Homing in on a good buy

By Charles E. Buban Inquirer MANILA, Philippines--Buying a house is one of life’s most exciting decisions. And though it may seem complicated—or even scary—it is quite a simple and easy process as long as you take it one step at a time. The first thing a homebuyer should ask: What type of housing unit should I buy? Phinma president and CEO Willie Uy suggests that homebuyers first determine if they prefer a single family home, which means the ownership includes the house and extends to the limits of the property lines; a townhouse wherein the ownership includes the lot on which the house sits as well as the entire structure, or a condominium, where ownership is limited to a single unit and a shared interest in all of the common areas, like the swimming pool or the gym, for example. Uy says that while a house with a lot would give homebuyers ample privacy and room for extension, a condo or townhouse would relieve them of yard work and exterior maintenance. He adds: “Remember, you are making a long-term commitment so don’t hesitate to ask questions. The type of house you choose depends on your life situation, lifestyle and budget. A house-and-lot package is generally more expensive than owning a condo unit. Most condo units meanwhile are near city centers so they would appeal more to young professionals or those who pursue a busy life.” In addition to the type of housing, consider as well the financing method you’d avail yourself of, as it also has an impact on the overall cost of the property you’re buying. Uy suggests going around and comparing prices since one should also consider the down payment needed to secure the property. “Know how much you can afford prior to looking, or you may be looking at properties that are way over your budget. Since you will most likely need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible,” reminds Uy. Another thing to remember is selecting the community that will allow you to live your daily life comfortably and in peace. Uy notes that most homebuyers’ choices are influenced by the property’s proximity to good schools and access to public transportation. Yet other house buyers prefer the peace and quiet of a rural community, according to Sonny Ducay of Firm Builders Realty whose projects are mostly outside the city. Says Ducay: “When you find places that you like, talk to people who live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable in,” he adds. Once you have chosen the type of house and the community you like, the next step is to check the house itself. “Is the house structurally sound? Check the painting, the carpentry, the plumbing and electricity to see if they are working properly. Imagine the house in good weather and bad. Will you be happy with it year-round?” asks Ducay. Ducay notes that a close review of the exterior of the prospective home can tell a lot about the quality of the structure. Bring a tape measure, he suggests, to check if your appliances and furniture will fit in the space. “Also, check the ceiling and wall paintings for signs of water stains that could be caused by rain water seeping from the roof or an inadequate drainage system,” suggests Ducay. Remember, you are making a huge investment, he adds. Don’t hesitate to ask neighbors or even the barangay captain about the flood and crime situation in the area. Indeed, this is one of those times when seeking out the local gossip pays; you’d want to know as much as you can about the place that you intend to call your own.