“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”-Theodore Roosevelt
One of the financial keystones that mark as growth and progress in one’s life is buying your first home. In fact, it can be argued that it is the ultimate Filipino dream. After all, it is not every day wherein you are finally monetarily secure enough to buy a home. So owning your first one would be a big step forward. Having a place you can call home and having a place to return to every single day provides the family a sense of security—a sanctuary if you may.
For this reason, most Filipinos work and strive hard to provide a roof over their family’s heads. Unfortunately, much like any dream or goal in life, there is no clear-cut straight path that would lead you to success, and in this regard, your journey will often be hampered by challenges.
However, no matter how daunting the prospect might be—especially as you are a first-time homebuyer, you must push on with your endeavor. Do not immediately settle on the first house you see that settles just within your price range. Be meticulous with this purchase and give it a lot of thought and research before closing a deal whether you are buying properties in Manila or Cebu real estate.
In any case, here are some tips you should take into consideration in the purchase of your first home:
1. Know your needs
Before scouring the real estate market for prospective properties, you might want to take a look at the kind of house you need. In this regard, you should be looking into the kind of lifestyle you lead to narrow down the list of potential houses you want to consider.
There is a wide array of real estate property available out there to suit every kind of family’s taste, preferences, and needs. So, choose wisely and accordingly.
2. Research the market
After you have identified the type of property you want according to your needs, you should research the market on what is available. One mistake first-time homebuyers should avoid is to buy the first property they come across outright without considering other properties first.
Moreover, take time to research the location you have in mind. Apart from your prospective property’s price tag, you should also consider whether there are any good schools, entertainment hubs, hospitals and banks in proximity.
3. Create a budget
A crucial step you must undertake before buying your first home is to create a budget. To do this, know what your needs are and align your finances with that. In this regard, you should take a long and hard look at your finances and identify the kind of price range you can afford.
Apart from this, there is a myriad of other things to consider apart from the prospective property’s price tag. Remember, you need to take into account the deposit and the plethora of fees you will inevitably be paying as well. So, while it is wise to develop a budget, it would be wiser to create a budget that accommodates and leverages all the other extraneous fees.
4. Seek help
While this might mean an additional expense, it would be worth it. Considering this is your first time, it would only be appropriate for you to seek all the help you need and can get—even if would require you to pay. Real estate professionals would ensure that you are not only successful in your endeavor and your purchase, they would also make sure that you would get the best deal there is out there.
Their job is to find as many homes possible according to your needs, select the best one and negotiate the terms and conditions of the purchase. If you are a novice, this can significantly help you through the process.
5. Know your developer
This is a pivotal step—especially if you are buying a pre-selling property. You want to make sure that your developer can deliver as scheduled, so it is best that you check your developer’s track record before negotiating a deal with them. More often than not, top developers are nearly risk-free as they are most concerned about their reputations.
However, this does not mean you should quickly dismiss first-time developers as they are not all bad. Unfortunately, it can be rather hard for them to find clients as they have no previous record of success in real estate development.