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Top Questions First-Time Home Buyers Commonly Asks

8 February 2023
Top Questions First Time Home Buyers Commonly Ask

Investing in a house and lot in the Philippines is both thrilling and nerve-wracking. The home-buying process has a number of stages, and at each one, a buyer is likely to have more questions. Because of the inherent complexities of real estate deals, you should feel free to ask as many questions as you want during the whole process of purchasing your first house.

 

You can probably assume that real estate agents are asked a lot of questions every day. Buying and selling a house may be a daunting process, and it's the agent's responsibility to help clients navigate the maze.

 

In the same vein, you probably have some ideas about real estate inquiries that are more common than others. What follows are responses to the most common inquiries, whether you are a first-time buyer or a seasoned veteran who just needs a refresher on the deal-making process.

 

 

First-time Homebuyers Frequently Asked Questions in Real Estate Agents

Whether it's someone's first house or fifth, buying an affordable house and lot for sale may bring up a wide range of sentiments. One of the greatest methods for a buyer to make sure the process does not seem overwhelming is to educate themselves as much as possible about it.

 

 

A. Typical Inquiries Prior to Home Buying Process

First-time buyers can have many doubts and questions before they buy a new home, and here are some of them:

 

 

Do I really need to purchase a home or continue renting?

In many cases, purchasing a house is a wise financial move. Still, depending on the specifics of the situation, renting may be preferable for certain people. Given current low-interest rates, mortgage payments may now be less expensive than rental payments.

 

Before committing to the purchase of a property, there are certain fundamental questions you must ask yourself.

 

 

If you're thinking of buying a house, it's crucial to think about how long you'll be there. If the time frame is somewhat short, staying a renter may be the best option. You should also consider if you are prepared to take on the "responsibilities" associated with property ownership, like general home maintenance.

 

 

Should I contact a bank before going house hunting?

You should definitely contact a bank and be pre-approved before house hunting. Meeting with a bank representative before house hunting might help you determine your maximum budget.

 

If you are planning to purchase your first home, you should consult a bank before house-hunting because of the abundance of first-time buyer assistance programs. It's also important to research the specific options available from your bank since these programs might differ per institution.

 

 

Do I really need a real estate agent to help me purchase my first home?

It's highly suggested that you work with a licensed real estate agent or a trusted developer, like Lumina Homes, while purchasing your first house to get the best real estate deal in the market. When purchasing a property, it is in your best advantage to have a Realtor looking out for you.

 

With the help of a reliable real estate agent, purchasing a property can be an enjoyable and stress-free experience. They will assist you in finding houses in the real estate market that meet your requirements, like a quality affordable house and lot, in making real estate prices negotiable, reduced selling price but with higher potential market value, lower loan origination fees, down payment, private mortgage insurance, closing costs, and in many other ways.

 

 

B. The "House Hunting" Common Questions List

After you determine that you are ready to purchase a new home, first-time homebuyers commonly ask questions about the ideal location:

 

Tell me about the area or neighborhood.

Potential buyers often inquire about the surrounding region and community.

 

A lot of potential purchasers have concerns about things like the neighborhood's safety, the cost of living, and the availability of public services, and the monthly mortgage payment in the area. If you're working with a top-notch real estate agent, you'll have all the data you need to make an informed choice about the neighborhood and surrounding locations.

 

Other factors that first-time homebuyers consider are that if it is near the local public market that sells Philippines best food meals or the Philippines traditional food. Some even ask if it is near restaurants that offer famous Filipino snacks.

 

And since we are famous for the various types of holidays in the Philippines, buyer's agent also receives questions like, if the location is near the best place to go in Christmas Philippines.

 

 

What are the educational institutions available?

Schools unquestionably have an effect on home prices. A good Realtor should be able to give you names or websites where you can get information about the area schools so that you can decide whether or not the schools are suitable for you.

 

 

C. Concerns Raise Both Before and After an Offer to Buy Is Accepted

Now that you have found your ideal home and location, it's not time to make an offer and settle the payments.

 

 

Should I offer more, less, or the asking price?

Only you know how much of an offer is reasonable when purchasing a house. It is recommended that you have the opinion and counsel of your Realtor, or if you are going to purchase from leading developers like Lumina Homes, you can guarantee an affordable house and lot price for your home investment.

 

 

Can you explain what an "earnest money deposit" is?

Deposits made in good faith are often known as "earnest money." Putting down a deposit is a great way to demonstrate to a seller that you mean business when it comes to buying their house. Buyers' remaining balances at closing are reduced by the amount of the deposit.

 

 

May I request any inspections if I want to?

It is possible to do several inspections before purchasing a house. Make sure to include inspection contingencies in your purchase offer, such as an acceptable termite report, radon test results, and so on. A home inspection is the basic least you should do before purchasing a house.

 

 

What is a "closing date?"

The closing date marks the time when the seller formally relinquishes possession of the property to the buyer. Assuming you've accepted an offer on your house and have set a closing date, the closing process includes all that has to happen between now and then to complete the transaction.

 

 

First-time buyers often have a lot of inquiries all throughout the real estate transaction. A house purchase may go through without a hitch, but even a seasoned buyer might forget the specifics of the process and the procedures to take.

 

To make a smoother home buying experience from making your reservations to your final walk-through, it is recommended, especially for first-time home purchasers, to find a trusted developer for their dream home.

 

Lumina Homes, an affordable housing segment from Vista Land, is one of the leading economic housing developers in the country that offer a wide range of home model units on its over 50 project sites nationwide- making it a perfect housing brand for first-time homebuyers like you!

 

Find out the Lumina Homes community nearest you and schedule a site tripping now!

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