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| Leading property platform Ohmyhome shares five usual mistakes Filipinos make on their first property purchase —choosing the wrong location, not knowing the best property type for one’s needs, not understanding financial options, underestimating homebuying costs, and working with the wrong agent. |
For a lot of Filipinos, buying their first home is mostly uncharted territory. The process involves an overwhelming number of details that can prove to be challenging to be completely mindful of, and missing even just one can lead to costly mistakes sooner and later.
Here, leading property solutions company Ohmyhome shares the five usual missteps that prospective homebuyers can make and offers tips on how to avoid them.
Mistake #1 Choosing the Wrong Location
Property experts say that real estate is a high-investment purchase based primarily on location. “We have heard too many stories about people moving into their dream homes only to find out months later that flooding occurs after a heavy downpour or internet and cellular coverage is extremely weak,” Julian Sison, marketing manager of Ohmyhome, says.
Thus, prospective homebuyers must get to know all they can about the location of their future home: is it near an earthquake fault line? Are transport hubs accessible? They should also check out upcoming developments such as new infrastructure projects and new business and job opportunities.
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