Buying a house and lot is a dream most of us wish for. We work hard for it everyday because this means security for our love ones. Then our mind will be filled with several questions. Is my money secure for this investment? What is the process in availing a house and lot? What are the requirements?
Seven Steps in availing a house and lot from different Developers.
1. Browsing the web for best houses available
The first step is to browse the web for the best houses available. There are a lot of websites to choose and some of the most popular sites are OLX and Property24 Philippines. With the help of this sites we can choose the house that best suites to our needs. 2. Calling a Registered Real Estate Sales Person or Broker Usually after the buyer browse the internet for different houses or after some of his/her friends tell his/her buying experience, the buyer next step is to call a registered real estate sales person or broker. The buyer usually have sets of questions to make sure this investments will suite his/her family needs in terms of house specification or size, location, nearby establishment, schools, churches and etc. After the buyer verify important details then the buyer have to ask for a site tripping.
3. Site Tripping or Ocular Visit of the project This is the most important part of our investments. The buyer will experience the actual transportation going to the project or house development. This is were the buyer can see for himself the actual house turnover, house construction material used, locations where the house will be build and the community that surrounds it.
4. Reservation of our Dream House
After the buyer seen the house or after the ocular visit, the next step is to decide whether or not the project or house meets our needs. If the buyer decide to buy the property then the first step is to reserved the unit. A reservation fee have to be paid that varies from the type of houses and price. The initial documents the buyer needs to submit are the following:
Note : Initial documents needed during reservation are 1 month latest payslip, 2 government IDs and Company ID
(Locally Employed)
1. Certificate of employment w/ compensation (duly notarized)
2. Latest Payslip (with-in a month)
3. Latest income tax return (photocopy)
4. I.D. Picture 1x1 (4pcs)
5 Birth Certificate (if Single)Marriage Contract (if Married)
6. Community Tax Certificate (photocopy)
7. Photocopy of Company IDValid ID (SSS ID/ GSIS ID/ Drivers license)
8. Proofof billing (meralco Bill/PLDT BILL/Credit Card)
9. Postdated Checks
10. HDMF Contribtion Certificate (from Company)
11. Sketch of Residence
12. Reservation Application
(Overseas Filipino Worker)
1. Latest Job Contract with english translation (Photocopy)
2. Proof of remittances (Photocopy)
3. Photocopy of valid passport
4. Special Power of Attorney
(Self-Employed)
1. Audited Financial Statement of Business (latest 2 years)
2. Business permit/registration
3. Latest income tax return (photocopy)
4. Affidavit of income (if ITR is not available)
5. Latest three (3) months bank statement.
5. Downpayment / Equity Payment
One month after the reservation, usually all developers practise, the buyer will start paying the equity or downpayment which usually range from 10 - 20 percent of the Total Contract Price. The equity or downpayment term depends per developer. Common equity term usually is payable in 12, 15, 18 or 24 months. Usually this comes in a 0% interest rate. All developers will required a post dated checks for payments. This is a secure form of payment in which the check is payable to the developer and the buyer can save time from going to developers office just to pay the downpayment or equity in monthly basis.
6. House Construction
House construction started usually after the buyer paid in full the Downpayment or Equity for some developers. There are also developers which started the house construction once 50% of the equity or downpayment is paid. There are also developers that do not rely on equity of downpayment but instead on its construction schedule specially for townhouses or rowhouses.
7. Actual Move In or House Turnover
This is the sweetest part of our investment. But usually there are still fees needed to be settle before the unit or house is turnover to the buyer. This is called "MOVE IN FEE" which includes Meralco and Water installation, Home Owners Membership Fee and etc. But before our move in most of the developers conduct a "punch listings". This means the buyer will visit the house and do inspections. All the things that the buyer wanted to fix or repair like repaint, fixing of faucets, fixing of door knobs, repair of broken tiles and etc have to be listed. The developer will fix all this in a month period. Then actual inspection again will happen and if the buyer accept that all repairs have done then he/she have to fill up the acceptance form. It is then the developer will allow us to move in and occupy the unit.
I hope this will help or be a guide for our first time buyers who have doubt and fears in house investments. As i always say to my clients the right time to invest is "NOW" because the price of lot usually appraise yearly.
noypihomes BLOG C : 09338130418 E : inquiry.noypihomes@gmail.com