Purchasing an own house and lot can be a frightful move for some people because of the possible inability to sustain the payment of monthly amortizations and that would mean more burden because of high interests.
Others would fear that they might be victimized by scammers and will lost their hard-earned money.
Nevertheless, me and my husband gathered a strong will and determination to buy our new house and lot in 2008 from a real estate company and it’s worth it.
It is more practical that renting a house that will never be yours, unless it is a rent-to-own.
If you’re considering buying a home from a real estate, remember the following tips:
1. Plan with your spouse. Study if both of you can sustain the regular amortizations for years. But if not, consider cutting unimportant expenses to give way to this project.
2. Inquire in a trusted real estate company. There are some real estate firms that poised to be honest but rakes from you a lot of money without getting your own house yet. Ask relatives or close friends for recommendation.
3. Check the authenticity of the “Transfer Certificate of Title.” You may get a certified true copy from the Registry of Deeds.
4. To verify if the title is clean or not mortgaged, the “Encumbrances” at the back page must be empty unless it is a continued technical description from the front page.
5. Hire a private land surveyor or geodetic engineer to verify if the land you are buying is the one that described in the title.
6. Confirm if the yearly real estate taxes are up-to-date by asking for certified true copies of the Tax Declaration and original Tax Receipts.
Having an own house is a sanctuary that keeps our family together, safe and with peaceful minds.