Prospective homebuyers sometimes find themselves in a position that they think they are financially prepared to buy their first home. This is a good thing. But as a licensed broker, we want buyers to understand what they're going into.
It is very important to know the factors before you take the big leap into buying a new home and finally sign on the dotted line.
1. Do the math (Look, all we want to live in a high-end exclusive subdivision in downtown Angeles City or Timog Park, but we can't ok?)
Don't forget to think how much you can afford and what type of mortgage will best suit your situation. There are factors that you also need to consider like additional charges that will crop up throughout the property buying process.
2. Check for the location (Time to assess the neighborhood and check the maps of the local area)
We always want our home to be always accessible and near to establishments including good local schools, banks, supermarkets, malls, restaurants, bars, and close to family and friends and of course your work. For instance, Fiesta Communities Angeles is just 5 minutes away from MarQuee Mall. It's one ride away to the Angeles City proper.
Decide your priorities in terms of location, and what is going to be the most important to you in a new neighborhood.
3. Check for the amenities (There are things you need aside from your home)
Choose a community where amenities are readily available for you. It can be playground, swimming pool, clubhouse, gyms, and etc.
4. Check the payment scheme available (Know when and if you can pull out)
Since the popularity of rent-to-own houses, PAG-IBIG offers their own financing scheme. Developers have their own too which they called In-House Financing. Speak to your broker and find out what payment scheme suited for you.
5. Ask about taxes, homeowner association dues, homeowners insurance and utility bills. (Yes you need to settle them too)
Your monthly housing payment includes more than just the principal and interest on your loan. Make sure the taxes, insurance, homeowner association dues and utility bills will fit into your budget.
6. Decide what you want (Yes, visualize your dream and make it happen)
Time for the fun part. Get a pen and paper and sketch out your dream property criteria. You might want to have a specific number of bedrooms and bathrooms, car park area, or detached or semi-detached.
Be practical and realistic with your wish list though, and identify what is the most important for your family and what you would be willing to compromise on.