New Beginnings: Four Incredibly Silly Reasons You Cannot Buy a Home

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“That house you looked at today and wanted to think about until tomorrow may be the same house someone looked at yesterday and will buy today.” –Author Unknown

Buying a home might seem like a fairly straightforward process.

After all, just how hard can it be? All you would need is to have a set of wants and needs for a home and then look for the ideal one that comes as close to your list as possible. While it all sounds easy on paper, the task of finding an ideal home that ticks most of your qualifications and best befits your lifestyle is more difficult than you originally thought. Those considerations in conjunction with real estate being a significant investment would mean that this is an endeavor you should approach with much contemplation and scrutiny insomuch that at times, buying a home can take up to months. In this regard, you would be a hundred percent certain that you will be happy in your choice.

Unfortunately, some homebuyers—most especially first-time homebuyers who are pretty much novices in this entire ordeal—tend to make incredibly foolish decisions in the process. More often than not, a homeowner’s error in buying a home can be attributed to their lack of sense and foresight—all of which easily avoidable are had they done enough research and educated themselves. The good news, however, is that this article has compiled a list of some of the dumbest reasons why people cannot buy a home so that by the time it is your time, you would not be committing the same mistakes. So before jumping the gun and going for that Ametta place for sale, try to review on what you should avoid doing when it comes to home buying in order to be happier to your decision:

1.) Waiting to line up financing

When it comes to buying a home, your first question should be how you should pay for it. After all, real estate property is a significant investment insomuch that reviewing your financing options would be paramount to buying the home that you want. In this regard, your first step in the home-buying process should be the take a look at your financing options and discuss it with a mortgage lender. You would not know how much you can truly afford until you have met a professional who has the necessary expertise to tell you about your options. With this in mind, just because you think you can buy an exorbitantly priced home does not mean your loan for that same home would be approved.

2.) Using a fly-by-night mortgage lender

Much like any industry in the world, the mortgage industry is rife with scams. This means you need to be meticulous in selecting your lenders and ensure that you can trust them. Review their credentials and look for reviews and recommendations as placing your trust in a bad lender can cause a potential deal to fall through. Sometimes, it is not necessarily your fault why your offer was rejected, but rather it is because you decided to partner up with an unreliable or fake lender.

3.) Getting pre-qualified rather than pre-approved

Although they sound about the same, there are distinct differences between getting pre-qualified and pre-approved. Almost anyone can get pre-qualified for alone because all that it involves is a conversation with a lender about the state of your finances sans the exchange of documents. On the other hand, getting pre-approved would entail the gathering of all the essential documents which run the gamut from your tax returns to bank statements, pay stubs and more. All of these would then be submitted for review and only when everything checks out would you have a pre-approval for a certain loan amount that is good anywhere from three to four months (or in some cases, even more). Shrewd sellers would not entertain prospective buyers if they cannot present a letter of pre-approval from a reliable lender which means securing a pre-approval would be pivotal in your home buying venture.

4.) Shopping outside your price range

Having a budget prior to your home search is not only a recommended step to take, but a paramount one as it ensures that you do not fall in love with homes beyond your price range. Unfortunately, having a budget does not guarantee that prospective home buyers would be proof against beautiful homes that are outside their price range. To mitigate this possibility, try to limit your property viewings online or at least refine your searches to only include properties that would fall within your budget. After all, there is nothing quite like the feeling of frustration in seeing a property you can already picture yourself out living in only to find out it is exorbitantly priced.

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Home Buying: Four Reasons Why the Seller Might Have Rejected Your Offer

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“Home is a place you grow up wanting to leave, and grow old wanting to get back to.” –John Ed Pearce

Finding your dream home is no easy feat which is why if you have finally found the house of your dreams, you would jump at the opportunity to finally make it yours.

