Buying a “home” stands for more than the technicalities. According to musician Luther Vandross, what you buy is a living space that transforms into something more. A home is an anchor in your life; a canvas for memories and experiences; a medium for good company and growing relationships with your loved ones.
But if you stick to the practicalities of -- literally speaking -- buying a home, here are five important questions to ask yourself:
1. Who am I buying it for?
Buying a house is a huge deal, so knowing the reason behind the purchase would give light to many incidental matters. For example:
2. Is it within my budget?
Knowing the threshold of one’s financial capability would help in determining the best mode of payment for a prospective real estate purchase. If direct payment is not possible, a mortgage application may help secure a loan with which one can purchase a prospective home.
3. Does it suit my lifestyle?
Consider your status in the decision-making process. Are you a young, career-driven professional or a family man with a spouse and children? This question will help you decide the location and size of the house that you’ll want to buy.
4. Is the seller trustworthy?
According to PD 1529 or the Land Titles Law, a torrens title registered with the Registry of Deeds is indefeasible proof of ownership of real property. So unless the seller is the person indicated in the title, or someone with a Special Power of Attorney authorized to sell such property executed by the owner of the land, don’t just trust anyone who tries to sell you real property.
5. Is there an annotation on the title?
People who have vested interests over real property often resort to an annotation in the title registered with the Registry of Deeds. To ensure that the property you have set your eyes on is not encumbered, it would be prudent to check your local Registry of Deeds.