Type The 10 A's are certain factors to keep in mind to guide the potential buyers on what they should be looking for in acquiring property:

1. ACCESSIBILITY - is one of the most important factors for consideration. Money can improve your property in the future, but money can do very little to improve your location and accessibility to where you go from day to day. So check the location of public transportation terminals, how many rides, how long the travel time, the traffic condition, etc. Because you are trying to improve your lifestyle, the property that you are acquiring must be easily accessible to your work, your children's schooling and your lifestyle, where you spend most of your time that defines your life. As Real Estate Broker for over 15 years, accessibility is what my clients are looking for in a property aside from the goodness of the property itself.

2. ADEQUACY - The property must be adequate for you which means sufficient in terms of rooms, lot area, floor area, utilities, amenities, car garage if you have a car or planning to buy one. Ideally should remain spacious even if you install all the appliances and furnishings you need as well as the cabinets and closets for all your belongings. Most often though adequacy might be in conflict with affordability, so you might compromise by accepting a less adequate space for the meantime but can be expanded in the future when you have the budget which brings us to the next A, which is...

3. ADAPTABILITY - The property must be adaptable to the growing needs of the family. It may be just small for now, but the structure must be solid enough to add more space like adding a second or third floor in the future, or upgrading the house to your future anticipated needs. Be aware that there are subdivision developments that do not allow changes in the structure of the house, so you need to check on the details as to how you will adapt to your future space needs. This brings us to the next A which is...

4. ACCEPTABILITY - The condition of the unit, the materials used, the style, the neighborhood, the quietness, the security, the deed of restrictions imposed on subdivisions or condominium corporations are acceptable to you. For example, some developers do not approve any changes in the frontage of the house while others do allow. There are those who allow vertical expansion such as second floor for bungalow unit or third floor for 2-storey unit but there are those who cannot allow this to happen. There are condominium projects that do not allow pets and you might not like the idea. It will be good to know the deeds of restrictions of any development before deciding to reserve a unit to ensure that you are acceptable to all conditions and restrictions of living in the place.

5. ADMIRABILITY - Usually this is the higher form of acceptability which is mostly applicable for high end properties. It could be the spectacular mountain or city view, the design of the house, the beachfront feature, etc. This may not be very necessary especially on low cost housing which acceptability may just be enough but it's a great factor for consideration too because admirability means extreme feeling of likeness for something.

6. APPRECIABILITY - The property must easily appreciate over time. So, it must be durable enough to last a lifetime and that the style is so that it will not easily become obsolete. You will never know that you can be transferred to other areas as required by your work or business or your children have grown, etc. And so, the property must have a very good resale value such that when you sell it in the future, you make a good profit aside from using it for so long. To often, the lack of consideration for appreciability has been a big blunder for some home buyers or builders. They focus too much on what they want in a house, too often blinded by their desires only to fall victim of a real estate principle which is OVER IMPROVEMENT. Look at your neighborhood, if your house is the biggest and most expensive one, you might be a victim of over improvement. The effect is that, when the time comes you don't need your property and you have to sell it, you cannot even sell it at cost. You need to sell it at big loss to make the sale happen. And so, in this case, real estate is not an investment for you. It's a loss because you focus too much on what you want. The most practical is to enjoy the house at the same time you are confident that someone will buy it the moment you don't need it and of course, for a profit.

7. AVAILABILITY - You may have so many wishes for features of your dream home, but if these are not available, it's still useless. Waiting for them to become available may elude you with the investment that you could have started right away. Your real estate agent or broker will be more than happy to help you find what's available for you. You need to be watchful always for availability of a good deal. It nothing seems very interesting at the moment, it's sometimes a good idea to just keep in saving money for the time being and when it accumulates, you can use it wisely the moment a very good deal comes along.

8. AFFORDABILITY - What is the price of the property, what is the equity or down payment, what is the interest rate if financed, what is the monthly amortization, how much you are allowed to loan basing on your income. If your income is not enough for a 20 year term loan, you can choose the longest term up to 30 years depending on your age. Or you can combine the income of your family members. Pag-ibig can allow members of your family to become your co-applicant up to 3 applicants including yourself. These are the questions to ask to find out your affordability and if how much a financing institution can grant you loan. Again, a real estate broker or agent can help you find a way to make the property affordable for you.

