“If you have not found it yet, keep looking. Do not settle. As with all matters of the heart, you will know it when you find it.” –Steve Jobs
A home is a keystone of financial wealth and stability—so much so that an ordinary Filipino would spend majority of his or her life saving for the first home. Whether this may be a starter home or a condo unit in Bonifacio Global City is up to them, but one thing is for sure: it is one of the most (if not the only) significant investments a Filipino individual will ever make in his or her life. However, more often than not, a potential homebuyer can get too excited about the prospect of finally owning his or her own home that they would often get much too focused on the main goal and pay little attention to the other details and aspects worthy of their attention. Unfortunately, this can be a serious oversight as these prospective homebuyers, in their rush and excitement to finally own a home, would end up buying the first home that first their budget.
Whether this is a good or bad thing largely depends on what the homeowner is looking for. However, as a responsible homebuyer, it is your duty to be a little discerning and meticulous about the features of your first home apart from what it could potentially offer you. In this regard, you should know what constitutes as a good first home as not only will this predict a home’s longevity, it would also dictate its resale value. If you have decided to finally purchase your first home, here are some key elements and features you should be looking for:
An affordable price tag
Unless you have been gifted with an exorbitant trust fund that you can spend on building your first home, an affordable price tag should be the foremost feature you should be paying attention to. First homes should be affordable and with good reason. Remember, you are buying to live not to invest. So, unlike a trade-up buyer, you do not have any equity to roll into the purchase of your next home. In this regard, the financial aspects of buying a first home such as the down payment would be the initial concern of the homebuyer.
A house for the next ten years
Longevity should also be a consideration when it comes to your first home. Remember, you are going to be staying here a lot longer than you might think. Buy a home that would not only accommodate the family you have now, but the one you intend on having for the next ten years. In this regard, it would be best if you and your partner would talk about how many kids you are planning to have so that you can plan how many bedrooms your first home should ideally have.
To you, saying location is key might be long tired. But in your first homes, this should be an elementary feature. After all, you do not want to raise your kids in a bad neighborhood nor would you want to commute for hours to an end just to get to work. Indeed, location is paramount when it comes to choosing your first homes. Look for neighborhoods with well-maintained yards and where you can see a good community. Talk to your potential neighbors and ask about the neighborhood’s pros and cons. Get as much information as you can. After all, choosing where you live is a pivotal decision. So, you might as well choose the best place that is within your budget for you and your family.