Things,You,Should,Know,When,Bu business, insurance 10 Things You Should Know When Buying Real Estate Properties

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Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-qformat:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso-para-margin-bottom:10.0pt;mso-para-margin-left:0in;line-height:115%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri","sans-serif";mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;}One thing that makes real estate buying in the Philippines sointeresting is the diversity of developers and lots available for purchase…..whether it’s residential, commercial, industrial or agricultural or farm lots.The choice is yours …is it for your own use as a future residence, office,business, or haven for mangrove.In buying real estate properties in the Philippines, pleaseremember the following:1. Deal only with a licensed real estate broker who willhave the authority to sell. With utmost honesty and integrity, a licensedbroker will be familiar with the properties which he undertakes to sell. He hasa working knowledge of land economics, real estate market, legal provisionaffecting real estate, reading ordinary maps and plans, financing practices inreal estate transactions, basic features of land and building construction andthe working knowledge of government offices concerned in real estate.2. Buy properties developed by a reputable company,experienced in real estate development and with very strong financial position.You should look at the people behind the company and the properties they havebuilt. This is an assurance that the property will be turned-over after adefinite period of time as stated in the contract (after you made your lastpayment if you got it on installment).I was a victim myself when I bought a townhouse in Baguiofrom an unknown developer. It was on installment payable in four years withoutany interest. It was clearly stated in the contract  that the property willbe awarded within 60 days after completion of the last payment. The propertywas 70% finished when the last payment was made in July 2006 just in time forthe developer to request for corporate rehabilitation. To date, the case isstill under the jurisdiction of the court with nothing on sight on when saidproperty would be finished and awarded to me.3. Location is also one factor, you should consider whenbuying a property for investment since you would always want an area with agood appreciation rate. A good appreciation rate is 20% per annum so that thevalue of the property will be doubled in 5 years time. This is if you areconsidering the property for investment.4. The value of the property is determined by dividing thenet operating income (NOI) by market capitalization rate so you should considerthis factor when buying existing properties. The net operating income is thesum of money you will earn from a property, say by leasing it, less allexpenses. The capitalization rate is the net operating income divided by thepurchase price of the property.5. When buying big existing properties, you also needconsult a real estate assessor in order to determine the price at which thereal estate properties will likely sell in a competitive market.6. Always beware of fake titles. Copy of the TransferCertificate of Title preferably certified by the Register of Deeds in themunicipality where the property is located. It should be valid and without anydefects. It should be free from any liens or encumbrances and annotations.Together with the TCT, the lot plan prepared by the licensed Geodetic Engineerand verified by the Department of Natural Resources (DENR) as well as the copyof tax declaration. 7. Be on the look out for amenities or features such asclubhouse with function halls, fitness gym, swimming pool, children play are,basketball court, badminton and tennis courts and convenience store, wideroads, 24-hr security, fence, electricity and water supply, shuttle service,where the properties are located if it is within a subdivision. Somesubdivisions have their churches, schools, stores outside of the church so asto allow more privacy for the residents.8. Deal only with reputable banking and financialinstitutions if you intend to borrow money to finance your purchase ofproperties. Be sure you get the best rate of interest and payment terms.9. Make an actual site inspection of the property to removeany doubt you may have or get encouraged by the development undertaken in aparticular area.10. Again, deal with a licensed real estate broker if youdesire to resell the property after some time.