Guide – Mistakes When Buying a House & Lot a Condo and Lot only
Avoid These Costly Mistakes: A First-Time Buyer’s Guide to Real Estate in the Philippines
Buying real estate for the first time is an exciting milestone, but it also comes with risks. Many first-time buyers make avoidable mistakes that can lead to financial setbacks, legal troubles, or even regrets. Whether you’re purchasing a house and lot, a condominium, or just a lot, here are the most common mistakes you should be aware of.
Mistakes When Buying a House and Lot
1. Not Checking the Developer’s Reputation
Some buyers fall for enticing promos without verifying if the developer has a good track record. Research the developer’s past projects, read reviews, and check if they deliver on time.
2. Forgetting to Inspect the Property Thoroughly
A newly built house may look perfect, but it’s essential to inspect for construction defects, plumbing issues, and overall quality before making a purchase.
3. Overlooking the Total Cost
Aside from the selling price, don’t forget additional expenses like transfer taxes, title registration, association dues, and maintenance fees.
4. Ignoring Accessibility and Location Factors
A cheap house in a remote area might save you money initially but could cost you more in terms of daily commuting, lack of infrastructure, and lower resale value.
5. Not Reviewing the Contract Carefully
Some buyers sign contracts without fully understanding them. Always check for hidden fees, penalties, and clauses that could put you at a disadvantage.
Mistakes When Buying a Condominium
1. Choosing Based on Price Alone
A lower price might mean smaller unit sizes, fewer amenities, or inconvenient locations. Balance affordability with livability.
2. Not Checking the Monthly Dues
Condominiums come with monthly association dues that can increase over time. Make sure these are within your budget.
3. Ignoring Parking Space Costs
Many first-time condo buyers don’t realize that parking slots are sold separately. If you own a car, this is an additional expense.
4. Failing to Consider Future Market Value
Not all condominiums appreciate in value. Look at the developer’s track record and the area’s long-term potential before investing.
5. Not Reviewing House Rules
Some condos have strict rules on pet ownership, renovations, or renting out your unit. Make sure the policies fit your lifestyle.
Mistakes When Buying a Lot Only
1. Skipping a Land Title Check
Buying land without verifying the Transfer Certificate of Title (TCT) can lead to legal disputes. Make sure the title is clean and free of encumbrances.
2. Overlooking Zoning Restrictions
Just because you own a lot doesn’t mean you can build whatever you want. Check zoning laws and building restrictions before purchasing.
3. Not Checking Road Access
Some lots are cheaper because they don’t have direct road access, making them difficult to sell or develop in the future.
4. Ignoring Soil Quality and Flood Risks
Poor soil conditions and flood-prone areas can make construction difficult and expensive. Always inspect the land thoroughly.
5. Forgetting About Utilities and Infrastructure
Some lots are cheap because they lack electricity, water supply, or nearby roads. Check if the area has access to essential utilities before committing.
Conclusion
Kung first-time homebuyer ka, huwag magmadali at mag-research nang mabuti. Ang property ay isang malaking investment kaya dapat sigurado ka na tama ang pipiliin mo. Whether bibili ka ng house and lot, condo, o lupa, siguraduhin mong naiintindihan mo ang buong proseso, gastos, at legal requirements.
Mas okay nang maging maingat ngayon kaysa magsisi sa huli. Happy house hunting!
Check out Our Previous Blog about – “Why More Filipinos Are Choosing Condo Living“
