Monday, May 25, 2009


Many dream of having their own house or acquiring a land for their future home. But wait! Before jumping into the real estate fever, I would suggest that you first know the things that you should know before acquiring a real estate property. As they say, fools rush in. But the wise observes. This statement is also applicable in the real estate world. As a buyer, you should be wise since you will be spending your hard earned money for a property that you think will fulfill your dream of having a real estate property. The things that you should consider are the following:

1. Location. When buying a property make sure that it is accessible and near to your office or your business establishment. There must be roads leading to your property and street lights should be present. Never buy something that is undeveloped. If you are planning to have a home, it should be a residential area. if you are plan to open a commercial store, the location should be a commercial area.

2. Building. If you are buying a house, it should be well constructed and materials are superior in quality. Never buy low cost housing units. For the materials used in building their units are low in quality. Some contractors would rather build low cost building with substandard material.

3. Water and electricity. These utilities should be present in the property that you are planning to buy. You cannot start operating or living in a property that has no lights and water running.

4. Cost. This is the common mistakes of the less informed buyer. You should always work your way with your budget. Never buy something that it beyond your means. Always think of the cost. Never rush in.

5. History. Make sure that you know the background of the property that you are buying. I knew somebody who bought a property at an affordable amount. Because he was not aware of the history of the property, he immediately acquired it with no delay at all. Later he was shocked to know that the property he acquired lies in the fault line. It was a big loss for him. Nobody would buy a property that lies in the fault line.

6. Never acquire properties that is near a river. River might overflow and would wash away your property along with your hopes and dreams.

7. Clean title. Always remember that once you finish paying your property, the Transfer certificate of title (TCT) must be readily available on your name. Some property would require a court hearing before it can be transferred because there is a pending case that needs to be settled.

8. Brand new or second hand. If it is a new one, there is less problem. But if it is second hand property, you should always check the history. Somebody might have died in the property that you are planning to acquire. Never buy something that is near a cementary. You won't feel the value of it later on.

The bottom line of all, never rush in. Always trust your instincts. Be wise when buying a property.