Buying a new home for your family is one of the greatest financial achievements of every couple and definitely one of the huge milestones that anyone could attain. But, don’t get too excited when buying a home and there are several factors you must consider before you sign the deeds and shell out your hard-earned money.
- Set your budget straight
To have enough savings on your bank account, does not necessarily mean that you can buy whichever property you’d like to purchase. You must set your budget limit, as searching for a property to purchase can get overwhelming on your end. Always ask yourself these questions:
- Do I have the capability to sustain my family needs while paying for the annual installment fees on the property?
- Am I responsible enough to settle the monthly recurring fees and other payables right on time?
- Is this property good enough for the size of my family?
Savings won’t be enough, consider your monthly income and other expenses when buying your new home. Otherwise, the property you have invested might be pulled-out by the property developer if you have compiled debt that needs to be settled. One of the advantages of setting a budget when buying a new home, it will help to prevent yourself from impulsive buying.
- Find the property that matches your needs
The most important factor when buying a new home would be the type of property you are planning to purchase. Are you buying the property to settle for only 5 years until you get married or it would serve as the sanctuary for your future partner and kids? If you’re planning to buy a new home to be your future love nest, it would be best to choose a 1-bedroom condominium unit with enough space for you and your little bundle of joy.
While if you’re planning to have two or more kids, it’s highly recommended to find a two-bedroom or three-bedroom condominium unit. On the other hand, if you are the type of person who loves to host a house party, a two-storey house is ideal for you.
- Location, location, and location
Choosing to buy a property 2 hours away from your workplace or business address due to low cost of living within that area is not an ideal decision. Just imagine the hours you need to drive from home to office, including the dreadful road traffic that will just cause you to miss important meetings is not worth it. Always choose a location suited for your lifestyle.
- Maintenance mode
Even buying a unit in newly-built condominium, you must take into consideration the available maintenance options. Ask the property consultant or anyone reliable in the management if the maintenance professional fee is included in monthly association dues. If there are certain types of fixings free of charge and going beyond that list may require you to pay the maintenance staff for the service they have rendered for you.
- Check the crime rate
No one wants to live in an area with a higher crime rate, so checking this factor should always be your priority. Think about your wife and kids you are about to leave at your soon-to-be home each time you need to go to work, never settle your family for less. Just because it’s cheaper doesn’t mean the place is safe.
Secure your family at all costs.
- Research about the Developer
Number of condo and house developers are rapidly increasing in the Philippines. Do your homework and research about your chosen developer, if their previous housing projects are:
- Impressively good
- Qualities of materials used are of the highest-quality
- Is it a kid-friendly and pet-friendly environment?
- Excellent service before and after the sales process
- Positive feedbacks from unit owners
You can find properties anywhere you go here in the metro, but it takes a good housing developer and professional property consultant who really cares about you after closing the deal. No matter how promising the amenities and facilities of a condominium establishment, always go for a developer who has built a good reputation throughout the years with previous and existing property owners.
May this list guide you to save more of your time and invest your hard-earned money properly, investing to property is a long-term commitment.