BUYER'S GUIDE

Buying a property can be daunting and stressful experience as it is one of the most important financial decisions you'll make. It's a period that requires a great deal of preparation, planning and seeking the help of a professional broker to make the process run efficiently. To assist you for this, here is a general guide of what to expect and prepare.
 

SET YOUR FINANCES READY

Generally, the first step to take is to prepare your funds for a down payment.  A minimum of ten (10%) to twenty (20%) of the property's contract price you are eyeing to purchase. Then, consult a financial institution you trust to help you provide information if taking a mortgage loan is one of your options. Comparing the best rate is highly recommended. 

CONCEPTUALIZE YOUR TARGET PROPERTY

After setting a price range, it's time to know what type of property will best suit you. Specify the purpose of the investment and consider the factors such as location, access to other establishments, facilities, elevation, safety and so on. Best to have this in writing to create a clear list of your requirements. 

CONDUCT DUE DILIGENCE
Most of the investors nowadays get their first-hand information through searching online. When you can, set a time to visit the vicinity of the property. A background check of the property's developer or seller is fundamental to know. If you're unable to do so, you may choose to hire a professional to perform this service and get an opinion or estimate valuation, if necessary. Ensuring the quality and status quo of the property will give you a better knowledge in your decision making.

 

MEET WITH A REAL ESTATE BROKER                   

It's important to communicate with a licensed broker who you choose to partner with. A broker will mediate you in finding the right property. He or she will assist you in setting appointments, clarify the process of buying, secure documents and represent your best interests.  

 

THE SEARCH IS ON 

Once you have consulted and presented your requirements with your broker, he or she will update you frequently on the new listings on this site, the project developments available in the market and schedule your appointments with the developer or seller. This is the stage where you go with your broker or representative to visit showrooms, attend open-house events and receive further details of the desired property.

NEGOTIATION AND CLOSING

Through your broker, you can place an offer that the seller will either accept, counter, or reject. Thereafter the negotiation, the administrative work begins. Settle your mortgage with your bank and you are ready to sign a contract - congratulations! 

 

Remember that your broker's mediation does not end here. For properties under construction, keep a close contact with your broker partner for construction updates, schedule of turn-over and etc. And for properties under Ready-For-Occupancy (RFO), liberate your rights to ownership such as improvements, leasing, appreciation and so on.