06/03/2023
𝐋𝐨𝐨𝐤𝐢𝐧𝐠 for your dream home?
Here are 3 Things to Consider in Buying your First Property:
𝟏.) 𝐊𝐧𝐨𝐰 𝐘𝐨𝐮𝐫 𝐍𝐞𝐞𝐝𝐬
There is a wide range of houses and condominiums available, and selecting one is likely to be the first major decision. Consider whether you want to live in a single-family home with a space for your mini garden, a condominium where the maintenance is handled by a property management office, or maybe a retirement home like a House and Lot near the Beach or a House in Tagaytay.
Consider the overall utility you want. How may bedrooms do you require? How many bathrooms are there? Do you prefer a separate family room for your children or a den for your privacy? Or maybe a room for your home-office setup? How luxurious or spacious would you like your kitchen to be?
List these characteristics in order of importance.
𝟐.) 𝐋𝐨𝐜𝐚𝐭𝐢𝐨𝐧
You must be aware of the most suitable location for your needs and desires. It is critical because not only will it be your permanent home address for a long period of time, but the location will also determine the cost of the house and lot that you will purchase.
You can consider major cities like Metro Manila or maybe settle in Laguna or Cavite where there are more greeneries and less pollution.
Every neighborhood has advantages and disadvantages, so think about what kind of neighborhood you want for your family. Are there any amenities that you require in the area? Do you need it to be close to your workplace, school, or public transportation? How safe is the area in terms of natural disasters, diseases, and crime? Is there another purpose you have in mind for your house and lot besides residence? Will it only be a vacation home? Is it something you want to invest in for your family’s future?
𝟑.) 𝐘𝐨𝐮𝐫 𝐁𝐮𝐝𝐠𝐞𝐭 𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠
Make a Budget and stick to it. This usually requires a thorough examination of your financial situation. Determine your price range and how much cash you have available for the deposit and buying costs. This will allow you to determine the type of property you can afford.
In purchasing a property, you need to prepare at least 20% of the purchase price to qualify for an 80 percent loan-to-value ratio loan, and an additional 5 to 8% of the property’s purchase price to cover miscellaneous fees and other closing costs.
For preselling properties, developers nowadays, have installment options for the downpayment. If you are not in a hurry to move-in to your target property then, you can avail this option and pay the monthly installment on a longer-term period instead of paying the downpayment upfront.
You’ll know what kind of property and where you can afford once you’ve determined your budget. Do you want the biggest and best house you can afford in the best neighborhood, or do you prefer a more conservative overhead and debt?
Hopefully, these tips that we shared can help you decide in buying your first property.
