It is known that owning your first home is one of the greatest achievements in both life and finance. It’s a big investment, and there’s a fair chance that the biggest purchase you’ve made to date will be this. Moreover, for Filipino, owning a home is the ultimate dream.
It gives a sense of protection to every Filipino family — that there is always a roof over one’s head, no matter what. But the path to this target is always overwhelming. As with any dream, a first-time homebuyer is always tempted to settle with the first house that comes within its price range without giving much thought to the purchase.
As you prepare yourself for this new milestone, here are tips you need to remember as you buy your first home.
Know Your Needs
What are you looking for in a house? What kind of home suits your lifestyle?
There is a vast range of houses and apartments out there, and maybe the first major decision that one has to make is to choose one. Think about whether you want to live in a single-family house with a yard, a condominium where a property management office handles the upkeep.
Consider the absolute utility you want, too. Do you need a four-bedroom house? And how many toilets? A car garage or a workroom? How fancy or big would you like a kitchen to be? List certain characteristics for you to know what you need.
Research the Market
When you have recognized the type of property you want and need, it is time to explore what is available out there on the market. Do not settle for the first one you can meet. In reality, the Philippine real estate market is booming, with developers having plenty of inventory units.
This is also a good time to research the region or place that you have in mind. Does it have strong links to transport, hospitals, colleges, banks, and areas of commerce? More importantly, is there good infrastructure in the municipality or city where the property is situated to protect houses from flooding and other natural calamities?
Create a Budget
This step is really important when buying a home. You have to create a budget for your new home and stick to that budget to not worry about paying for other added expenses.
Determine the price range you can afford and the amount of cash available for the deposit and purchase cost. This will help you to decide which kind of property you can afford.
You’ll then know what sort of property and where you can afford it once you’ve calculated your budget. Do you want the largest and finest house you can possibly afford in the best neighborhood, or do you want a standard home that can accommodate you and your family? The choice is yours.
Seek Help To Real Estate Agents
From real estate experts, of course. These are the individuals who can and certainly want to help you make the purchase successfully. Real estate agents like Metro Realty Search can find several homes that suit your needs, assist you in choosing the right house, negotiating purchasing terms and conditions, and generally assist you through the process.
Mortgage brokers will also assist you in determining the right conditions for your situation with the mortgage loan. To ensure a smooth transaction, closing services will arrange and handle the paperwork. First-time buyers are typically a little anxious, but the anxiety can be eased by depending on professional advice. Say what you want to the experts, and let them help you.
Know Your Developer
In particular, this is more important when purchasing a pre-sale house. Developers can usually be divided into two major groups. First, you have the top developers, most of whom are listed and have considerable resources and a track record of achievement. It is almost risk-free to buy a house from one of these developers since they worry about their reputations.
Second, the first-time developers who have no prior record of success in real estate development, and it’s difficult or even impossible for them to obtain commercial loans to fund their projects because of their first-time developer status. Continued support for the project’s design and growth would come out of the wallets of their clients after the initial money has been invested.
If the amount of revenue decreases, the developer starts to face financial problems if cash flow is less than expected. As a result of unwise spending, project development will continue to suffer more and more delays. These developers have little prospect of success and, due to inadequate expertise, skills, and resources, their ventures are likely to fail.
Make sure you have all the required paperwork with you, such as tax returns, payrolls, or job certificates, if you have a bank to fund your home purchase. It can also be very complex to get a mortgage loan, so be prepared. It also pays to seek a mortgage broker’s support since not all loans are generated equally.
Try loan shopping; that is, to speak to many organizations and compare their prices and conditions. Because loan approval is also highly dependent on your credit history, before applying for one, make sure to sort it out.
Looking for a new home? Check the gold, bloom, lush, and glam residences of Metro Realty Search today!
Louie is the father behind the travel blog Browseeverywhere.com. He has a background in photography, E-commerce, and writing product reviews online at ConsumerReviews24. Traveling full time with his family was his ultimate past-time. If he’s not typing at his laptop, you can probably find him watching movies.