Purchasing a home is often a years-long undertaking in the Philippines, but it’s worth the wait for many Filipino couples. After all, having your own home means that you and your partner can set your own rules and have the space to grow your family. The level of freedom and stability that comes with being a homeowner simply cannot be beat, even if it does cost a significant amount of money.
To make sure that you and your partner will be able to maximize this investment, however, there are a lot of things that you need to check and do before applying for a housing loan to purchase your dream home. Even the process of considering whether or not you’re ready for such a commitment requires a lot of consideration. Here are some of the things you should be sure about before deciding to buy your dream home.
You Are Certain That Renting Is Not for You
Purchasing a home is a big financial commitment that some people are not yet ready to make, so many Filipino families are content with renting for now. Perhaps you’re in the same situation, but you’re certain that you want to own a home as soon as possible. Maybe you have specific needs and wants that you cannot fulfill because you’re not free to make the necessary accommodations in the property that you are renting. Given this need or want, you’re willing to devote a huge chunk of your financial resources, time, and effort to building a home that suits your preferences. In this case, you might be ready to make this big commitment.
Your Financial Situation Can Support the Investment
More than having a great desire to have your own home, you should also be financially capable of fulfilling the requirements that come with being a homeowner. Before deciding to buy your own property, you and your partner should sit down together and have an honest discussion about your financial situation. Aside from assessing your current career paths and getting into the nitty-gritty of your financial capabilities, it’s also a good time to discuss your plans together for the next few years. If you’re planning to add a new member to your family or start a business, for example, these should also be accounted for in your calculations.
You Have Started Saving for Your Home in Earnest
Being granted a housing loan affords many Filipino couples the convenience of paying for their dream home in installments over a set number of years. However, this doesn’t mean that you shouldn’t make special financial preparations for what could be your most significant purchase as a couple. It’s important to have a savings fund for the home you want even before you start looking at available properties. Once you have a substantial amount of money set aside, you can use this fund to comfortably pay off your financial responsibilities and make sure that the next few years of paying off your housing loan will be as hassle-free as possible for your family.
You Know Where You Want to Live
Location is extremely important when choosing a home, as it impacts the kind of environment that your family will be exposed to in the coming years. At the same time, it also factors into the cost of the house and lot or condominium unit that you are planning on buying. The closer your home is to city centers, the higher the demand for land will be and the higher the cost of the property. Choosing a community that’s far from the city center will make it much easier for you to find an affordable property, but you also have to think about commuting and traveling longer distances for work and leisure. Weighing the pros and cons of these options will help you find the best choice for your new home.
You Have a Trustworthy Real Estate Agent
The services of a real estate agent can make your home-buying process much simpler and safer. This is especially true if you and your partner are both busy with your family and individual careers. While it’s certainly important to stay on top of your housing purchase, your real estate agent can make sure that all the details are in proper order for you. For example, your trusted agent can help you make sure that the seller has complete ownership of the property for sale and is offering it for a good price. Your agent can also give you good advice on what to look for in a property that matches your needs, and they can offer you options that check all your requirements for your dream home.
Regardless of Your Preparations, Manage Your Expectations for Your Home
Even after knowing all these things and having access to resources that can make it easier for you to find your dream home, it’s still possible for the property you buy to be a work in progress. It may have the makings of your ideal home for your family, but it’s likely that it will need a bit of TLC and personal touches so that it can live up to its potential and embody your vision for your dream home. Temper your expectations and be ready to put a bit of work in, and you can certainly bring out the best qualities of the home that your family will live in for many years.