Buying a home can be challenging for a first-timer. It’s a major milestone that you want to cross off your lifetime bucket list in your late 20s or early 30s. We know that this juncture can be one of the most exhilarating and stressful moments of your life, here are some basic questions you can evaluate first to help you make a decision on buying property for the first time:
1. Location. Facilities. Development. Does the property you’re eyeing check all the boxes?
When buying a new property, you’ll need to consider more than just finances. Consider the accessibility, appearance, and amenities of a neighborhood as well as the trusted credibility of the developer first to help you make a firm decision.
2. Can You Afford the Down Payment and Monthly Amortizations? Apply for a Housing Loan.
Being able to afford a new house today is not nearly as important as your ability to afford it over the long haul. Unless you come from a wealthy family and can pay in cash, you will have to borrow money from a bank or other home financing options to make the purchase.
Remember that getting approved for a mortgage up to a certain amount doesn’t mean you can actually afford the payments, so be honest about the level of financial risk that you are comfortable living with. Can 28% of your monthly income cover the amortization for the next years until your loans are paid off completely?
That’s why it is also good to take advantage of flexible payment schemes offering payable discounted amortizations for a shorter amount of time.
3. Are you aware of all Legal Requirements you need to secure?
Buying a home doesn’t just mean presenting a couple of valid IDs and signing an agreement. You don’t just pay the unit price and they are yours. Purchasing a home requires a lot of paperwork, which possibly means additional costs. From transfer tax, bank loan fees, to insurances, make sure you are aware of other supplementary requirements needed to ensure you readily have the budget needed to complete the purchase with no hassle. Ask professional agents and property specialists to help you with understanding these processes.
4. Can you still keep up with expenses and have sufficient funds left for yourself?
From property tax to building association dues, there are multiple costs you constantly need to secure even after you complete payment for your new home. On top of all that, consider the costs of moving, appliances, security, furniture, and the likes. You also need to set aside funds for maintenance in case something breaks or leaks.
Home ownership may sound daunting, but it’s one dream that’s worth the cost. A home will provide a measure of security for you and your family for decades to come.
Megaworld Prime RFO’s property specialists are here to assist and prepare you to move forward to a new life. To know more about available ready for occupancy units in Manila, email us at [email protected], like and follow our Facebook page /OfficialMegaworldPrimeRFO or call our Marketing Office at 0917-51-MPRFO.