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Topic: Best way to buy a house.. |
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TruBlu
Guardian
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 Posted on: Apr 5, 2005 - 12:47pm
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Mga "peps"
Nothing fancy ha! Untugang ulo lang, GCC might have some good advice seeing that he has experience in bricks and mortar investments.
Smurfette might be interested in being a resource as well!
I have heard that there is a group of Pinoys based in the Sydney South West who actually conduct investments information seminars of this sort.
Baka lang ikako pwede tayong mag complement! Certainly there are "ins and outs" in this gameit would be worthwhile to be informed of the issues on top of what we have already discussed here!
Maski isang oras lang pwede na!
Ruegue para la misericordia |
Total Posts: 2599 | IP
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smurfette downunder
Community Member
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Posted on: Apr 6, 2005 - 11:32pm
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count me in... just tell me where and when.... Hopefully we can organize something with our busy schedules...
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Total Posts: 18 | IP
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angelito
Community Member
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Posted on: Apr 17, 2005 - 10:00am
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Major real estate mistakes of consumers
Reporter: Martin King
Information supplied by Neil Jenman of the Jenman Group.
Home sellers
1. Underselling
Sellers pay an agent to get the highest price possible. There is a difference between a high price and the highest price. It is easy to remember. Think of the letters BHP, which stand for buyers' highest price.
Always ask the agent: is this price the highest the buyers will pay? Ask the agent to explain why he or she has got the BHP. If you are not satisfied, tell the agent to go and get more for you.
2. Auctions - get lower prices. They create a very clever myth.
Auctions start low. Never start low and work up. It puts you in a weak position. Always start high and work down until you find a buyer who says "yes". This way you must get the highest price.
The myth with auctions is that they go up, but that's because they start low. A big myth with auctions is that they are "competitive". The buyers do not compete, they compare. With auctions, each buyer sees what the other buyers are offering and so they only offer a little bit more than the next buyer.
3. Advertising - spending too much. The agency gets the promotion more than the home. Be very suspicious of agents who do lots of advertising and want you to pay for it. You don't pay a butcher to go find a cow, why pay an agent to go find a buyer?
If you want to pay for advertising, never pay more than half a percent of the selling price. Never pay in advance, no matter what.
4. Open inspections - highly dangerous, restrictive and inconvenient.
Never allow anyone into your family home unless they have been identified and qualified. Ask who they are and what they want. Make a time for a buyer to inspect at a time that suits you and the buyer.
5. Dishonest or incompetent agent - learn to recognise the bad agents.
Go on your feelings, first and foremost. Only hire an agent you trust. The bad agents ask for money up front. They also have a clause in their selling agreements which shows they are being paid a "kickback" on advertising money.
Bad agents are getting a bigger percentage to sell advertising than they are to sell real estate. Bad agents can make a profit from sellers even if a home does not sell because these agents get a commission from the advertisers.
Never sign anything which asks you to pay money if your home is not sold. If you have any doubt, check with a solicitor before you sign.
6. Trapped with bad agents - agents should be compelled to offer warranties.
Insist on a written guarantee which states:
* No charges until sold.
* You can dismiss the agent if you are let down.
* Do not hire agents who want you to take the risk of loss. Good agents believe in their product and service and are prepared to back this up with a written guarantee.
* Ask "What is the worst that can happen if my home does not sell?" If the agent makes a big promise about the likely selling price, ask that this claim be put in writing.
Home buyers
1. Overspending - without realising it.
Set a limit and stick to it. Don't say it's just "another thousand" - look at the total price.
Add three percentage points to your interest rate and ask if you could still afford the payments. If not, do not buy. Don't be pushed. When in doubt, say no. Something better will always come along later.
2. Over-borrowing - failing to allow for interest rate hikes and future income loss.
3. Ignoring hidden costs - the costs are just as high, often higher, for buyers.
Stamp duty can be huge. So too can legal fees, bank costs, inspections, valuations, pest reports and moving costs. If you allow 15 percent above the price of the home for expenses, you should have some change. It always costs more than you think and you always have less than you think.
4. Believing bait prices - spending money after believing false price claims.
5. Lack of research - knowledge about buying and independent research about the area.
6. No independent advice - get independent legal advice before signing anything.
Investors
1. Negative gearing: too many tax deductions send you broke.
2. Bad advice: most agents act for the sellers. Everything is called a "good investment".
3. Marketers: getting ripped off by marketing companies who "load" the prices.
4. No research on local values: investors often fail to check recent sales in the area.
5. Same lawyer/bank/valuer: buyers often choose advisers with conflicts of interest.
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Total Posts: 36 | IP
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ozze dollar |
Guardian
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Posted on: Apr 17, 2005 - 10:33pm
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Angelito....What a wongerfull summary of buying and selling a house. I would recommend it to all buying and selling. Bravo.
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Total Posts: 1737 | IP
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kabitenyo
Community Member
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Posted on: Jun 5, 2005 - 9:08pm
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Top Tips for Home Buyers
1. Pay debts on time
The No.1 thing that can impact on your ability to buy a property is your credit history. If you've ever been chased by a collection agency to pay a bill or debt, chances are it will be recorded on your credit history.
A bad credit history signifies to a prospective lender that you may not be able to cope with making regular mortgage repayments.
2. Start saving
Lenders also want to see a pattern of regular saving so set aside as much money as you can in a separate savings account in the months before you buy.
3. Use extra cash to pay off debts
Banks generally look more favourably on loan applications showing people have no debt, despite the fact they may have less cash saved as a result.
4. Get your mortgage first
If you are planning to buy a property in the next few months, don't lash out on other high-cost items before you do.
