Your dream to buy and own your first home is real, but getting there seems to be a blur. Here are my home buying tips for first time home buyer like you.
Home Buying Tips
How much are you willing to spend? There are 2 ways to look at this:
- Whats the Property Price are you looking at, 1 Million? 2.5 Million? 5 Million? or
- How much can you pay every month? Like in Rent-to-Own schemes, whats your ceiling price for your monthly amortization? But remember, a Down Payment in cash is required, normally 20% of the selling price. So for a 1,000,000 property, you need to prepare 20% of it which is P200,000. Developers usually allow buyers to pay the down payment staggered.
You may also check with your bank, ask them what amount of Property your income can afford. Their loan services can compute it for you.
List down at least 3 cities that you’ll consider buying a property. Probably, list the city where you are currently living, where your close family lives, where you work, or where your husband works.
3. Property Type
These are the 2 common residential property types you will encounter in Philippine real estate: First, House and Lot and Second, Condominium or Condo. House and lot properties also come in many forms: Townhouse, Single detached, Single Attached, Duplex, Triplex, Bungalow etc. What’s important is that you’re buying both the House (its physical construction, cement, hallow-blocks and all) and the Land where it stands.
4. Your Personal Requirements
Each family is unique with different requirements. List down your personal requirements, for example, how many bedrooms do you need? how many children do you have? do you own or plan to own a car? how many carports do you need? do you have hobbies or collections that need space?
5. Compromises and Non-negotiables
Dreams are free — our dreams can give us a 10-bedroom house, huge lawn, great mountain view, 10 luxury cars and all. But we have realities to face: our budget, and our country’s market and economy. You may have listed everything you want from the first 4 questions of our home buying tips, but now its time to scratch what is impossible. Let me give you a glimpse of what is real and possible:
- a 1 Million+ house and lot in Trece Martires Cavite is possible
- a 2.5 M Condo Unit in Makati City is possible
- a 2 Million House and Lot in Muntinlupa si possible
- a 3 Million House and Lot in Las Pinas is possible.
- a 4 Million Condo Unit in BGC is possible
- a 1.5 Million Condo Unit in Manila is possible.
That, and more. I’ll try to write a detailed post on Compromises and Non-negotibles next time 🙂 But you know, you can always call us for help. I’m happy meeting people over coffee, helping them find a home. After all, i believe that its possible for every determined person to own a home. If you’re interested for a free consultation, text or call us at 0917.866 7739 or 0977.802 5874, we’d share to you more home buying tips.