After all, it only took you quite a lot of viewings and a myriad of offers to get to this point. Unfortunately, just as you already had set your heart out on that one property, you would find that the home seller has rejected your offer. After an intense search for the perfect home that is often fraught with stress and emotion, having your offer rejected can feel like a crushing letdown—especially if you had been banking on securing a purchase. Luckily, most home sellers would extend you the courtesy of explaining and substantiating why your offer was flat out declined. However, there will be times wherein prospective homebuyers would not be so lucky leaving you wondering as to what went wrong and what your offer was lacking.

In any case, there is a myriad of reasons why your offer to purchase a property would be rejected. Knowing what these could potentially be would enable and encourage you to refine your offers and ensure that you can secure the sale next time. Furthermore, it helps you make your future and prospective offers more attractive in such a way that the home sellers would not only be more inclined to sell to you but would be enticed by your offer insomuch that they would start closing the deal. So, had your offer to buy an Avida Towers Centera unit or a property elsewhere been declined without being substantiated by the property owner, one of the reasons listed below could possibly be why:

 

Your offer was way too low

You might be interested to buy however, your interest in a particular property should be reflected in your offer for it. In this regard, your interest buy should be directly proportional to how much you are willing to offer for the property. If you offer too little, a seller can potentially feel insulted and may even think that you are not taking him or her seriously. Unfortunately, when a property seller takes offense, they would often reject your offer outright without even substantiating their refusal to sell to you or explaining to you why your offer was rejected. Furthermore, if the property listing is fairly new, home sellers would overlook poor offers thinking that it would be too early to consider them.

They received a better offer

One thing you should know about sellers is that they are likely to sell their homes to the one who can offer them the highest price with the least amount of inconvenience in their part. Of course, sellers want to make the most money out of their properties. If you think that the property is an ideal home, there is a likely chance that other prospective home buyers think so too. With this in mind, you should consider that the seller might be considering a myriad of offers for their property. In this regard, you need to ensure that your offer stands out and would contain better terms than the rest. Remember, the less effort a home seller would have to expend just to sell their home to you, the more likely they will sell the property to you.

Your offer to purchase contained too many contingencies

You might think that you are offering a home seller a price that they could not resist. Unfortunately, this is not always the case as the best price does not always guarantee that you get to purchase a home. Sure, you might have offered the highest price possible but it also comes with contingencies which the home seller would need to consider. In this regard, a seller might balk at the idea of selling to you considering that your contingencies would spell a number of inconveniences for them. Resultantly, they would be constrained to accept an offer that is slightly lower than yours but is not tied to any demands. In any case, having a seller commit to a myriad of stipulations would often reduce your chances of purchasing the home—regardless of how much you put in.

The seller has unrealistic expectations

More often than not, if a property receives innumerable offers within hours or days of going live, a seller would be under the erroneous belief that they had priced their properties too low. In an effort to get more and higher offers, they would be perfunctorily rejecting offers while waiting for a bloated one as unrealistic as that sounds. Indeed, a seller’s mind can be a fickle thing. If they think that they have offers coming in at an existing price, they would likely think they can get more in the following weeks. It does not matter whether your offer to buy the home is at the full asking price, if the seller believes he or she can get more, they would likely decline your offer.

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Home Buying Endeavors: Five Overt Signs You Have Found the Right House

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“A man travels the world in search of what he needs and returns home to find it.” -George Edward Moore

 

Without a doubt, buying a home is probably one of the biggest and most significant investments an individual can make in his or her lifetime.

In this regard, the selection of a home would often be fraught with a myriad of considerations to ensure that one’s investment would pay off. This is particularly true for first-time home buyers who are scouring the market for an ideal home to settle down. Albeit an exciting prospect, one’s home buying endeavor can be rather daunting and intimidating considering that much of what influences your home buying decision would extend beyond the fetching price of a property. Although your fears are well-placed, know that there is a set of signs you can watch out for that would greatly indicate that you have found the right home for you which can be anywhere from an empire east condo to a house in Pioneer Woodlands.

