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DEMAND FULL DISCLOSURE FROM REALTY AGENTS BEFORE BUYING A HOUSE |
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Buyers should research and demand information, and developers should give proper
information and respect their commitments. Take your time, listen to different people
and do your homework.
This, in a nutshell, is the property players’ advice to home buyers. Buy now, but
buy wisely.
Gibson Yu, business development manager of build-to-own system GW Architects, said:
“Property players should have all the accurate information given to clients. Full
disclosure could pave the way for buyers to trust property players better.”
Kit Vergara, Philtown marketing vice president, said: “Now that Philippine projects
are also being sold overseas, property companies should adapt to how business is
conducted overseas, e.g. transparency and commitment.”
“Buyers should likewise learn to do their due diligence on real estate companies,
so that they minimize investment losses, or worse, their retirement nest, ” Vergara
stressed.
Ino Lao, marketing director of Antel Land, said buyers should be more prudent in
their choices, and learn to buy not by impulse or by marketing gimmicks but based
on actual use and need.
Eric M. Soriano, ERA Philippines’ country president and CEO, said that since real
estate is a high-trust industry, it is important for buyers to invest in developers
with a solid track record.
“When buying real estate, look for projects that underscore community-based developments,”
he said.
Soriano, whose company is a multinational real estate service provider, stressed:
“Most importantly consider developers that have long established equity in the brand
and are globally recognized.”
Another advice Vergara gave to home buyers is: “Go with reputable developers, know
the people behind the company, look at how much experience in real estate they have
and how many projects they have completed.” He said a buyer should choose investments
wisely, stressing that location is an important factor.
Crown Asia president Jerry Navarette advised: “Take advantage of the property boom
in the country. It has been one of the best years for this industry and let us continue
to work together and do our share in keeping our economy moving forward to make
sure each Filipino’s dream, of having his/her own home, becomes a reality.”
A buyer’s ally
Inquirer Property also shared last year how inclement weather could become a buyer’s
“ally” in deciding whether a certain property is worth it or not. Bad weather lets
you see things you wouldn’t see during the dry season, whether you’re planning to
buy a vacant lot, a beach home, a commercial property or a residential home.
Practicing green architect Amado de Jesus said last year the rainy season would
be the best time to check for soil erosion and poor sewerage and drainage system
in the area. “If the next lot is higher, especially at the back, where does water
flow? Does it flow into your lot?”
A downpour would also be the perfect time to see if your prospective subdivisions
have poor drainage systems.
Alexis A. Acacio, an associate professor of civil engineering at the University
of the Philippines, told the Inquirer last year that visiting the site during the
rains would show the area’s traffic behavior as well. It would also show if the
roads have a siltation problem (prone to developing mud). Mud on the road is a telltale
indication of the “looseness” of the soil where the road is situated. Rains would
also betray poor “ingress and egress” of the location as access roads are as important
as the site itself.
Acacio stressed that rains would also reveal the area’s vulnerability to landslides.
Tell-tale signs
Aside from ocular inspection, Acacio added that potential buyers should ask residents
if the area floods when it rains. Two tell-tale signs of chronic flooding are the
presence of sandbags and unusually elevated homes in the area.
The rainy season can also reveal poorly maintained, thus dangerous, electrical systems.
However, electrical inspections should be conducted with the assistance of professionals,
Acacio stressed.
Another indicator is a wet ceiling, which would hint of a leaky roof.
Acacio added that when it is not raining, be watchful of water marks in the ceiling
as these are signs of a defective roof system. Also look out for porous walls, firewalls
and walls that are continuously exposed to rainfall. These walls manifest leaks
and moisture if they are not properly made and maintained.
If a property is adjacent or near a river or lake, check the site during heavy rainfall
and watch for overflows.
Also take note of warped cabinets. If the wall behind the cabinet has a water leak,
then the wooden cabinet would naturally warp.
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