Buying a home is one of the biggest financial decisions you will ever make. It’s not just about finding a place to live; it’s also about investing in your future. In the Philippines, the real estate market is booming, and it’s a great time to invest in property. However, there are several things you should consider before taking the plunge. Here are some home buying tips and tricks for Filipino home buyers.
- Determine your budget and stick to it
The first step in buying a home is to determine your budget. This includes not only the price of the property but also other expenses such as the down payment, monthly mortgage payments, taxes, and other fees. Make sure to take into account your current financial situation and future goals. You don’t want to be house poor, where you spend all your income on mortgage payments and have nothing left over for other expenses.
According to David Leechiu, CEO of Leechiu Property Consultants, “Your home should not cost more than three times your annual income. So, if your annual income is Php 1 million, your home should not cost more than Php 3 million.”
- Do your research
Once you have determined your budget, the next step is to do your research. Look for reputable developers and agents, and check the property’s location, amenities, and potential for appreciation. Take note of the distance to your workplace, schools, hospitals, and other important places.
According to Gabe Abola, President of Abola Realty, “Location is the most important factor when it comes to property. Choose a location that is accessible to your workplace, schools, and other important places. This will increase the value of your property in the long run.”
- Get pre-approved for a mortgage
Before you start looking for a property, it’s important to get pre-approved for a mortgage. This can give you an edge in negotiations and help you avoid disappointment. It also gives you a clear idea of how much you can afford to spend on a property.
According to financial expert Rose Fausto, “Getting pre-approved for a mortgage helps you set a realistic budget and saves you time and effort in looking for a property. It also shows sellers and agents that you are a serious buyer.”
- Don’t rush
Buying a home is a major decision, so take your time in evaluating the property. Don’t rush into a decision just because you feel pressured or excited. Make sure the property meets your needs and preferences, and that it is in good condition.
According to Marie Kondo, author and organizing consultant, “When it comes to buying a home, it’s important to focus on what sparks joy for you. Choose a property that brings you happiness and meets your needs, rather than just going for what’s popular or trendy.”
Buying a home can be a complex and confusing process, so it’s important to seek the advice of professionals. A lawyer can help you review the legal documents and ensure a smooth transaction. A broker or real estate agent can help you find the right property and negotiate the terms of the sale.
According to Atty. Mickey Ingles, a real estate lawyer, “It’s important to have a lawyer review the legal documents, such as the contract to sell and deed of sale, to ensure that your rights as a buyer are protected. A broker or real estate agent can also help you navigate the market and find the right property for your needs.”
Buying a home is a major investment that requires careful planning and consideration. It’s important to determine your budget, do your research, get pre-approved for a mortgage, take your time in evaluating the property, and seek the advice of professionals. By following these home buying tips and tricks, you can make a wise and informed decision