However, before we dive into that, know that finding the right home would be a smoother and easier process if you have a real estate agent who has your best interests at heart (and would not pressure you into buying a property), instinctively know what you are looking for and would not second guess your gut. In any case, here are some of the ways to know that you have found the right house:

 

1.)  You want to go inside the house

An excellent way to tell whether or not the house is a good fit for you is the way it beckons you to take a closer look. One of the things that make a property hunt so exciting is looking at a myriad of homes and not knowing which one could end up being your next home. Some prospective homeowners are fortunate enough to know which home would be perfect for them upon seeing the curb’s aesthetic appeal while most of us would wish to take a closer look. If the house’s exteriors are already entrancing enough to entice you to take a peek inside, then you might just be looking at your future home.

2.) The house embraces you as soon as you enter

Once you enter the home, it just feels right. It is not only inviting, but comforting and warm to the core as well. You take a look around and can truly envision yourself living here. In fact, you are already mentally arranging the furniture to how you wish it would look once you take up residence. Furthermore, the house encourages you to explore. If the house feels like home to you, then it probably is.

3.) You feel possessive about the house

You take any negative comment said about the house personally–even if the said comment makes a valid point. You see the house’s flaws as quirks and would be rather offended if it is pointed out as something that devalues the home. In fact, to you, these flaws are just a few of the things that would add to the subtle charm of the home and you would defend them. You see beyond the flaws and are starting to fall in love.

4.) You are comfortable in the bathroom

An excellent way to tell whether a home would be a suitable fit for you is to check the bathroom. Walk inside and try to get its feel. Does it make you feel comfortable insomuch that you could see yourself spending significant time in there? Or are you a bit iffy about how you feel? If the bathroom has an inviting feel to it and would make you want to poke around and even compelled to run the bath or open the shower, this might just be your house.

5.) It fits your basic needs

While the house might not meet every single criteria you have in your list, you can see yourself compromising. Sure, the dynamics might not hit every standard you have set but you at least have your basic requirements met. In this regard, you find yourself agreeing to the home’s minor setbacks. It might not have the garage you wanted, but it comes with the number of rooms you want and the area is spacious. You would make certain concessions for the home and might even realize in that moment that the things the house is missing from your list are not really necessary and that you can do without them, In a flash, you might even realize that you can be flexible as to what would have been deal-breakers to you which just so long as you can have the house.

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Home Living: What Every Couple Should Ask Before Buying a Home

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“I am not a big advocate of living together before marriage. It can be the right thing, but it can also leave two people stuck together who have not figured out what they really want out of the relationship” –Emily Yoffe

 

You are in love and you suppose that you are ready to take your relationship to the next level. Why not move in together, right?

Sure, moving in and living under the same roof might sound like just the start of a blissful journey. But it can easily go south for the both of you. On the plus side, it might mean lesser outlays as you would have to jointly spend on any expenses you might have. Furthermore, it basically means waking up next to your significant other for the rest of your mornings. Based on all that, it could only be a great thing, right? Well, not necessarily so. Living under one roof with your significant other without the benefit of marriage could be a double-edged sword. It might potentially open you up to issues you might never have had before, cause undue stress on your relationship which might cause your eventual breakup. The truth is, living together is still a huge responsibility for the both of you that requires a lot of forethought. It is not something you decide on a whim, but something that demands contemplation.

After all, buying a home (albeit an exciting milestone in a couple’s life) is unquestionably one of the pivotal events that would significantly change the course of a relationship. Take note: It is not always butterflies and breakfast in bed in the morning. It means disclosing credit scores, committing to mortgage payments, splitting up household payments—not exactly the best scenarios for romance, right? In any case, if you are convinced about taking this plunge with your partner, here are some of the vital things you ought to discuss before making that move. So that whether you are moving to a condo in Cebu City or elsewhere, you would both know what your responsibilities are and where you stand so as to avoid potential conflicts in the future:

 

 

What are we willing to sacrifice to make this happen?

Regardless of what your viewpoint is, living together connotes a huge sacrifice on both of your parts. Unless you are absolutely loaded, then there is a likely chance that the both of you would need to make certain concessions to turn your dream home into a reality. Would this mean staying in during Saturday nights? Foregoing new movies in favor of saving up? Whatever your compromises you might make, be sure you are willing to discuss them with your partner. Furthermore, ensure that they are on board with it as well.

