Lessons from a First Time Home Buyer

Just reserved my first real property about a month ago. It took about 2 years, a dozen of agents and brokers, and a lot of learning before finally landing on that decision. It was a really tough ride with a variety of agents from the start to finish. In the end, I researched things myself and finally got what I wanted.

Here is a list of what I learned:

1. Choose your agent well. Many agents would get you to trippings and show you what they wanted you to buy, but not necessarily what you need or wanted. It would seem difficult but you should try to find an agent who understands that the reason he/she gets commissions from what you buy is because he/she is helping you find you what you want or need. There is no such thing as a free lunch, one has to add in value in return. Evey body works as they say.

2. Buy a scaled map to get a good grasp of the location. Never trust location maps in developer's flyers as they seem to always make landmarks and cities closer to their projects. You may also take advantage of online maps. Two of which have helped me a lot are as follows:

• Wikimapia
• Google Maps

Nevertheless, the hard printed maps available in National Bookstore or at SM's Kultura Filipino still proves handy. By the way, most Metro Manila Maps already includes part of Cavite specially Bacoor and Imus areas. So if you have a Metro Manila Map, you probably do not need to buy another one for the Cavite area.

3. If you are a commuter, choose locations based on accessibility to public transport, not on distance alone. There maybe housing developments that are close to where you work but are only accessible to tricyles. A 500-meter tricycle ride could cost more than a 5-kilometer ride on an air-conditioned bus. In the long run, you will end up unnecessarily spending more on your transportation cost, unless you are planning to get your own transport in few years time.

4. Be honest when it comes to your capacity to pay. Some buyers would manipulate their payslips or certificates of employment just so they can become eligible for a higher loan amount. This is just too risky. Banks and financial institutions check on your payment capacity for your own benefits too. They do not want you to struggle financially later on. Do not feel bad if they tell you you are not eligible for a certain amount of loan. Believe me, it is for your own good.

5. Cheapest is not always best. If you find a property that is not selling, there are probably reasons why it is not selling. Watch out!

6. Learn some financial calculations. Excel is a good tool for this one. However, you can also make use of some loan and amortization calculators from the following sites:

• Pag-ibig Amortization Calculator
• HGC Amortization Calculator

Also, if you have Landbank Internet Banking Account, they also have loan calculation feature inside. You may also check websites of other banks and financial institutions for these features..

6. Always check out for the developer's reputation. Search the internet, join forums, ask questions.

7. Do your own research. As I have mentioned in no. 1 above, the agents are there to help you. Use them as much as they are willing to help. However, it is always to your advantage if you keep yourself open to other sources of information. The internet is an infinite source of information nowadays. All you need to do is tap it.