you pay for it do you give the cash personaly or by the bank,, etc.. i dont know this king of stuff yet,,

Further to ako_toitzz's reply, try inspecting the property during the rainy season in order to check for leaks or if the place where the property is located is prone to flooding.

[dalee]

how do you check the tax liabilities of the property you're trying to purchase? to the seller? do ther always tell you the real score? :confused: or cityhall?
sorry for being ignorance about this ;)
thanks. :)

[KuyaDanny]

Get a copy of the tax declaration, proceed to the municipal or city assessor, and have the tax liabilities calculated. Tell the good people there that you are considering the purchase of the property, and they should get back to you with a bill for ALL the taxes due on the property to date.

[dalee]

after paying the monthly amortization fees? what is the next step usually in acquiring a lot to a new develop village?

;)

[Jedd]

I learn a lot from this forum, especially from KuyaDanny. Thanks for all the tips. Hoping for more...

Can you please give a similar guideline in acquiring a condominium unit? Is it true that a unit may only be used for a number of years, say 25, depending on the durability of the building or such?

[KuyaDanny]

Buying a condo unit is similar to buying land.

In addition, be sure to check the following:

a) the previous owner/s have paid all condominium dues and assessments in full
b) the condominium corporation's liabilities are all current
c) that there are no restrictions in the condominium master deed that you cannot comply with if you buy a unit.

As to use of the property - it pays to check the condominium master deed. I own a condo unit which is 35 years old, and the building is doing fine. Our condo project has a 50-year life, so we have 15 years to go, after which we will decide what to do with the property.

[Jedd]

Buying a condo unit is similar to buying land.

In addition, be sure to check the following:

a) the previous owner/s have paid all condominium dues and assessments in full
b) the condominium corporation's liabilities are all current
c) that there are no restrictions in the condominium master deed that you cannot comply with if you buy a unit.

As to use of the property - it pays to check the condominium master deed. I own a condo unit which is 35 years old, and the building is doing fine. Our condo project has a 50-year life, so we have 15 years to go, after which we will decide what to do with the property.

i will take note of these. once again, thanks. :)

[sp!t_k!cker]

once nakabili na kayo ng lote niyo, tulungan ko kayo magconstruct! hehehehe