HOME BUYING GUIDE

There are 7 Easy Steps and Guides for Buyers in purchasing their dream house in the Philippines and here they are:

1.  ANALYZE YOUR NEEDS - Why?...because by analyzing you can narrow down the many properties in the market today into a select handful. How? ... First, ask why you want to buy a property by knowing your purpose. Is it for starting up a family of your own or You want to have a bigger house due to a growing family or Just for you alone because you want to live independently or Perhaps a vacation house where you can take time to relax? Second, in what location do you prefer to reside. Is it in the heart of the Metro where all the action is or Are you looking for a fresher more relaxing environment? Eventually after identifying and breaking down all your needs, the type of home you buy will most likely fit the purpose for it. 
2. YOUR FINANCES MATTER - Why? ... because to be more realistic in achieving your purpose in buying a property, you should know your financial capabilities. Do you have enough money in your bank account to buy a property or enough savings to payoff the equity and get some or most help from a financing institution i.e. banks, lending companies etc.? Is your current job or business stable? Can your monthly income be more than enough to pay for the monthly amortizations? Tip : If your job or business is stable and income is doing good, you may get an initial assessment of your loanable amount from a bank by submitting a copy of your monthly income (payslip, statement of account, or any verifiable proof). Better if you are an existing client/depositor of the bank so they can readily assist you.
3. SELECT AND CHOOSE - Now that you understand what your needs are and your finances, next is to select what kind of properties will serve your purpose and that can work within your budget. Do you prefer a condominium unit, a house & lot, a townhouse/duplex, or a lot only because you prefer to build the house yourself with the help of contractors? Do you need a studio unit, 1 bedroom, 2-bedroom, 3 or more bedrooms, a garage for your vehicle, spacious living, dining, kitchen? How many bathrooms do you need, a service area perhaps and a garden?
4. CONTACT - The type of  house you choose will not only depend in the number of rooms or how big the interior and exterior spaces are. Acquiring a property is never bought nor sold on your own even if you handle the majority of the transaction by yourself by buying it directly to the owner. There are always legal documents needed in the process and the financing schemes that you need to consider.  You should interact with someone who is professional enough to guide you along the process that is what, where and how you would be able to get the house you deserve. These professionals are the licensed Real Estate Brokers and Accredited Agents. They have undergone rigorous accreditation, training seminars and licensing exams to be able to effectively deliver the service you need.  
5.  REVIEW - Study and recall the financing options available to you and understand all the necessary legal documents required to submit, receive and copies to retain. You may also would want to weigh your financing options to make sure that these will coincide with your income and expense cash flows  in due time or in the future.  
6. PURCHASE - Now that you have been counseled by your agent or broker and reviewed the legal documents as well as the financing options.. you are ready to buy. Here's the buying flow which you need to follow:
   • Reservation of Unit  - fill-in reservation form and pay the required reservation fee
     
   • Full Submission of required legal documents - a list will be provided by the seller
   • Receive notification of pag-ibig or bank guarantee - if you opted for financing 
   • Punchlist of the chosen unit - you are given the right to inspect the house if there are defective parts before you move-in. Usually there is a warranty of 6 months to 1 year from the date of turn-over. (please see below guides for punch listing)
   • Moving-in - Congratulations!
7. POST PURCHASE - Now that you have move-in, it's time to dress-up the interiors of your home and live the life you and your family deserved.

Do you know what you should be looking for when punch listing a house before move-in ?

Well, your purchased dream house is almost ready and it's time for the all-important walk-through with your builder/ developer.

Take note that some problems may not be readily visible even if you hire a professional inspector. However and fortunately, most house developers offer a warranty to cover problems in the workmanship of a home usually 6 months to 1 year warranty-- afterwhich,  they do not cover problems resulting from owner neglect or faulty maintenance. But still, knowing what to look for in your pre-settlement walk-through is a good way to catch potential problems.

Here's a helpful "punch list"  to use while your walk-through in and outside the unit:

OUTSIDE

1. Grading: Does the ground around the foundation slope away from the house? Make sure the water does not pond or pool in large puddles, especially near the foundation. To check, put water into the areas with a hose if possible, and see if there are signs of erosion. Is the shrubbery placed at least 2-3 feet from the foundation?
2. Roof and Gutters: Are the shingles flat and tight? Is the flashing securely in place? Do the gutters, downspouts and splash blocks drain away from the house?
3. Exterior Appearance: Are the windows and doors sealed and protected by weather stripping? Are the trim and fittings tight? Are there any cracks? Does the paint cover the surface and trim smoothly? If applicable, has landscaping been installed according to the terms of your contract?

INSIDE

1. Doors and Windows: Are all doors and windows sealed? Do they open and close easily? Is the glass properly in place? Are any windows loose or cracked?
2. Finishes: Is the painting satisfactory in all rooms, closets and stairways? Did the painters miss any spots? Are the trims and molding in place?
3. Floors: Is the carpet tight? Do the seams match? Are there any ridges or seam gaps in vinyl tile or linoleum? Are wooden floors properly finished?
4. For Furnished Units -Appliances, Fixtures, Surfaces, Etc.: Do all of the appliances operate properly? Are all of the appliances match the model and color you ordered? Check all faucets and plumbing fixtures, including toilets and showers, to make sure they operate properly. Are there any nicks, scratches, cracks or burns on any surfaces, including cabinets and countertops? If you have tile counters or floors, was the tile and grout sealed by the builder or will you need to handle?
5. Electrical, Heating and Air: Check all electrical fixtures and outlets. Bring a hair dryer to test the outlets. Do the heating, cooling and water-heating units operate properly? Test them to make sure. If the home has a fireplace, do the draft and damper work? Test the doorbell. Also test the intercom system, garage door opener and any other electrical items.
6. Basement and Attic: Are there indications of dampness or leaks? Is there significant cracking in the floors or foundation walls? Are there any obvious defects in exposed components, such as floor joists, I-beams, support columns, insulation, heating ducts, plumbing, electrical, etc.?

 After the process, you may surely have found some defects whether minor or major. These will now be noted by the builder and take action upon immediately before you schedule your move-in.

Important is that to make sure that the house you have dreamed to be your permanent abode will be safe and liveable under considerable events and circumstances today and in the future.