Understanding the right questions to ask a real estate agent is important—it’s your ticket to clarity and making smart decisions that guide you to your dream house. Home buying is one of the largest decisions you’ll ever have to make, and having the proper real estate agent at your side can be the difference-maker.
Quick Facts: New home prices of various types of new homes in the Philippines continued to increase in the second quarter of 2024. Home prices increased by 2.7% year-on-year, which is lower than the 6.1% year-on-year increase in the first quarter. However, compared to the preceding quarter, prices increased at a higher rate of 1.8%, versus 1.1% growth in Q1. Source: Bangko Sentral ng Philipinas
In the Philippines, going through the real estate market is quite daunting, particularly when weighing a lot of things like location, price, financing, and the legalities of property sales.
So, what do you ask your real estate agent to get you on the right path? Here’s a list of questions you must ask to guide you along the way and get the assistance that you need.
Basic Questions to Ask a Real Estate Agent
Covering all your bases, from safety and location to financials and potential for long-term investment, is crucial. Below is a run-down of the most important areas to address when discussing the issue with your real estate agent.
Check if the location is considered as flood-risk or in a high-risk area for typhoons, earthquakes, or landslides. Ask the people who have been living in the place. Find out about the property’s history with previous disasters and if there are preventive structures such as drainage systems or flood barriers.
Evaluate the safety of the area by inquiring about crime rates and security features available such as gated entry, surveillance cameras, or neighborhood watch schemes.
Ask about the history of natural disasters in the neighborhood to know the possible risks and prepare accordingly.
When assessing a property, consider its proximity to schools, hospitals, and markets. This adds convenience and gives one peace of mind, particularly in emergencies.
Check traffic conditions during peak hours to ascertain whether congestion is common and whether alternative routes exist for a better commute.
Verify the availability of public transportation modes like buses, jeepneys, or trains to facilitate affordable and convenient travel.
Investigate road access to highways and main roads and normal traffic flows to estimate travel time to important destinations and enhance daily commute planning.
Does it fit your lifestyle. Does it offer parks and schools for families, a peaceful and calm atmosphere with minimal traffic, or an active environment with enjoyable places and activities? Being aware of this makes you feel comfortable and content in the long term.
New buildings or roads can enhance the value of the property but may also add traffic and noise for some time.
Before purchasing, find out if the price is reasonable by comparing it to comparable homes in the neighborhood.
Apart from the price of the home, you can be charged taxes, title transfer charges, and closing fees. Others are one-time charges, while others, such as property taxes, have to be paid annually. You should inquire about these expenses in advance to determine how to budget and be prepared.
Paying for electricity, water, internet, and trash pickup each month when you own a house. If the house is in a condominium or subdivision, association fees for security and maintenance might also be paid. And consider repair costs under maintenance. Knowing these costs upfront makes it easier to budget.
When you purchase a home, select the financing option that will suit your pocket. Pag-IBIG Housing Loans give you low interest, bank financing offers you flexible terms, and in-house financing gives you easier approval with higher interest. Be aware of your choices to finance your home intelligently, so inquire from your agent.
If the house is still under construction, builders might provide discounts or incentives, including reduced prices, convenient payment terms, or even complimentary appliances. Purchasing ahead of time will save you money, but you won’t be able to move in until it’s completed. Always inquire about special promotions to maximize your dollar.
When buying a home, being in a home with enough room to suit your present needs and future needs is vital. Consider the number of bedrooms, bathrooms, and living space to determine if it suits your lifestyle. Ask if there are any restrictions on renovations.
A pool, playground, or gym within walking distance can enhance your quality of life, especially in gated communities or condos.
The second primary consideration is parking availability. Verify if the property has a dedicated parking space, whether covered or uncovered and if there are any extra fees for other parking spaces. If parking is not included in the deal, ask about off-street parking in the area and any restrictions on street parking.
Check the reliability of the internet, water, and power. There might be some areas where electricity gets cut off often or there is a water shortage, so ask about them while selecting. All these things will make you prefer both comfort and convenience.
Ensure the property has a clear title and is free from disputes or unpaid taxes. This is one of the top questions to ask a real estate agent to avoid legal complications and protect your investment.
Learn about local rules on renovations or land use to avoid future issues.
Research the developer’s track record for delivering quality projects on time and providing good customer service.
Validate the Certificate of Registration and License to Sell with the DHSUD’s Regional Office.
Inquire about previous price hikes, why they increased, and whether new construction or roads could increase prices. If housing values continue to rise, the neighborhood is popular and a good place to purchase. However, fewer individuals will desire to reside there if prices fall or the economy does not prosper.
If you plan to sell in the future, it’s useful to understand what makes a home easy to resell. Location, neighborhood shops and schools, new roads, and how many people want to live there all affect how fast you can sell and for how much. Ask your real estate agent if homes in the area sell fast or sit on the market for months. A house in a good location is valued and worth it, and it will be a good investment for years.
Questions to Ask Before Buying a Subdivision H&L or Condominium Unit
Buying a house and lot or condominium unit involves a major decision that needs to be thought through and researched. Below are important questions to pose to a real estate agent in order not to encounter potential problems and make a well-informed decision.
Verify if the developer or landowner is selling the property directly. To assess their credibility, look into their track record, past projects, and reputation. Developers are not allowed to sell directly under the Real Estate Service Act. Verify that the transaction is through a licensed broker or salesperson. If not, ask why.
Make sure the condominium or subdivision is registered with the Department of Human Settlements and Urban Development (DHSUD). Request the Certificate of Registration and License to Sell, and confirm these documents with the DHSUD’s Regional Office.
Make sure the broker or salesperson is accredited and licensed by the Professional Regulation Commission (PRC) and the Professional Regulation Board for Real Estate Service (PRBRES). Check their license or ID to ensure they are qualified to serve you.
Go to the project site and ensure its location is what the broker or salesperson said. Next, inquire with the DHSUD’s Regional Office to ensure the plans are consistent with the approved project documents.
Carefully read the contract to sell. Check specifically the terms and conditions, property specifications (e.g., lot area or floor area), and fine print details.
Make sure the overall purchase price and payment details are clearly stated in the contract. Compare the monthly amortizations and inquire about extra charges or fees to prevent surprises in the future.
The foregoing questions will help you make a better choice and protect your investment. Always come first in due diligence and seek the help of experts to ensure a hassle-free home buying experience. For more information, go to DHSUD’s website to learn more about buying properties in the Philippines.
But remember, never rely solely on your real estate agent. Some agents may use subtle tactics to pressure you into buying quickly. Don’t fall for the rush. Take your time—do your research. Visit the property multiple times, including at night or after a storm, to truly assess whether it’s a place you’d want to call home.