By: Chona Esguerra
Buying a property is one of the biggest investments you will ever make in your life. Knowing what you are getting into will give you the advantage of foreseeing problems before they arise.
These are the top 5 things you should check before buying a property.
LOCATION. Familiarize yourself with the neighborhood and visit at different times of the day. Be sensitive with the environment like traffic situation, noise level, weird odors, puddles of water or signs of flooding, and street parking situation. Ask yourself if you can live with these things every day.
BE OBJECTIVE. Once you have your shortlist, pay another visit with someone who understands the ins and outs of real estate. Their expertise can come in handy, preventing you from making the wrong purchase.
Major cracks on the wall due to poor foundation or a recent earthquake are crucial structural components to take note of. An inspection by a structural engineer or contractor will give you an idea how much you will spend for necessary repairs. Check if the cost of repairs are deal breakers for you.
LAYOUT AND DESIGN. Take your time as you walk around a house and see how you feel. Generally, if something doesn’t quite feel right about the house it is caused by a bad layout. Avoid tight houses. Look for a house with a layout that flows naturally when you walk around it.
TITLE & IDENTITY OF OWNER. Before any transaction, check the title at the Registry of Deeds and take note if there are claims against the property. A licensed real estate broker can help you with this process. Make sure you are dealing with the right owner by asking for any government issued ID. Fraudulent sales of property is usually committed by a close member of the family. If one of the owners is based abroad, ask for a consularized special power of attorney. This must come with a ribbon and seal.
Scouting property is exciting whether it’s for immediate use or investment purposes. It is a milestone you will forever hold in memory. Follow the tips above to prevent your purchase experience from turning sour.
Enjoy House Hunting!
CHONA ESGUERRA is a licensed real estate broker with a vast experience in her field. She is a member of PAREB – Muntinlupa Real Estate Board. A village resident. Her email: firstname.lastname@example.org