If you are renting, or planning to settle down, or just dreaming of having a comfortable and stable life, you are probably thinking of buying your own home. You’ve probably checked your finances or even saved up to know if you can commit to paying the monthly mortgage.
But before you start the search of finding the best property that will suit your needs and before you talk to a licensed and accredited real estate broker in your area, here is a checklist that you need to consider to know if you are ready to buy a property.
1. You’ve thought it through and wanted to buy now
Paying for a property is a long-term commitment. It may take you 5, 10, 15 and even 30 years to pay off your monthly mortgage before you can totally own a house and lot, not to mention the starting expenses that you need to think about. If you understand this and has a plan on how to manage this kind of commitment, then you are ready to handle this responsibility.
2. You have enough savings to start off
Aside from the monthly payment that you need to pay, there is also initial payments that you need to settle such as the down payment and the processing fee. If you have enough savings to cover these payments, then you are really ready to buy.
If you have saved more than the down payment and the processing fee, that is even better, because you will be able to cover even the first or second monthly payments of your property.
3. You can afford the monthly payment of your home
Before thinking of buying a property, you need to know if your income can handle paying a monthly mortgage. Don’t look for a property right away. Look at your savings and income first. And once you think your income can afford the monthly payment, without compromising your daily or monthly expenses and needs, then you can search for a property that will fit your budget.
Don’t bite off more than you can chew. If you can allot PHP 5,000 a month for a property, then look for a house and lot with a PHP 4,000 to PHP 5,000 monthly payment range. If you look beyond what you can pay, you’ll have a hard time budgeting for it in the long time.
There are a lot of affordable house and lot properties for sale in Angeles City, Mabalacat City, Porac, San Fernando City, Tarlac, Zambales, Olongapo, and many more areas in Central Luzon that you can choose from that starts with PHP 2,570.
4. You don’t have a debt or you are in control of your debt
One of the indicators that you are ready to buy a home is when you have a clean credit account. You are not currently struggling to pay credit card bill, consumer debt, or a loan. On the other hand, if you plan to pay off your debt or loan, or your budget can cover your debt and at the same time pay for your property, then go ahead and seal the deal with your new house and lot.
Remember paying for a property is a long term commitment, if you cannot commit to paying your debts first, it will only drag you down when you are already on board on paying for your new home.
5. You’ve researched your options and you know which one is the best for you.
There are many financing schemes that you can use to cover paying for a property. There is Pag-IBIG fund, banking loan, and in-house financing. You know the risks and the advantages of these options. You know their interest rates and you know which one is the best for you. [Check this FAQ to know more about your financing options.]
6. You’ve prepared a Plan B, Plan C, etc.
You cannot predict the future, but you can prepare for it. You may be set with Plan A, but you know that there might be inevitable situations that can ruin your plan - like suddenly running out of funds. In this case, you have thought this through and you’ve backed it up with an emergency fund or another stream of income. In this case, you don’t have to worry for any unavoidable situation that might ruin your chances of finally owning a home.
Got 6/6 on this list? Fire away! If not, that is okay, 5/6 or 4/6 is still a good score to check if you are ready to own a property. But if you are still unsure about your standing and still determined to buy a property, you can still consult us for FREE HOUSING CONSULTATION.
We can assist you in finding the most affordable rent to own for sale in Angeles City, Mabalacat City, Porac, San Fernando City, Tarlac, Zambales, Olongapo, and many more.
And as trusted real estate broker in Central Luzon, we can assist you in finding out the best financing options to help you finance your property.
If you are ready to become a homeowner, text or call us at 0918-963-6760.
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About Mitch Prin
I am a licensed real estate broker who assists homeowners to find the best home for them and for their family. I am one of the Unit Managers of Hausland Development Corporation and Fiesta Communities Inc. I can help you find the most affordable rent to own properties at the location of your choice. I also give free housing consultation and free property visit. Let’s talk at 0918-963-6760.