9. ACQUIRABILITY - is the condition of the property that can make it easily acquired by the buyer by checking if it is titled, the tax declaration is current and real estate taxes are updated, the are no zoning violations nor violations of ordinance or existing laws, no boundary problems, not mortgaged nor having legal problems such as lis pendens, or not subject to road expansion, etc. The development must not have issued with CDO (Cease and Desist Order) by HLURB (Housing and Land Use Regulatory Board) for violation of building code, rules and regulations. The property is not prone to flood or land slides. Checking should be farther than what your eyes can see. Aside from interviews with neighbors, it may be a good idea to check back on the property during rainy days. Due diligence on the part of the buyer must be exercised as this is required by law. Due diligence is to do everything within the power of the prospect buyer to check and protect himself from troublesome deals. Negligence to do this could produce disastrous results.

10. APPLICABILITY - Applicability means the property is suitable, appropriate, useful and serves a purpose. So, even if it is not the most ideal property and even if it's not the best deal at the moment, for as long as it serves a good purpose, it's a good deal.

The above 10 A's of Property Acquisition is written by the author to help real estate buyers to make sure that they get the value for their money. As we can observe in the internet and numerous websites today, too many brokers and agents ENTICE prospect buyers by their usual practice of RESERVE NOW! TO AVOID PRICE INCREASE!. For me, it's absurd to hurry up buyers making them fear of the price increase or any form of enticement. The motive is clear, which is nothing but just to make a sale. In contrast, I strive to make sure that my prospect buyers will be disclosed with everything they need to know in order to help make sure that they make the right investment decision. I believe that sharing is caring, and it's my passion.

Author: Manuel Jr. Arengo 
Real Estate Broker Cebu 
License No. 0007808 
15 years experience in Real Estate 
http://www.cebubesthomes.com

Proprietor / Owner of Cebubesthomes Realty
Owner of Website: http://www.cebubesthomes.com
Former Global Investment Director of one of the Leading Realty Firms in Cebu.
Over 15 years experience in Real Estate Industry
Multi Awarded Top Global Investment Director (GID) in one of the biggest Realty Brokerage firms based in Cebu.
35 years experience in the Sales Profession and Customer Service
Former Territory Representative of Johnson & Johnson Phils., Inc. for 8 years
Former District Manager of Johnson & Johnson Phils., Inc. for 5 years
Master of Management, Major in Business Management, University of San Jose Recoletos
Bachelor of Science In Mechanical Engineering Graduate & Passed the board
Licensed Real Estate Broker with License No. 0007808
A Family man, having a wife with 3 children, and was born in Cebu City Philippines.

Article Source: http://EzineArticles.com/expert/Manuel_Racoma_Arengo_Jr./285267

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EZ Real Estate Guide

Your Guide to the REAL ESTATE MARKET

5 Ways to Insure a Smooth and Stress-Free Closing


Recently I saw an advertisement in which the advertiser was looking for someone to write real estate articles and I realized that after a 26 year long career as an Escrow Officer, or closer, it was very possible my experiences could actually be helpful to new buyers or sellers. This was not a career I actually chose. It was one that I inherited, so to speak, because it was the career my mother had chosen. The title insurance business is a very demanding, stressful and unforgiving business. As a closer, your goal is to alleviate worry and stress for your clients in order to insure their experience is pleasant. However, predicting what might happen once all parties were seated at the closing table is practically impossible. After all, you are dealing with things very close to their hearts... their money and their homes. Many things can cause the destruction of a closing in the blink of an eye. As the closer, you must be able to handle any given situation quickly, before it gets out of control. You must not take it personally when they are yelling and screaming at you, calling you the most inappropriate names and outlining how in any given situation, it can be shown that you are to blame. Many times simple solutions are available although timing is everything at this juncture. If the window of opportunity for revealing the solution doesn't present itself before emotions and/or tempers run high, the successful completion of your closing is jeopardized. Hopefully the following suggestions will be useful.

1. First and foremost, is communication, communication, communication! Always provide any information requested from you as quickly as possible. Always convey to your closer any information you feel they may need to know. Do your part to make sure your closing is not delayed.