What are our non-negotiables?

Take note: Your home is a joint investment. In this regard, it is best to be on the same page about what you want and what you do not with your partner. To avoid potential conflicts, establish what each of you cannot live without and then start compromising on what you want. Decide what you will never compromise on and what would be major red flags.

Are we having kids?

Sure, a single bedroom studio condo unit sounds just about right for the time being. But what if you wish to expand your family? Where are your going to put your little tot to sleep? Sure, for the first twelve months, your child can share the room with you. But what happens when you need your own privacy as well? Have an honest conversation about how you see your family growing and consequently, how much space you would eventually need for the growth.

Are we willing to do renovation work?

Apart from creating the home of your dreams now, you need to have a clear understanding of each other’s vision for your new home. Know where you want to take it in the future and what your plans would be. In this way, you would be able to alleviate future stress and mitigate the expenses—especially if you possess the foresight of where you wish to take your plans for your home in the future. Sure, a fixer-upper home might look great for your wallet right now, but would you be willing to put up with that kind of lengthy work? Moreover, do you have the patience for it? Decide what you are comfortable with and make sure your partner is okay with that as well.

What if things do not work out?

While this is a prospect no one would want to discuss, it needs to be addressed. After all, it is best to be prepared should the unthinkable ever happen—no matter how much of a downer this topic can be. In any case, if things do not work out between the two of you, what would your plan be for the home? Should you see it and split the value? Would there be a buyout agreement? While having a prenuptial agreement might not exactly be the most romantic of things to discuss, it is nevertheless a smart move. Talk to a lawyer and consider adding clauses to a prenup or post-nup so that if things get rocky in the future, both of you would hold your end of the bargain.

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House Hunting: Four Red Flags to Watch Out For When Buying a Home

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“There is something permanent, and something extremely profound in owning a home.”-Kenny Guinn

 

Buying real estate property can be a little daunting considering that there are a lot of aspects for you to ruminate over before you arrive at a decision.

Furthermore, it can be rather easy to get distracted and drawn in by a home’s visual aesthetics—so much so that you would overlook the glaring flaws in favor of these visually appealing knick-knacks. However, you should not let any of those allow you to deviate from your true purpose which is to find a home that affords maximum comfort, provides optimal functionality and is a great value for your money. Remember, granite countertops, contemporary furnishings, fresh paints and modern kitchens albeit beautiful and certainly impressive, might function as smoke and mirrors. Unless you dig deeper into your home inspection, you might not realize that you have fallen victim to a bad deal. All these because you favored visually appealing home aspects that were meant to conceal underlying home defects. In any case, you should always be vigilant when you are out house hunting lest you regret purchasing the home or make a bad deal.

Learn to distinguish whether a home that truly wishes to deliver the best deal to its prospective buyers from one that is simply overcompensating to cleverly mask its existing defects. Remember, some of these aesthetic additions might sound too good to be true and if that is the case, they usually are. They are meant to sweeten the deal so as to hasten the negotiation process. As a home buyer, you should be responsible enough to be meticulous about your potential purchases. Whether you are inspecting a townhouse for sale in Quezon City or elsewhere, here are some of the red flags you should definitely not gloss over:

 

 

Plenty of “For Sale” Signs

Apart from checking out the home itself, it would be a wise idea to survey the potential neighborhood you are going to be living in. Take a gander at the other properties; do you notice other people living in there? Or do you see a lot of boarded-up businesses and for sale signs? If the neighborhood is located in an urban area, businesses around it should be thriving or at least, open for business. If the neighborhood is suddenly experiencing a mass exodus of residents, there is a likely chance that you might not want to live in there either.

Over-packed Closet

When you are serious about a property in particular, storage should be a paramount interest of yours. In this regard, you should take note of the number of available storage spaces in the home. Open cupboards and closets and see how many of the seller’s stuff can fit inside of them. If you notice anything falling out when you open the door, then the obvious conclusion would be that the home is severely lacking in storage. However, this does not necessarily disqualify the home immediately. Try to have an accurate picture of how much stuff you actually have and compare that to the existing number of storage spaces. Determine whether it is enough before you decide on whether the home would qualify in your list.

