LIST: 5 Things to Consider When Buying Real Estate Properties in the Philippines
Buying your very own house or condo unit is probably one of the best accomplishments you could ever have. However, before you fantasize about it, you have to consider a lot of things before committing to it. If you feel like you’re ready for it, you should consider these factors pointed out by Berenta when you close that deal.
Budget
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Once you find your dream house, it can be hard to go back. You may even start dreaming about how great your life would be with your loved ones in it. Unfortunately, reality sank in once you see its price tag. While you may have a dream house in mind, you have to stick to what you can afford. Don’t end up feeling unsatisfied and start your search at the low end of your price range. If you have sizable savings set aside, you might want to pay cold cash. Otherwise, there are financing options for you such as Pag-IBIG housing loans or bank financing.
You’ll also need extra money after buying your home. Set some cash aside for house repairs and upgrades, as well as furniture and fixtures.
Location
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When buying a property, location is one of the most important things to consider. After all, great locations will remain an asset even if the real estate market fluctuates in the future. It will determine a lot of things such as neighbors, accessibility to schools and offices, and public transportation stops. Think about what kind of life you see yourself having in the next 10-20 years. Do you see yourself still enjoying life in the Metro? Or do you want to live a simpler one in the province? Know that they have their pros and cons.
You may also want to check the roads leading to the office, schools, malls, hospitals, and transport hubs. Travel the routes yourself and see what they are like and how long it will take to traverse them.
Neighborhood
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The safety of a neighborhood is very important when looking to buy a property, especially if you have children. Find out whether it is safe or not. Trust your instincts. If something doesn’t feel right, reconsider buying a house there. You should also try to meet some of the neighbors to get to know the area and the people living in it better. Spending some time in the area you’re scouting is a good idea too.
Credit History
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If you are planning to get a home loan to finance your real estate purchase, make sure you have a good credit score for the past three years at the very least. So during this period, YOU SHOULD NOT open a new line of credit as it will influence your credit rating or start any risky spendings or loans. Instead, make sure you keep paying your bills on time. Remember, before you even set your eyes on that house or condo unit, lenders have already monitored your financial health.
Pick the right type of property
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Weigh the pros and cons of different types of properties, with an emphasis on your lifestyle and budget. If you don’t plan on marrying or you do but don’t plan on having kids, a condo unit or a a single-family home may be the best option for you. If you are thinking of having children, you should get a house (with extra space or room to grow) in a subdivision or the suburbs.
Buying a home doesn’t have to be overwhelming. Wherever you land, it’s you and your family who transform a house into a home. As such, you should calculate your move and consider all the important factors before you start scouting one.
