Saturday, October 4, 2014

5 things you need to IDENTIFY before buying your OWN house and lot.

Base on my research and consultations with friends from the field of real estate, I come with things to consider when investing into a property (house and lot) here in the Philippines.

1. Identify what kind of house do you want.




There's a lot of house type to choose from. There's single-detached, single-attached, duplex, townhouse and rowhouse.There will be a lot of jargons that you'll encounter when you inquire about house and lot. Lot area refers to the size of the lot while floor area refers to the size of the house.Of course, the bigger the lot you acquire, the higher the price.

2. Identify your preferred location.




You need to consider the proximity of the area from your workplace or for your children's welfare in case you're a family person. The place should also be accessible to public transportation especially if you don't have a private service. Accessibility to all basic establishments like hospital, schools, markets, malls, banks and others. The place should also be safe and secured. The village should have the amenities or facilities that will mostly beneficial to you and your family. Do a background research on your chosen agent and developer to make sure you're in good hands.

3. Identify your capacity to pay.




Conduct a financial scan if you can sustain buying a house and lot with your current resources. You don't want buying a property but end up indebted since you didn't plan well your purchase. There's a lot of options that can help you pay for your own house and lot. There are inhouse, bank and PAG-IBIG financing you can choose from.

4. Identify the required documents.




Prepare the basics like a photocopy of your ID, payslip, marriage certificate (if you're married), TIN # and the like. Your agent will give you the exact requirements you need to prepare.

5. Identify the amount of down payment or apply for a housing loan.

For rent to own house and lot, buyer can pay the down payment (usually 20%) within 8 to 24 months depending on the developer’s policy or terms (at 0% interest rate). You need to provide post dated checks for the DP. After paying the down-payment (the whole 20%), the developer will start the construction (your chosen house model). Construction takes about 6 to 8 months and during the construction you should be at least processing your loan applications. Aside from passing all the necessary requirements/documents, House should be at least 80% complete in order for banks to appraise and approve your loan.

Considering all of these, I would like to share to you a great investment for you and your family. It's #LancasterNewCity!

LANCASTER NEW CITY's initial phase of development is set to plant it roots in the community and eventually grow into a full-fledged "new town", similar to the ones we currently see in prime locations around Asia.









Shopping is just around the corner with LANCASTER SQUARE. Quality education is just a few blocks away at the ST. EDWARD INTEGRATED SCHOOL. Family fun and celebrations are right next door at the LEIGHTON HALL clubhouse, with a pool and function rooms for special events. The CHURCH OF THE HOLY FAMILY is just within walking distance, and work can be just a few minutes away at the SUNTECH IT PARK. Being just 15 minutes away from Manila via Cavitex, LANCASTER NEW CITY is set to become the most accessible new town from Manila, and first of its kind of development in Cavite.






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23 comments:

  1. I agree with all these points. Do note though that if you are buying a house, you should save 5x the worth of the house so you are ready for anything that will need fixing or what not in the future.

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  2. By just looking at the photos, I kind of knew that the subdivision or village would be Lancaster. We always pass Lancaster when going home. I live in General Trias so yeah. Anyway, when I'm with my mom, she'd say how Lancaster, as a developer, really planned and put effort (investment) in providing other attractions for their existing homeowners and potential buyers.

    It's good the Lancaster had built a church, a mini mall and a school since it's quite far from the usual stores. It shows they're not just building a subdivision but a community each household would enjoy.

    PS: Very useful tips for those who are planning to buy a house. :)

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  3. Agree with your points. Very true. Getting a house is really something you have to think over and over.

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  4. I am from Cavite and currently looking for a property to buy for next year.. I will definitely check out Lancaster in the coming days! Thanks for this article.

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  5. This is great! Thanks for tips, By the way, is Lancaster hotel in mandaluyong connected to the developers of the Lancaster, Subd in Cavite.

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    1. hello iaminlander! I don;t know if they have the same management. :)

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  6. These are actually great tips for buying a home! Too bad Lancaster is not in my ideal area, the houses and the development is looking good.

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  7. Your article is indeed very helpful to those who are planning to buy their own homes. It's a must to plan ahead and research other methods and know the documents involve.

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  8. Buying house is definitely a long term commitment. Thanks for your tips!

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  9. thanks for the tip! I'll start saving first

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  10. Buying a house is such a big decision. It's really important to know what you want and your capacity to pay.

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  11. i've already got my own place :) but these are very valuable tips

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  12. Number 3 is by far the most important. I work in the financial sector and have seen far too many people overestimate what they can afford. The decent into debit is a lonely one..

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  13. The first two questions are easiest to answer, as we all have our dream homes. But #3 is the biggest clincher and practical delimiter of our choices.

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  14. Those tips are really useful . All of these need to be considered while buying a house.

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  15. Beautiful houses and useful tips!
    However, the buying is pretty different in Singapore.
    It would be nice to stay in a house than an apartment.

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  16. Good tips to have in mind when I would think on stop being a nomad one day maybe ;)

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  17. I do intend to buy a house of my own someday and your tips will definitely come handy then :)

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  18. Hey, that is a essence for me. I am deciding to buy a house with my bf recently. Thanks for the info.

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  19. I should say I have these five, and yes, I've reserved my planned slot for the house I wanted to own. Location is one of my prime consideration though, I know my cashflow so i know it should also be within the budget. Just glad I started to take a step towards what i wanted to have. :D This is a good one for those who intend to really own a house. :D

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