Large purchases can hurt your credit history, especially if they're made in the few months before you plan to buy your property and you have to take out a loan.
5. Think about what you need
Before you start house hunting, think carefully about your housing needs as opposed to your housing wants.
You might want a five-bedroom house with a tennis court, but if your budget doesn't stretch that far you could be in trouble. Write a list of everything you need in your new homeand stick to it!
6. Start your repayments now
Pretending you are already making mortgage repayments can be wise, particularly if you are going to be living on less after you buy a home. Put the 'repayments' in your savings account.
7. Don't forget pre-approval
Before you start house hunting, it's a good idea to be pre-approved for your home loan. That way you'll know exactly what you can spend.
8. Don't forget ongoing expenses
Home ownership isn't just about making mortgage repayments. Be sure to take into consideration ongoing costs such as council rates, electricity and gas charges and general household repairs.
9. Don't aim too high
If you're used to paying $400 a month in rent and you're about to jump to a home loan where repayments are $1500 a month, think carefully whether you'll be comfortable with this level of debt. If it means you have to spend less on a house purchase, so be it.
10. Don't neglect your home loan
Make sure you hunt around for the best deal (that suits your individual needs) before you lock in.
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Total Posts: 40 | IP
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diana
Community Member
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Posted on: Jun 6, 2005 - 9:31pm
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Nagkaroon kami ng bad credit history. Pero a few years back pa ito and na settle na lahat ng utang namin. Ano kaya chance namin nakakuha ng house loan?
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Total Posts: 1 | IP
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SigMan
Guardian
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Posted on: Jun 13, 2005 - 6:42pm
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Diana, check your credit history from Baycorp Advantage. Go to their website and get to know how to request one. Its free pero may 10 day waiting period. They will mail it to you. If you want it faster then you will have to pay a certain fee. Now It will show any negative credit report on you as well as all your applications for a loan wether inquiry or actual loans.
This same credit history will be the basis of Lending Institutions. If I am not mistaken, negative records will stick for 5 years then dropped kung settled naman.
Sabi nga nila in western countries,..the most precious thing financially is our credit history and reputation. Grabe ang documentation dito.
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Total Posts: 1420 | IP
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vcd
Community Leader
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Posted on: Aug 31, 2005 - 8:02pm
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Quote:
Hello smurfette I would like to ask again about the Home Loan Product that can pay out the loan in 7 years. Can you share us what lender has that kind of package? Is this the so-called 100% offset loan? Please let us know because 7 years is a great timeframe to be mortgage free.
Is this really the average nowadays?
Anybody care to comment if this is so in their mortgage? I have heard kasi of someone who paid out his mortgage in 13 years pero not in 7 so I am really very interested with this.
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We paid off our first house in less than 5 years and it was as easy as doing your ABC.
Our first mortgage was with St. George and the original loan contact was for 25 yrs. I think after a year we had a change of loan plan (forgot what it is called--- offset ata yun???? )you keep as much money in the bank and you use your visa to pay all your monthly bills and any other expenses and the bills are automatically paid off each month so no need to worry about forgetting to pay your bills.
We sacrificed overseas trips for the entire 4 yrs and and instead paid twice the loan repayments each month. At that time the interest rate was at 10% .
Now, we are happy little vegemites , at least 3 (around) Aussie trips and at least 1 overseas trip a year. We are in our very modest 2nd home but enjoying life wlang malaking utang except sa investment properties .
We are reaping the rewards of what we call disciplined money management.
Kaya namin kaya nyo rin. Try nyo.
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Total Posts: 430 | IP
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kabitenyo
Community Member
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Posted on: Nov 26, 2005 - 6:25pm
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hello,
do you think this is the best time to buy a house? or best to wait more? do you think the prices of property will further go down?
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Total Posts: 40 | IP
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vcd
Community Leader
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Posted on: Nov 27, 2005 - 9:09am
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Quote:
hello,
do you think this is the best time to buy a house? or best to wait more? do you think the prices of property will further go down?
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kamusta Kabitenyo? Yang tanong mo eh tanong din ng karamihan na mga kakilala namin na mga fisrt home buyers. yung iba sige hintay na baka bumaba pa pero yung iba nagbakasakali na.
for people who have had the opportunity to invest on a few properties in the past ,it's good to buy at the present time kasi nga mura , my husband is one of them. he thinks that another property is a good option for him to acquire another one, pero sakin kala ko when peple say the housing market has not picked up again akala ko dirt cheap baga expecting that a house smaller than our present house ( btw, simple lang bahay namin -single story) eh talagang mura , natakot ako sa presyo kasi we have never bought an investment property worth over 500k , nag iisip pa ako. kasi like the one that we looked at the other day . ay sus nasa 500k pa rin sya considering 3 beds lang sya at di kalakihan yung lote.
ewan ko siguro ako yung typical na mahilig tumawad talaga gusto ko pag sinabing mura eh talagang mura para sa akin pag bargain eh talagang bargain . sa akin I would wait maybe there is hope that the prices would still go down . pero sa iba like my hubby it would never be as cheap as what it is now.
kung ready ka na talaga siguro take the plunge, pero if you are wary , then wait . until komportable ka na mag gamble .
btw, which area , if you don't mind me asking, are you looking at buying ? siguro that should be taken into consideration as well kasi kung mga very cheap places like Emerton , Hebersham and the likes, eh talagang mura sya baka 2 bahay makabili ka na agad . pero syempre titingnan mo rin yung quality ng area.
ok ! good luck ha ! let us know here pag nag decide ka na. |
Total Posts: 430 | IP
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