The real estate sector has benefited greatly from technological advances. Unlike traditional home buying, which involves going through classified ads or reaching out to real estate agents from established firms and developers, today’s real estate transactions have become more convenient for both property buyers and sellers, accessing vast amounts of information in seconds.

For first-timers, here are five steps that will help you buy properties online easier, faster, and more convenient, allowing you to make the best decisions possible:

1. Determine Your Desired Property

There are many factors to consider when choosing the property you want to purchase: the purpose of buying, your desired property category, and other specifications, the location, your budget, etc.

Buying a property, whether it’s a house and lot or a condo, is probably the biggest financial investment you’ll ever make. Thus, it requires a tremendous amount of research, consideration, and consultation. Make sure that you’re financially stable before committing to this investment.

2. Search for Properties Online Based on Your Criteria

Take advantage of technology to hasten research by utilizing real estate websites. In a competitive market, it’s essential to act fast on a property, but it is equally important to find new listings.

In this day and age, most buyers utilize third-party real estate sites, like Lilian Real Estate, to view and receive updates on new or existing real estate properties on the market and allows buyers to have the luxury of searching for properties right from the comfort of their own homes.

3. Contact the Broker of the Property

Once you’ve found properties you’re interested in, the next step is to contact the property broker. If you’re searching for properties on real estate websites, you can quickly locate and contact the broker of your desired property.

Hiring a real estate broker is highly recommended, especially if you don’t have the time to deal with the lengthy transaction yourself or want to be sure of the steps you take. They can guide you through the real estate process and explain essential details, such as the property prices and taxes, and take care of the documentation relating to the transfer of title.

4. Check the Computation, Qualification Requirements, and Pay the Reservation Fee

Check the computation and the qualification requirements from your broker. Can you afford to pay the downpayment and the monthly amortization? Can you also qualify as a buyer according to the developer’s standards? If yes, then immediately pay the reservation fee.

This is so you won’t lose your desired property while you are still deciding on a preferred payment scheme or are still preparing the amount needed to pay the property in cash.

5. Decide on a Payment Scheme and Sign the Required Documents

The usual payment schemes are spot cash, in-house financing, or bank financing. In the case of development projects, once you have decided, proceed with the payments as most buyers are required to prepare post-dated checks for all monthly amortizations. The bank or the developer may also do credit investigations technically to assess your capacity to pay. Finally, make sure to submit all the requirements. Be prepared to sign the documents as well.

Are you torn between a house and a condo? Read ”House or Condo: Which One Should You Invest On” to learn more.