Buying the "wrong" house in Philippines

In Philippines, buying the wrong house can be devastating financially, emotionally, legally and psychologically. It is not only a big drain on cash buyers but may also take years to recover for those who bought the property on installment. A wrong house could also present emotional and psychological problems as the buyer leams to hate the deal and the house. Legally, you may end up in having your property foreclosed and incur expenses to protect your rights.

For the same location, a traditional advice is to buy the worst house in the block instead of the best one. The idea is that the mediocre house will appreciate faster than the best house. It is a truism in real estate that the worst house in a good neighborhood is better than the best house in a bad neighborhood.

Avoid buying the most improved and expensive house in the neighborhood. It is very difficult to sell when the time comes for you to sell. It has a tendency to turn off prospective buyers.

Don't be a compulsive buyer. Make it a point to visit as many homes as possible before you narrow down the list of homes you want to buy. Surely along the way, you will leam many things as you search for a home.

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