FAQ

FAQ

Frequently Asked Questions

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Am I Ready to Be a Homeowner?

The essential steps to prepare for homeownership include assessing your financial situation, determining your budget, researching neighborhoods and properties, and obtaining pre-approval for a mortgage. Additionally, it’s important to understand the responsibilities of being a homeowner, such as maintenance, repairs, and insurance. To ensure you’re truly ready to take on these responsibilities, consider factors such as job stability, future plans, and personal readiness for homeownership. By carefully considering these factors and taking the necessary steps to prepare, you can confidently say, “I am ready to be a homeowner.”

Why houses cost higher in the city?

The cost of a house and lot may generally get lower as you move away from the center of the city for a variety of reasons.

Firstly, the demand for properties tends to be higher in city centers due to the proximity to key amenities such as schools, hospitals, shopping centers, and employment opportunities. As a result, properties in these areas tend to be priced higher. However, as you move further away from the city center, the demand for properties may decrease, leading to lower prices.

Secondly, land availability can also be a factor. In city centers, land may be scarce, and competition for available land can drive up prices. As you move further away from the city center, more land may become available, leading to lower prices.

Lastly, the cost of living may also be higher in city centers, leading to higher prices for properties. As you move away from the city center, the cost of living may decrease, leading to lower prices for properties.

Overall, the cost of a house and lot may get lower as you move away from the center of the city due to a combination of factors such as lower demand, more available land, and lower cost of living. However, it’s important to consider all factors when making a decision to purchase a property, including accessibility, transportation, and future growth potential.

 
Is Renting or Buying Better?

The decision to rent or buy a property depends on your personal circumstances and financial situation. Renting may be a good option if you’re not ready to commit to a long-term investment, want flexibility, or have limited savings for a down payment. Buying a property may be a better option if you’re looking to invest in long-term wealth, want to build equity, or are tired of renting and ready to own your own home.

It’s important to consider factors such as your income, expenses, credit score, and lifestyle when making this decision. A real estate professional can help you weigh the pros and cons of each option and determine what’s best for you. Ultimately, the decision to rent or buy should be based on your personal preferences, financial goals, and lifestyle.

Can I Ask You for Advice?

Yes, you can certainly ask me for advice! As a real estate professional, I have the expertise to guide you through the process of buying or selling a property. I am happy to answer any questions you may have and provide you with expert advice tailored to your unique situation. Whether you’re a first-time homebuyer or an experienced investor, I’m here to assist you every step of the way. So, please don’t hesitate to reach out to me if you need advice or guidance regarding real estate.

Yes, you can certainly ask me for advice! As a real estate professional, I have the expertise to guide you through the process of buying or selling a property. I am happy to answer any questions you may have and provide you with expert advice tailored to your unique situation. Whether you’re a first-time homebuyer or an experienced investor, I’m here to assist you every step of the way. So, please don’t hesitate to reach out to me if you need advice or guidance regarding real estate.

What documents are required during closing?

When acquiring a house and lot in the Philippines, several documents are required according to the Real Estate Service Act (RESA). These documents include a Contract to Sell, Deed of Absolute Sale, Tax Declaration, Certificate of Title, updated Real Property Tax Receipts, Tax Clearance Certificate, Transfer Tax Receipts, Documentary Stamp Tax Receipts, and Building Permit and Occupancy Permit. These documents are necessary to ensure the legal transfer of ownership and to prove that all necessary taxes and fees have been paid. Additional documents may be required depending on the specific location and circumstances of the property, so it’s important to consult with a licensed real estate broker or attorney for specific information on required documents.

What Is Pre-approval?

Pre-approval is a process in which a lender evaluates a potential borrower’s creditworthiness and financial status to determine the amount of money that the borrower may be eligible to borrow. In the context of acquiring a house and lot in the Philippines, pre-approval is a crucial step for obtaining a mortgage loan.

To get pre-approved, a borrower needs to submit a loan application to a lender, along with relevant financial information such as income, employment status, and credit history. The lender will then review the application and assess the borrower’s creditworthiness, debt-to-income ratio, and ability to repay the loan.

Once the pre-approval process is complete, the borrower will receive a letter from the lender stating the maximum loan amount they are eligible to borrow. This pre-approval letter can then be presented to the seller or real estate agent to demonstrate that the borrower has the financial means to purchase the property.

Pre-approval is a useful tool for both borrowers and lenders. For borrowers, it provides a clear picture of what they can afford and helps them to narrow down their search to properties within their price range. For lenders, it helps to reduce the risk of default by ensuring that the borrower has the financial means to repay the loan.

 
Can an OFW acquire a house and lot while working in other countries?

Yes, overseas contract workers or OFWs can acquire a house and lot in the Philippines while working abroad. In fact, many OFWs invest in properties back home as a long-term financial strategy.

There are various ways for OFWs to acquire a house and lot in the Philippines while working abroad. They can:

  1. Work with a trusted real estate agent or developer who can assist with the property acquisition process remotely.

  2. Apply for a housing loan from a bank or other financial institution. Many banks offer housing loan programs specifically designed for OFWs.

  3. Use the services of a power of attorney (POA) to authorize a trusted family member or representative to act on their behalf in acquiring the property.

  4. Consider buying pre-selling properties, which often have flexible payment terms and can be more affordable compared to ready-for-occupancy properties.

It’s important for OFWs to do their due diligence and research when investing in properties in the Philippines. They should work with reputable real estate professionals, review all documents carefully, and ensure that they have the financial capacity to pay for the property.