Everyone wants a house that they can call their own. To save you the hassle of figuring out what you need to do, we made a helpful guide especially for you!
All couples dream of owning a house of their own, where they can settle down and start a family of their own.
Here are some tips to help you build the house of your dreams!
1. Know exactly what your needs are
As with most large expenses, it’s always important to plan ahead. And with a home, it’s important to know exactly what your needs are. Are you planning on having a large family? What sort of house are you planning on building? Will you need space for a large car? Maybe 2 cars in the future? How many bathrooms do you need?
These are all questions that you should be asking yourself way if you want to have a house of your own. Buying a house isn’t as simple as buying clothes, as it takes time and a lot of planning before you even consider buying one.
Which is why the first thing you should do would be to be sure that the house you’re planning on buying will suit your needs as a family, with a little more to spare.
2. Budget, budget, budget
Here’s one of the hard parts when it comes to buying a home. It’s relatively straightforward to apply for a home loan, but are you sure that you will be able to pay your loan monthly, with enough money left to spare for your family?
That’s why it’s important to save some money even before you consider buying a home. Starting early will save you a lot of woes later on, and creating and following a strict budget for the family should make things much easier for you.
It’s also best to look for options that are within your limits, as having a nice home isn’t much fun if you’re full of debt!
3. Don’t be afraid to ask for help
There are a lot of real estate professionals that you can approach if you need help with all the aspects of buying a home. Of course, it’s much more convenient to ask a friend, or a relative, but nothing beats talking to someone who knows the ins and outs of the industry, and that’s where real estate professionals come in.
They’ll also help you locate the perfect home for your needs, and help you negotiate the terms and conditions, and more. There are also other experts, such as mortgage brokers who are there to help you figure out which type of loan to take out, and which one would help you save the most money on.
For a lot of first time buyers, all of this information can be a bit overwhelming, so it’s important to have experts that you can rely on.
4. Make sure the title is legitimate, and it’s clean
If you’re buying from an individual, it’s always important to double check if the title is legitimate, and if it’s clean. There are a lot of fly-by-night sellers who pretend to have a great lot for a great value, but it then turns out that the title is fake, or someone else already owns the land.
These can cause all sorts of problems, and can even set back your dream of having your own home. That’s why it’s important to always be vigilant, and to be stringent when it comes to all the documents. A little background check wouldn’t hurt.
And as always, if the deal seems to good to be true, then it might be. So stay away from those.
5. Do a background check on the developer
Likewise, if you’re buying from a developer, do a background check on them first. Check out their history, what properties they’ve established, as well as their general reputation in the real estate community. It’s best to go for a developer that’s reliable, even if a bit more expensive, compared to a developer that’s cheap, but untested, and unreliable.
Buying from an established developer is always a good idea, as they know the ins and outs of the business, and you’ll surely have no problems in dealing with them.
6. Look for financing
First off, make sure that you have all of the necessary documents if you’re planning on getting a loan. It can sometimes be a tedious and complex process, with all sorts of forms and requirements needed, so this is where a mortgage broker comes in.
You can also look to different financial institutions and check out their rates, to see which one fits you best before deciding on where to get your loan. Again, sort out your finances before getting a loan, as it’ll be important when you’re applying for a loan.
7. Did we mention budget?
Even if you already have the house of your dreams, there are a lot of monthly expenses that you still need to pay. Repairs, association fees, insurance, maintenance, etc. are all expenses that you need to plan ahead for.
Which is why it’s important to get a mortgage loan that you can pay monthly, and still have enough money left over for monthly expenses for your own home. With a house comes a lot of financial responsibility, so it’s important to prepare for those beforehand.
Be sure to check out ParentTown for more insightful stories, questions, and answers from parents and experts alike. If you have any insights, questions or comments regarding the topic, please share them in our Comment box below. Like us on Facebook and follow us on Google+ to stay up-to-date on the latest from theAsianparent.com Philippines!