Purchasing a property may take time and cost a lot, but it could be a very rewarding investment.
Owning a house and lot doesn’t happen in an instant for many people. It’s a journey that could take years of working and saving. Due to some considerations and with various housing options out there, the selection process may turn out challenging as well. Thankfully, there are also rewarding parts such as visualizing your home, styling it, and above all, moving in and living in it.
The time and costs involved may discourage you from purchasing your first real estate property, but this doesn’t have to be the case. Instead of dwelling on the challenges, focus more on the benefits. Keep in mind that the journey of becoming a homeowner always starts with having an intense motivation to get your own place.
Motivations to Buy Your Own Home
You already know that a shelter is a basic need. It’s one of your biggest protections against different elements. It also serves as your sanctuary after a long day at work. Aside from you, it also houses the things you need and the people you treasure.
Staying with your parents or relatives seems enough to give you shelter, but sooner or later, you’ll have to grow up and take charge of your life and your own place. Renting is another solution, but it comes with limitations. Then there’s home-buying.
When you’re young, the idea of purchasing and looking after your home seems daunting. Aside from the utilities, you have to pay for property taxes and mortgage. You also need to learn how to fix things on your own. As 8List.ph puts it, the toilet doesn’t clean itself.
However, the pros can outweigh the cons. Just think of the following main motivations behind a house purchase.
It might cost you a lot of stress now, but learning to be independent is a skill that will help you succeed in life. Getting a job or starting a business is a key step in becoming independent. Living on your own is another. You can begin by renting, especially if you want to work far from home. Over time, consider buying your own home so you can have some place to settle down in the future.
• Creating and having a home conducive to personal pursuits
One of the best things about having your own home is that you can style it in a way that suits your needs and preferences. You can keep it all black and white. You can fill your home with indoor plants if that’s what you like. You don’t have to think of others unless you’re living with your significant other and/or kids.
• Having a real estate investment
Each real estate property is unique. Its sole use is to give space which you can use for various activities. As an investment, it allows you to gain money if you rent it out or resell it at a higher price than what you’ve paid for it. In case you need capital for a big venture, you can also take a loan by using your home as a collateral.
Factors to Consider when Buying a House and Lot
You can’t just choose any house and lot for sale. If you want optimal comfort and a shelter you can afford, you have to consider certain factors. These factors are as follows:
• Proximity to Workplace
Commuting is stressful, especially if your workplace is on the other town or city district. Driving your own car makes it more manageable. If you like to cut down your travel time, consider a home near your workplace. If you have kids who are still in elementary or high school, take into account the distance to their schools.
• Lot Location
Aside from the city or town where your home is, you should also consider the location of your lot within the subdivision or barangay. Is it near the main road? How far is it from the main gate? If you have kids and/or furry friends, you might want to have a house and lot near a park as well.
• Floor Space and Layout
The floor space helps determine what kind of furnishings you can put in your home. Aside from this, you have to take into account the layout as well. If you’re unsure about which layout you want, you can opt for one with more open spaces.
• Preferred Features
How many rooms do you want for your home? Do you like more windows as they make interior look roomier? Ask yourself the things you want to have in your place. List them down and adjust them as you browse affordable homes later on.
No matter how affordable and how great your house design is, if it’s in a problematic community, you won’t find comfort and peace in your abode. As such, before you close the sale, you have to do a background check on the community where your prospect house is. A simple Google search can help you find news-worthy crimes that happened in the place. You can also try searching on social media sites.
It’s also worth looking for programs that may be available for seniors and kids in the area. It’s ideal if the community has active homeowner’s association as well.
• Job Security/Business Outlook
Financing is a likely choice to purchase a property. However, before you can consider this, ponder on your ability to pay off your loan within the predetermined period. Your job or business should be financially secured in the next years.
The Process of Securing a Home
It feels good to think of your dream home. But if you want to realize that dream, you have to make a plan and going through the journey. Key steps are involved as follows:
• Browse for real estate properties online.
Check out property listing sites so you can manage your expectations about what homes are for sale and how much they cost. You can also head to the websites of real estate developers to check out what they’re currently offering and developing.
• Calculate your budget.
Don’t just depend on loans to get an affordable house and lot because you still have shell out some cash, too. Ideally, these should come from your own savings. If you don’t have much right now, you can wait and save for a few more months, or even for a year. Once you have sizable savings, compute how much you can set aside for a down payment for your home. It can be noted that some of the real estate developers offer a loan calculator on their website like Lessandra. This tool would help you in preparing the right amount for your dream home.
