5 Things to Consider Before Buying Your Own Place
Owning a home is every Filipino’s dream. For an individual who now has an ample amount of savings to buy their own place, it means independence. For a couple starting out, it means new beginnings and for a small family, a new house means togetherness. But a house will always symbolize security and stability.
Before you go breaking that bank account and go on a home buying spree, consider these five details:
What are your needs?
You will be leaving in that personal space so it all boils down to, is this what you need to live comfortably? Buying a one bedroom unit for a family of four is preposterous and would be a total waste of money. If paying a bit more to buy a bigger space is better, then aim for a larger unit. In the end, everyone is happier. Same goes for a solitary individual who buys a home with 3 bedrooms. Unless you know you can see to the upkeep and maintenance of your HUGE space, then, by all means, do so. But unused bedrooms are also waste of money. So think more than twice before you bring out that check booklet.
Where do you plan to buy your first home?
Location is critical. Aside from the obvious question of market price, convenience is also a big consideration. You can choose to buy in a location near your workplace, or somewhere accessible to transportation. If you buy somewhere really far just because it’s cheaper, you might have to pay more for gas or commute. It defeats the purpose of comfort.
What is your budget?
Probably the first thing people consider before buying their first home is how much money can they actually spend? This will require you to look into your finances and analyze exactly how much you can afford. When you have created your budget, stick to it. As long as you prepare more than the purchase price of course, for other fees and buying costs.
Who can help you out?
I am sure it’s a nerve-wracking process to take care of finances and purchase what could probably be the most expensive thing you can buy. So it’s always advisable to ask real estate professionals for help. They will help you from looking for the perfect home to making sure you go through the whole process with less anxiety. These people are trained to look beyond what clients need so that you buy the property that would best fit you and your lifestyle.
Who is the Developer?
Some buyers think that this is something they don’t have to worry about. There are two types of real estate developers. The first one is already established and part of a list of top developers. Buying a house or a condominium from them is almost risk-free because of their impressive track record. These developers care about reputation. More often than not, their properties are the most expensive. The second kind of developer would be the new player in the market and they are still testing out the waters. While they may not have that previous record of success, some still try their best to build really amazing projects.
Buying a place of your own is exciting and very much fulfilling. Make sure you enjoy the experience because it’s definitely a milestone. Good luck and happy home hunting!