Too many rugs

While there is nothing particularly sinister about rugs, if they are placed in unusual and unnatural places or are put in place for seemingly no reason at all, they might be hiding damaged floors. Sure, the current owners might just want something plush to step their feet onto, but it would still be a good idea to see what is underneath them. Cracked tiles, stains of the carpets and wood damaged by water are all no-nos. Sure, they are not exactly deal breakers, but it would be best if you know the exact condition of the home you are buying. Furthermore, flaws such as these would help you leverage the negotiation and ask for a cheaper asking price.

Neglected Neighborhoods

Neighborhoods should be properly maintained if they want to maintain a semblance of sustainability and livability. While a child’s toy here and there or a bike by the lawn would be understandable, properties with overgrown lawns or garbage bins overflowing with garbage are clear signs of total neglect. This means that your neighbors do not care enough about the neighborhood and that the community itself does not practice proper maintenance. This is a major red flag as the neighborhood might not be the kind of place you had initially expected. After all, it does not seem like the very best place for raising a family nor does it have that welcoming ambiance that you are seeking for.

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Smart Investments: Questions to Ask Yourself When Asking Whether You Should Buy a House or a Car First

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“I will tell you how to become rich. Close the doors. Be fearful when others are greedy and be greedy when others are fearful.” –Warren Buffet

 

Now that you have graduated from college, you have your whole life ahead of you. With this in mind, you have quite a lot of plans as to what you should do with your life.

So right off the bat, you have landed a good and stable job that pays you quite well every month. In this regard, you have saved quite enough and think you are ready for your first investment. Considering that you have been saving some money for quite a while, you think you have sufficient money for your first significant investment which can only be one of two things: A car or a home. Most individuals in their early or mid-twenties would probably invest in a car seeing as majority of them still live with their parents. Moreover, having your own car gives you certain bragging rights by showing it off wherever you go—which is what young individuals aare aiming for: temporary satisfaction.

However, there are also some individuals who wish to become a homeowner and live a life separate from their parents. By now, they have probably scoured every possible property they can afford—from the units of Avida Towers Centera to the ones in Avida Asten. However, where should your money go? To a new house or a new car? Well, this is no easy question to answer and it all really boils down to what sort of pecuniary circumstance you are in as well as what your needs are.

There is no doubt that quite a lot of people would advise you to invest in a home first seeing as it would only appreciate over time whereas a car would not. While this sentiment is credible and would hold true in the long term, most working professionals would end up buying both a home and a car. So, what is the real difference if you simply bought one now as in the end, you will probably have enough money for both? In this regard, we can say that it is not really a question of which is best for long term investment but rather which should be purchased first. If you are on the hedge, the questions below might help you arrive at a decision:

How long will your current car last?

If you decision to buy a new car is solely based on your current car’s life expectancy then have a competitive mechanic take a look at it and give you a rough estimate. If it does not last you for more than five years, ask if there are any cheap repairs you can do to increase it. Moreover, are these repairs worth the money based on the car’s overall worth?

 

Will your overall living expenses be cheaper before or after you purchase a house?

If you wish to live independently, pay your own bills and have a life away from your familial home then no doubt, you should purchase your own flat. However, if you had been renting prior to this purchase, weigh your options first. Will the overall cost be significantly cheaper? Remember, you may effectively be getting rid of paying rent but in its place you would have to pay insurance, mortgage, utilities as well as homeowner’s taxes.

 

If you bought a house now, how long would it take you to save enough cash to purchase a car? (Vice Versa)

Both the car and the home are inevitable purchases in life. What you need to do is ask yourself how much money you can comfortably afford to set aside each month in order to buy one of the two.

 

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Fabulous First Homes: Three Major Must-Haves for Your First Home

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“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.

Ideal location

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.

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