What you need to do before you buy that property

Many are the folks that rush headlong into buying a property because of reasons known only to them but later retreat when the lot, house, or building fails to live up to expectations.

So before you seal the deal on that hot piece of real estate, learn from the mistakes of others and start composing and ticking off the checklist on your very own guide to buying property.

Location: The property you are eyeing should match your requirements. For example, in choosing a home for your family, you should consider the basics, including proximity to your workplace and the children’s school, accessibility to basic needs, like groceries and markets for foodruns and churches for spiritual quickfixes, safety and security, and environment. You should also think about the property’s resale value, especially if you see your family moving some time in the future. Nobody wants a property that is expensive to maintain and with no buyers in sight.

Family size or number of dwellers: Another critical factor in choosing a property is the size of your family or the number of persons expected to stay there. Obviously, a four to five bedroom house is a mansion to a three-person family composed of father, mother, and child. Similarly, a one to two bedroom condominium unit is not really the ideal abode for seven persons.

Type of property: While weighing the needs for room or space of your family and the location of the property, you should also ponder on what type of property you need—not want—to purchase. With the multitude of housing options—from apartments to townhouses to subdivision house and lots to high-rise condominiums—available today, it still pays to think about comfort. Will the members of your family feel better living in a gated house and lot with lots of green open spaces or the limited and confining rooms of a condominium?

Cost of acquisition: Finance also plays a big part in acquiring property. How do you plan to acquire the property? Are you going to pay in cash? Or do you need financing? If you are planning to pay in cash, then this factor may not have much of a bite. But if you’re gunning for financing, you need to remember that your monthly amortization for the property should not exceed 30 percent of the family’s total income.

Get advice from licensed real estate professionals: Since buying property is considered a major investment, it is highly recommended that you consult a licensed real estate professional prior to issuing that check. These professionals, who include brokers and lawyers, will give you additional tips in buying property, especially those concerning money.

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