Category Archives: Home-buying Tips
It’s not always about the price. A condo unit that is right for you and your family depends on other factors as well. For one, you might find a condo that you can afford. Unfortunately, it doesn’t have the style you are want to have. You might find a stylish unit but it can’t fit all of your furniture and home decorations.
However, these are merely physical aspects of a property. You need a condo that offers security and opportunity to grow your family. A property at Avida Towers Sola can give you that. But if you don’t feel at home with the property, then it isn’t the right one for you.
Signs can help you determine if you’ve found a property you should keep. Below are ten signs you’ve found the right condo to grow your roots.
1. You want to go inside
Condo units often look the same. For some reason, you found one that excites you. You can’t wait to find out what is inside it. If it’s a fully furnished condo, then you can pin it down to the interior design. Still, the place looks appealing and makes you feel giddy.
2. You feel warm
You feel warm not because of the temperature outside. You can sense the area is comforting and welcoming. There is an aura that is inviting you the explore the whole unit. Even if the condo unit is bare, it almost feels like home.
3. You are happy with the bathroom
A lot of homebuyers are picky when it comes to bathrooms. They are looking for a certain style or an extra sink. Others are uncomfortable with visiting other’s bathroom. They won’t walk into the room barefoot. They would rather stand outside and only poke their heads to get a view of the room.
If you can walk into the bathroom and feel like checking out everything in the room, then you’ve found your home. You are compelled to open the shower, open cabinets, and try the flush. Not to mention, you are excited about the gleaming fixtures.
4. You think of the house as yours
Love at first sight rings true especially when your looking at your future home. Whenever the agent point out a flaw in the unit, you feel as if you need to defend it. You choose to defend every flaw your partner or your parents mention because you are falling in love with the place.
5. You set up decorations in your mind
Upon walking into the living room, your mind begins to wander. It starts envisioning what type of sofa goes with your marble coffee table. Your ecstatic just thinking about the time you need to research on prints and textures you can incorporate in the room. You already have the perfect spot for your Christmas tree.
6. You think of your favorite color on the wall
You’re starting to think of the perfect palette for the master bedroom. You’re deciding whether pastel or greige encourages the natural light in the room. You already have a paint color set for each room of the condo. That’s how thrilled you are to move into a place in Quezon City.
7. The unit covers your basic needs
It might not have a swimming pool, a concierge or a laundromat but it provides the basic requirements of a home. You have all the rooms you need. There’s a gym on the ground floor and an open space where you can spend your afternoons in peace. It also has a playpen for your pets. What more could you ask?
8. You brag about the property to your friends
You look forward to posting the photos you captured to your social media accounts. You take several photos as you explore the other areas of your condo unit. Then, you capture more as you tour around the complex. There’s so much to show and tell your friends.
9. You begin to settle
You decide to stop your house hunting. The other places you looked into are no longer appealing. The list you created seems to fade away. At the same time, the properties you gave a thumbs up are no longer on top of your list. It seems like you’re betraying your new found love if you would continue your house hunting.
10. Your thoughts drift back to the house
Most of the time your thoughts go back to the house. It keeps on insisting it’s the perfect house for you. You can’t think of anything else other than owning the house.
If these actions and thoughts are manifesting in your daily life, then you definitely have to buy the property. Still, be logical and consider your needs and resources. Your feelings and instinct might get you in trouble in the future.
“Real estate is the closest thing to a proverbial pot of gold.” –Ada Louise Huxtable
Today, with so many rental properties cropping up here and there, attracting tenants can be somewhat of a challenge.
Indeed, tenancy is one of the aspects in real estate investments where the competition is strong. After all, tenancy can be a lucrative venture so it would be understandable why so many individuals would wish to dabble in it. However, no need to fret as there is never a shortage of renters and you can always count on them to come knocking on your door on any given day. However, while this might be true, remember that much of a prospective renter’s decision to STAY with you is hinged on what your rental property has to offer. Sure, they may come and inquire but the amenities you offer and the competitive edge you have over other properties would contribute to their resolve to rent out your property. Bear in mind that there is probably a myriad of rental properties located in your area and at their disposal. You need to give them a compelling reason to stay and rent from you.
How do you make sure this happens? By knowing what your renters are looking for, of course! Here are just some of the things a prospective renter might be looking for in your property:
1. Good location
One of the most compelling reasons that constrain a prospective tenant to rent is convenience. Convenience would be taken to mean as being in proximity to major areas of interest such as offices, schools and entertainment hubs. You might have a room for rent in Cebu, but where is it specifically located? Is it anywhere near good schools or good places to hang out in? If not, how is the commute and traffic generally? These are questions you need to address if you wish to attract renters. When it comes to tenancy, having a good location should be a paramount consideration. Prospective renters are more likely to compromise on other things you might lack provided that your rental is located somewhere ideal. You can pretty much get away with more if your rental is strategically situated.
