Simple Checklist in Searching for a Good Property

GOOD PROPERTY CHECKLIST

When I was still studying in college, I thought that I want a property with a swimming pool, a garden big enough to accommodate my visitors, a room dedicated to watching movies or enjoying fantastic music like Original Pilipino Music (OPM) and acoustic instruments, rooms exclusive for each family member and a house located to a cool weather so that I can avoid the heat of the summer. But having a good Property Checklist, help me easily pick the property that matches my needs and wants. 

Though this is a good thing to think about and to dream about, one should think of the circumstances that one has like the purpose and budget for buying a house. If you think that you need one right now, here is a basic checklist you should consider:

  1. Purpose / Reason for buying a House
  2. Location of the Property
  3. People who will live in the House
  4. Budget / Payment Term
  5. Other considerations

Reason for Buying

When you are hungry, you buy food to feed your hunger. When you are taking a vacation in the islands of Cebu, you buy swimming gear to be safe when swimming. When you want to diet thru running, you buy running gear. You buy something you want and need depending on the purpose you want to achieve. It is the same thing as buying a piece of property. You buy real estate for a variety of reasons. 

Is it for your own use with your family to stop renting or to find a home because your family is growing? Is it to get a regular income by renting it out? Is it to sell the property to get a big profit? Is it to be used as a vacation house when you arrive? Or is it a gift you want to give your loved ones?

You should know the primary reason you are purchasing a house because this will help you to avoid confusion as to what you’ll do when you are already in the process of buying the house. Add this to your checklist of a good Property before talking to your agent.

Along the way, it may become difficult to change purpose because certain properties are good for certain purposes only.

Location of the Property

When you already know your reason for buying from your good Property Checklist, it can help determine a good location.

Say, for example, you wanted to purchase a condominium unit to get a regular monthly income. It is good to get a property near transportation terminals like in Shaw, Mandaluyong City so that employees will have an easier time to travel to Ortigas and you will have an easier time in searching for a tenant because of high foot traffic (SM Fame Tower).

Another example is you wanted to have a house for your family to live in. You have a spouse and two kids that will live in the house. It is good that you get a property safe enough and near schools like in Aurora Blvd., Quezon City near University of the Philippines, Ateneo de Manila University and Technological Institute of the Philippines (Infina Towers).  

Number of People

Another consideration in your good Property Checklist is the number of people that will live in the house and people that will visit on a regular basis.

Take for example that your family of four is searching for a house, you will consider having a 2-bedroom house so that you and your spouse will take bedroom 1 and the two kids will take bedroom 2. Or you are a businessman and you wanted to meet with your partners in the house, you will look for a property that will have an extra room as the meeting area or you will look for a project with a function room. Or you are a family who has an elderly, you may want to look for a property with a room on the ground floor so that your elderly will not have a difficult time to climb the stairs when going to their room.

Budget / Payment Term

This is the usual question sellers ask of their clients because all considerations thought out, how much are your willing to shell out for the house?

You may choose if it’s cash basis or monthly payment.

The difference? If you have savings big enough, you can pay the property outright cash so that you can enjoy discounts and eliminate interest when taking out a loan. If you want to consider it like you are saving, you may pay it through monthly payments. It is easier because you only have to shell out a portion of your net income so that you can have a house you can live now or in the near future.

Other Considerations

The above considerations to finalize your good Property Checklist are enough to have a decision on what to buy but you can still add other things you might want to see in your house.

You may consider looking for something with a balcony for relaxation and visitors. You may consider a unit with a garden for the medicinal herbs you are taking care of. You may consider a house with car parking for the car you are targeting to buy. You may add an additional payment for these other considerations but it’s good to plan it out if there are those type of properties for your requirements.

Looking for a property may be time consuming and daunting but if you consider to list out the five things on our checklist, your purpose of buying a property, the location, number of people, budget/payment term and other considerations, it will become easier to find them and in less time compared to just visiting every project out there. Remember that the Duterte Administration is termed “The Golden Age of Infrastructure”, Developers are joining hands to help in boosting the economy and helping the Filipino people find their homes. 

Looking for a good property? You might also wanna check here.

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Chris Balbuena
Chris is a Real Estate Broker, Engineer, Self-Proclaimed Financial Engineer who wants to educate Filipinos about Investing particularly in the field of Real Estate. www.chrisbalbuena.com
Chris Balbuena

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