2. Understand that the title insurance company, as well as your individual closer, does not represent anyone involved in the transaction. They are a neutral third party whose job is to make sure everything is handled according to state law and that the guidelines set by the State Board of Insurance, TLTA and TREC are all followed. They act as a mediator. They explain the documents, as well as the closing procedures, as the law dictates it and will not intentionally misrepresent anything to you.

3. If you have ever financed the purchase of a house, you know that the paperwork can be overwhelming, frustrating and sometimes seem to be pointless. I know it's drilled into our heads that we should never sign anything without reading it; however, you can trust your closer. Your closer will tell you the purpose of the document and has been trained to make sure you know the things you need to know. Realize the documents are regulated and mandated by state law. They cannot be altered and you will not receive your loan if you refuse to sign even one document.

4. When you buy your first home and have family living nearby, they may be just as excited as you are and may want to guide you through the process in order to protect you, especially if they are your parents! Do no bring them to closing with you! I have seen closings fall apart, for no valid reason, solely because of a parent's need to protect their child. Their intentions may be good; however, they will ask more questions than you ask and cause doubt where there should be none. They speak from their own experiences and with very limited knowledge. Keep in mind that buying or selling a couple of houses doesn't qualify anyone to interpret loan documents, explain the terms of the loan or understand a title insurance policy. Do you believe that once you have been to a doctor a couple of times that you are educated enough to practice medicine? Of course you don't. It's the same principle.

5. You will be informed that the purchase of title insurance is optional, unless you are obtaining a loan to purchase the home, in which case it is required by the lender. I strongly advise you to buy title insurance any time it's available! I have seen homeowners spend their life savings on a home, only to have some long-lost heir of a previous owner show up to claim his rights to what they believed was their home. Legally, it wasn't. They were financially devastated because they had paid cash for the home and did not protect themselves by purchasing title insurance. It is a one-time premium. Protect yourself!

In closing, I'd like to remind you that there are no stupid questions or, as they say, the only stupid question is a question unasked!

Stacy Owens, Author

Article Source: http://EzineArticles.com/expert/Stacy_Owens/277972

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The 10 A's of Property Acquisition

Home Buying Myths Debunked!


You want to buy your first home and there is information EVERYWHERE - from your family, friends, real estate professionals and countless online articles. With all of that information coming at you, how do you separate fact from fiction? Here are some questions we see most often:

1) Buy the cheapest house in the best neighborhood

While somewhat true, it's important to think about WHY that home is priced so much lower than others. There could be hidden issues or major repairs that you'll need to address once moved in and this could cost you big time!

2) Get more bang for your buck in the burbs

While it's true that land costs less in the suburbs than in the city, you need to consider things like travel time (commuting back and forth) and its associated costs such as automobile payments, gas, repairs and even public transit costs. Not only if you're commuting for work, if you're someone who likes to be in the city to watch your favourite bands, sports teams or the latest play, factor in all the time you'll spend going back and forth.

3) Location, Location, Location

OK, location actually IS important but think ahead. The best deals can be in areas that aren't fully developed yet - this could be new construction or a neighborhood that is going through an urban renewal process. Imagining your neighborhood 10-15 years down the road can save you big bucks and get you in that perfect location.

4) Get a home inspection and forget it

Most first time buyers believe that getting a home inspection that has passed means that they'll never have to worry about home repairs (at least for the near future). It's important to know that home inspections will cover the systems and materials on the date of the inspection so it won't cover a furnace if it goes kaput 2 weeks after the inspection. Also, keep in mind that a home inspector will only be looking at the surface - if anything leaks or the electrical has issues behind your walls, it won't show up in the report.

5) I won't be able to pay my monthly payments

If you take that time to plan your finances out, you'll be fine. Many times, you'll be approved for a mortgage for example that will strain your monthly finances. It's a good idea to buy a home with a lower price than your maximum approved amount so you have some flexibility as the years go on.

http://www.feeDuck.com helps home buyers find GREAT agents and get a CASH BACK to boot!

Article Source: http://EzineArticles.com/expert/Sharn_Kandola/2262666

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