2. Closet space
One of the most infuriating things about living in small apartments and rental homes is the obvious lack of storage space. In fact, they might feel even smaller because the closet space is insufficient leaving them to store their other clothes and belongings on makeshift storage areas such as bins and boxes. Know that having adequate storage space is one of the primary things you tenants would be looking for. So, be sure that your rental properties have enough of that.
3. Enough parking space
While some may argue this point, parking is actually a huge selling point for many city properties and apartment rentals. In some cases, this might even make or break a deal. Although this is purely case-to-case basis and it would usually depend on your target market, it is not the kind of aspect you would wish to ignore.
4. New renovations
Anything new would be considered as fresh. Furthermore, adding new renovations to your rental property would give your prospective tenants the impression that you care enough to make the necessary improvements. You do not need to spend a lot just to have a significant impact. Even something as simple as installing a new backslash behind the kitchen sink or fresh new paint in the master bedroom can significantly change how your prospective tenants would see your property. If you are worried about the expenses, then you would be pleased to know that you can recoup the money you spent on those improvements and may even earn more. Should you ever decide to sell, know that these features would usually bring a significantly higher ROI.
5. Cooperative landlord
At the end of the day, the biggest factor that would contribute to a tenant’s decision to rent from you is the kind of landlord you will be to them. As this is not something they can easily determine from your initial meeting, make sure that they know what kind of landlord you are by having them read previous testimonials and comments about you in your page.
You are just starting out as a young professional. You got everything under control. But at the tender age of being a twenty-something, you want to fast forward to the moment when you get to buy your place.
Buying a house entails risk, they say. However, that is an ancient thinking. While home buying always include additional costs, acquiring one isn’t as complicated as it used to be years ago.
Many working Filipinos are now opting to look for properties for various reasons. Some young adults want the comfort and convenience of a condo. Others want the flexibility of buying a low-cost housing in Cavite or other accessible communities.
It may be easy to acquire property, but you have to ask yourself if you are ready for the reality of having one while being in the early stages of your professional life.
Truths about homebuying
Truth #1: Buying a property is a huge responsibility.
Besides the obvious of being independent and living alone, buying a property means financial responsibility. You can purchase a property without a savings fund. Banks and government agencies such as GSIS, SSS and PAG-IBIG offer loans with flexible term payment. Other companies also offer cash advances or loans that will be carried over the employee’s monthly salary.
Regardless of the source of funding you choose, you have to make sure you have it all planned out. The agencies and banks will check your qualifications. Your current income is a factor that determines if you can afford to pay the amount of money you owe. Other than your income, your spending habits have to be kept in check.
Financial institutions expect you to pay your dues accordingly. Even your salary is enough to cover the monthly amortization and loan fees, your shopping trips and lifestyle habits each payday may overpower your obligations. You have to consider other areas of your life. You may have to spend more on others so make sure getting a house doesn’t mean you have to sacrifice your priorities in life.
Truth #2: Credibility is important in credit.
When you get a loan, you need signatories. The people you plan to include as signatories will serve as your referral.
Banks will ask you for guarantors, who will pay the fees and debts on your behalf during bankruptcy. Looking for the right people who will fit the bill is difficult. It requires trust from both ends. You need to establish good credit history so people can make sure you won’t fail to meet obligations. Their doubt level will be less and people will more likely accept the proposition if you are trustworthy.
At the same time, you need to choose people you can trust. Some people want to have their financial activities under wraps. Thus, include individuals who are responsible when it comes to personal information. Most of all, choose someone who accepts to be your fallback in case of emergencies.
Truth #3: Knowing the taxes and fees will save your life.
Advertisements, sale offers, and packages will not include the exact figures on charges, fees, and taxes.
It’s important to research these, so you know what to expect when an offer is on the table. Find out the breakdown of monthly and annual fees from close peers and relatives with a similar property. That way, you won’t be surprised of the accumulating digits as the days pass.
The initial payments are the property reservation fee, monthly down payment, tax and spot bank charges from the bank. There’s also the closing sale costs which may not be divulged by your broker until later. It’s advisable to have at least 20% of the down payment price saved for these purposes.
Truth #4: Insurance is necessary.
Insurance is helpful especially for events beyond your control. Fire, indoor flooding, and earthquake are accidents waiting to happen. There’s no particular time and day for these activities.
Signing up for an insurance gives a sense of security as it offers a buffer in case of these events. An example of insurance is the Mortgage Redemption Insurance (MRI) which is part of what you pay when acquiring a housing loan. The insurance will cover the family’s daily expenses in case of death and disability of the borrower. There are other benefits to MRI, but you also have to see if the coverage of the policy works for you. It’s important to have insurance that is greater than the asset value.
Same as other life goals, home buying has steps to follow. You need to have the determination to build you cushion fund. You must be ready for the responsibility of maintaining a property. You must get a hold of yourself and make a strong financial history. You need to understand the terms and conditions of the payment and insurance policy.
Buying a home is not a walk in the park, but getting a dream home as a young adult will bring the park at a close distance.