​

Interested in buying real estate property? Is this your first time looking for a dream house that you would want to live in, like for five years or even for the rest of your life?

​

Well, I have been there and done that, as the cliché goes.

​

So, here’s what I have realized through what I have experienced as a first-time buyer of a real estate property.

​

First: Be decided.

​

Decided on what? Decided on where you want to buy real estate. Will it be near your place of work so that you will be able to avoid, or least lessen the hassles of travelling to and from your workplace? Or, will it be some place near your friends or relatives? Or maybe a place where you will be fascinated by the view of the skyline?

​

Second: Be ready with the necessary budget.

​

Once you have decided that you want to buy a house or any kind of real estate property, you should save up.

Real estate property ownership entails costs. The list price is certainly not the only cost included. The property may be more pricey than you expected.

​

You have to ready yourself for costs such as closing costs, inspection costs and all other hidden costs.  

 

Third: Be approved.

​

Buying real estate property needs a lot of documents preparation.

​

The company you are working for may be helpful here. In my case, they did the math, so to say the least. They gave me the go-signal. That is, they calculated based on my monthly salary that I could afford the monthly amortizations needed to purchase the real estate property.

​

But that is just the start. I needed financing. The down payment, which is usually a percentage of the total amount of the real estate property, can come from your savings or financing.

​

And financing can be complicated stuff, more so for first-time buyers.

​

I was lucky then because the real estate company that brokered for me did all the documentations needed. They were the ones who coordinated with the company I was connected with then and with the financing company as well. All I had to do was verify and sign. 

​

It would be best if you can find a realtor just like mine. They did all the hard stuff and left me anxiety-free.

​

Fourth: Be choosy with your real estate agent/broker or real estate company.

​

Your choice of an agent must be based on trust. Because this is not just a small amount of investment you are making. It also affects your financial stability, your peace of mind and your work-life balance in the probable future.

I was lucky because I had a friend who was a real estate broker and he owns a realty company.

​

There were a lot of open houses from various developers in different cities in the metro and some were in the suburbs. At times, I would tag along and he would point out to me the materials that the developers were using for the houses. He would tell me what materials the sidings are made of in which particular part of the house, the quality of reinforcement bars used, and the strength and overall durability of the real estate property based on what he knew, among other things.

​

Having a good and honest real estate agent/broker is definitely an advantage.

​

Fifth: Be ready to do your own research.

​

You may be thinking that buying the house includes all of those state-of-the-art furniture and fixtures as seen on their fliers.

​

Well, some of them are. But some of those real estate properties in their grandeur are staged to attract more buyers! That means, all the furniture and fixtures there are just added attractions for the real estate property! Some of those may just be rented for the photoshoot!

​

Still you have to do the research. Ask if all those are included in the list price. If not, then you now have a pretty good idea of what you should purchase later on.

​

Do the walkthrough. You should be able to see first-hand all the nooks and crannies of the real estate property you are interested to buy. And if you have any questions about a particular space in the room, at least you can specifically pinpoint and ask what is that and what is it for. And the feel of the place may be different from the pictures that you may have seen.

​

And when I am in the showings site, I usually wander off from the group to onlooking neighbors – if there are any. I ask them about electrical and water supply in the area, as well as availability of public transportation.

​

And what about stability of communication and internet connection and speed in the area? These are definitely one of the most important features that the real property must not be lacking. Your job relies on these factors.

​

I also inquire about the environment in the area in general: is it peaceful or noisy, and about what time of the day that would be. And they readily talk about what happens in the area when a heavy downpour occurs. These are information you need to have to make a decision. And mostly these details are not at all found in the fliers. And at times, even the real estate agents may not know as well.

​

Sixth: Be ready to grab the opportunity to buy the real estate property on the spot, or at least sign up for it to make a reservation.

​

Always be ready to grab the chance the buy when all the information you have meets all your criteria or standard. These properties are not there always waiting for your response.

If you are interested, someone may be more interested than you. And then you may lose your chance for that dream house you have envisioned with that particular property before you.

 

 

-------------

Credits to @Joel Filipe for my background photo (Unsplash)

​

If you have any comments, please fill free to share it with me. You can reach me at ma3skyvirtualsolutions@gmail.com