Buying your first home can be overwhelming, frustrating and equally rewarding. Nothing beats the sense of pride and accomplishment you feel when you get handed the keys to your own house. It can be very liberating and rewarding to see your house get built from the ground up right before your eyes.
Buying your first home will not be a walk in the park though. There will be scary, frustrating and stressful times. However, these instances can be avoided when you plan ahead, save up and be prepared for any unexpected things that are most likely to crop up.
Here are some tips when buying your first home:
- Decide on a location. List down where you see yourself settling down in the next five to ten years. Remember you are buying real estate in the Philippines and will most likely be paying for it in the long run. Decide where you would like to end up with.
- Decide on a budget. It can be easy to decide on a budget if you buy a house and lot that is already built. It can get more expensive if you want to buy a lot and then hire an architect and contractor to build the house of your dreams. But it can be more rewarding because you get exactly what you have in mind.
- Decide whether you want to invest in a house and lot in Cavite, for example or invest in a condo unit. This would depend on your lifestyle and whether or not you are single and have a family. Most single people invest in a condo unit for themselves, renting it out when they get married so they have additional income. Married couples, especially those who have children, want to have their own house and lot for their growing families.
- Shop around. Once you have decided where to live, what to buy and how much money you are willing to spend, look around various locations within your choice area. Make sure to take note if the location is strategic and let yourself imagine the place ten years from now if the neighborhood will be flourishing or not.
- Ask for financial help or options. Most often than not, you will come across a house that is beyond your projected budget. This happens. Reassess your financial situation and entertain the idea of asking for a bigger home loan, one that you can still pay given your current financial capacity. Do not project your home loan capability on an upcoming promotion. This is risky. You will be setting yourself up for disappointment and a bigger problem if it doesn’t happen.
Buying your first home is exciting but needs a bit of sacrifice, discipline and perseverance especially when it comes to money. You would need to compromise on a few lifestyle changes to be able to accommodate this big dream. But the sacrifices and compromises will all be worth it!