Are you one of the young couples who would like to take the next big step in your relationship which is finding a new home for yourselves and your future children? While this may be daunting and complicated than expected, it will be a great adventure for the both of you.
As they all say, “Love may be blind, but do not purchase a property with your eyes closed.” To help you out, here’s a quick guide to keep in mind for this major life milestone. It’s important to learn and take all these considerations first to make all the right moves when buying your first home.
Check your overall financial situation.
The first step when buying a home is to take a close look at your overall financial situation. You and your partner must have a clear understanding on how much house you can afford.
Remember to be honest with each other. Also, create a budget to know all your expenses. Your monthly mortgage should not be more than 30% of your family income, since you still have to account for your other needs such as food, transportation, etc.
It is important to assess how much you can afford now, without putting too much weight on your salary increase in the near future. First, you’re not certain about it yet. And, even if you are pretty sure that you will be earning more in the next three years, maybe your family expenses then – children, school fees, among others - will have also ballooned, so better plan with what you can afford now.
There are very affordable houses you can check out if you know where to look. (Related Article: Locations Outside Metro Manila Perfect for First-time Homebuyers)
Choose your preferred location carefully.
Deciding where you want to live is an important factor. This will not only determine the future value of your investment, but also many aspects of your daily lives. You may take into consideration your work place or your hometown.
Also, be sure to take a look into the security of the area, accessibility of schools, malls and other commercial establishments and future infrastructure projects. It’s easier to manage things inside the house but there is nothing you can change about your home’s location. YOU HAVE TO DECIDE WISELY.
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You can check them out here and I’m sure they have properties available in your preferred location!
Determine your preferences.
Talk openly with your partner about your wants in your home. By doing so, both of you can assess your wants individually and as a couple. Don’t forget to consider also your future needs. For instance, you may prefer a huge home with 3 bedrooms because you’re allotting rooms for your future children.
Communication is the key here! Being open to your partner or spouse will help in finding your home a lot easier and less stressful.
Conduct a research.
Researching online is highly recommended to first time home buyers like you; it will save you a lot of time and energy. This will help you find more information about various developers and the things you’re feeling unsure about. Buying a home will be your first major purchase. Hence, research is a must.
For instance, you found an affordable house and lot in Makati and you may think it’s a good deal because it’s situated near Central Business District, but what if the area is prone to flood?
You can also get help from trusted agents who can guide you and recommend to you available properties that meet your needs (and wants) and are in your budget range.
The whole process of house hunting can be tiring and stressful but don’t forget to have fun! Be open to each other’s ideas during the process. It may take a lot of your time but I know it will be worth it once you find the perfect home for you and your future family.
Good luck in finding a home with the one you love!