Are you qualified for a Pag-IBIG loan? Who are the banks you can approach and what housing loans do they offer? List down the qualifications for each financing option. Aside from that, make a comparison chart of the maximum and minimum amounts you can borrow. Include as well the percentage of down payment you have to pay.
• Contact real estate agents and companies.
With so many properties for sale you can find online, narrowing down your choices may turn out confusing. Thankfully, there are real estate companies and agents you can turn to. Aside from helping you choose a residence that suits your budget and needs, these people can help you get financing for your purchase.
In case there’s a property you like and you’re worried that someone else may take it, ask the agent and company if you have to pay a reservation fee. Yoorekka describes this as your initial ticket to obtaining that house.
• Go for a house tour.
When you’re shopping for a home, you get to see photos and layouts, at first. Some offer virtual home tours, but still, nothing beats the actual experience of personally seeing and assessing a house. Even with preselling properties, you may still visit the site and see a model house for your reference.
If a house tour is possible, see for yourself if the layout and floor space are as great as they are in photos or videos. Don’t obsess so much about the paint as you can still paint or cover it as you desire.
• Discuss the amount of down payment and other costs.
This is likely the most stressful part of the buying process. In property listing sites, you can already know how much down payment is required for a property that you like. The overall cost is also indicated. However, it won’t hurt to ask your real estate company if they’re offering a discount. If they do, ask for the qualifications and express your interest in getting one.
Don’t forget to talk about the other costs. Keep in mind that there’ll be taxes and transaction fees involved.
• Secure financing.
Before you apply for your housing loan, familiarize yourself with the process first. The websites of Pag-IBIG and most banks already have guides on how to get a loan. In case you’re looking for some clarifications, you can check out Pinoy Money Talk’s article on applying for a Pag-IBIG loan. As for bank loans, you can reach them via call or email.
Once you’re confident about getting a housing loan, go to the website of Pag-IBIG or your chosen bank. The former allows you to apply online so just follow the steps and you’re good to go. As for a bank loan, major banks let you apply on their respective sites as well. After the online application, you have to visit the nearest office of the Pag-IBIG Fund or the nearest branch of your chosen bank. Bring along all the required documents.
Your loan application may not be granted right away. The bank and Pag-IBIG will carry out their own appraisal and assess your financial health, too. However, if you meet all the criteria, you can get your loan within a few weeks’ time.
• Finalize the purchase.
On this stage, the property becomes officially yours. Closing the sale mainly involves paperwork. You have to provide the loan documents and the down payment. You need to sign the deed of sale. Your lender and seller will do some verifications. When there are no problems and once fees are paid, the deed will get registered.
• Home Turn-over and Move-in.
The final and most exciting stage in buying a house is actually settling in. After finalizing the purchase, you have to plan for your move-in, so it doesn’t get too stressful. Without proper preparation, you may end up taking multiple trips to shops because you forgot some essentials or, you might keep returning to your old place because you left some documents or memorabilia.
To plan your move-in, you need to schedule it first. Unless you’re rushing, you can set it on the next weekend or the following holiday. After that, fill your home with furniture and appliances. This way, it doesn’t seem empty and uncomfortable once you arrive.
In case you’re so busy that you can’t go to showrooms, you can sign in and shop at AllHome for your bed, chairs, tables, and cabinets. In addition to furniture and appliances, you can also buy kitchenware, decors, and other home essentials from the said site. One advantage of ordering these online is that you can have them delivered to your new home on your preferred date.
Next, sort out your belongings in your old place. Focus first on your important documents. If you have medications, put them in your go-to bag. As for the other things, you can ask your family and friends to help you pack. Make sure you separate the fragile items and pay extra attention to their packing. You can pack your things based on which rooms they’re supposed to go to. Don’t forget to throw away the trash before you leave.
Once done, hire a moving company such as Transportify and Mober to transport your belongings to your new home. Even if you have a vehicle, you might not have the manpower and tools to unload the boxes. The same goes for renting a truck. As such, it’s still much better to hire professional movers instead.
When these tasks are completed, you only have to wait until your moving-in date. After you unpack your boxes and organize your things, you can finally enjoy your new sanctuary.
If you want to begin your journey as soon as possible, visit Lessandra.com.ph to discover affordable homes in your preferred town or city. Representatives are available via the chat box or you may send inquiries via email or through Lessandra’s Official Facebook Page @LessandraOfficial.
Start your journey to becoming a homeowner and reap the benefits of being one.