As a first time home buyer, we are very excited to get our dream home. But being excited won’t help us in all the things that we need to know, especially if we lack the experience and knowledge about the whole home buying process.
With many years in the industry as a licensed and trusted real estate broker here in Pampanga, I have seen first time home buyers make some money mistake. While some of these money mistakes are inevitable, it doesn’t mean that you cannot avoid them.
Educating yourself about the home buying process and with the assistance of a licensed and trusted real estate agent, you may be able to avoid these money mistakes. So to help you with what you need to know about home buying, here are some of the major money mistakes that you should avoid as a first time homebuyer.
Maxing out your loan
One of the best ways to finance a home is to get financial assistance from banks or from Pag-IBIG. Depending on your capacity to pay, bank and Pag-IBIG offer competitive loan amount to finance your chosen dream home. There are also other financial institutions that you can rely on to help you. But just a reminder, don’t exhaust all of these financial sources for your dream home alone.
I know many of us would like to settle the finances of our home as soon as possible, so we can live a debt-free life. But using all your financial resources in one investment can put you in trouble. Think about of emergency situations where you need money. Since you have used all your loan opportunities to your home, you won’t be able to source out again to finance that emergency situation. So be practical and wise in using your loans.
Choosing the wrong type of loan
While the most popular type of home loan is the 30-year home loan that Pag-IBIG offers, there are other financial institutions, that may be better than this, that you can rely on.
But how will you know the best home loan for you? One of the best ways to find out the right loan for you is to talk to your preferred lender and explain all of your concerns and your home buying goals.
Many first time buyers are better off going with a low down payment loan and having money in reserve than put all of their savings which they have worked for years to save.
Not looking for an opportunity to save extra money
You can’t always rely on your work salary. It is always better to have extra income in case of emergency. Furthermore, if you have chosen a pretty expensive home, you might experience financial difficulty in the future. So, it is always better to open your mind for possible opportunities that would help you finance that dream home.
Choosing the wrong type of home
There are a lot of affordable and prime properties out there that you can choose from. But not all of these are perfect for your needs. Be practical in choosing your home. Don’t get easily attracted with an expensive townhouse and regret it afterwards or don’t get excited for an affordable row house and regret it after because it can no longer accommodate the growing needs of your family.
Developers like Hausland Development Corporation and Fiesta Communities Incorporated, develop projects that are perfect for different kinds of family. Depending on your capacity to finance, they have a wide variety of affordable properties that you can choose from. Properties in Fiesta Communities Angeles, Porac, Mabalacat, and now in San Fernando, are strategically built to accommodate the need for space of every family. On the other hand, prime properties of Hausland Development Corporation like Mansfield Residences, Nouveau Residences, Timog Residences and their latest offering, Aspire Residences, offer the kind of high quality life that most of us are looking for.
Fiesta Communities Angeles (Brgy. Mining) Duplex 3BR - Perfect for growing family
If you want to know more about these projects and want to get free money and home buying advice, just contact our team at I Am A Homeseller at 0918-963-6760. We offer home consultation and free site tripping on your desired location so you can have that perfect home for your family.