The time has come. You have been saving and preparing for this moment. For some, it is one of the biggest decisions they will have to make. Now where to begin?
Doing It By Yourself
There are a couple of ways of doing this. There are online real estate ad sites that you can easily visit and search for the house you want here in the Philippines. A traditional way of looking at newspaper ads, referrals and driving around the area can work as well. You will encounter a broker/agent or sometimes the owner himself representing the property, which we call FSBO (For Sale By Owner).
Scour as much as you can so you know you’re exposed to everything that is currently available in the market. Once you find a couple that you’re interested with, call them and set a date you would want to see it. Get as much information as you can on the person you are in contact with before agreeing to meet. It is also advisable to bring a companion on the day of the viewing and ask everything you need to know to help you make a decision.
This is a common avenue most buyers thread upon. Especially those who want to deal directly with the owner. They feel that they’ll get a better price with the owner not having to shoulder any buyer-brokerage fees. What they don’t know is that owners tend to overprice their property and being unaware of the current selling prices in the area can work against you.
Just be cautious and mindful of the whole process, you’ll be fine. It can be a fulfilling experience in the end.
Hiring A Real Estate Broker
Searching for the right Broker to fully comprehend what house you’re looking for can be tough. Referrals or just looking carefully in the Internet might work. Just always do a thorough background check if you can. It is best to go for licensed Real Estate Brokers for their knowledge and expertise.
The Broker or their agent may ask for an exclusive or non-exclusive agreement with you. This is for your representation on the house search and for their protection. I always advise buyers they should sign an exclusive contract. With the trust you’ve given them, that Broker shall work hard and go the extra mile looking for that place you wanted.
In purchasing a property, there are numerous documents and contracts you need to read and understand. Along with the tedious process of transferring ownership here in Manila, it can be daunting especially for a first-time buyer. Hiring a Realtor can easily remedy this and guide you through a successful purchase.
Final Take
If you are willing to embrace the workload and possible risks involved just to save some money (or not), then doing it by yourself seems fit. If you want that peace of mind going through a very stressful process and especially with a big amount of money involved, hire a professional. This decision will result to a house that you will have to live with.
By: Peter Norrdell
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