Just like marriage, an old Filipino adage that goes by the lines of ‘[something] is not like a freshly cooked rice that you can spit when you burn your tongue’ can also apply in buying a property.

A First-Timer’s Guide to Self-Assessment Before Buying a House

Just like marriage, an old Filipino adage that goes by the lines of ‘[something] is not like a freshly cooked rice that you can spit when you burn your tongue’ can also apply in buying a property. The prospect itself of having your own place soon, under your own name, can be a really exciting idea but also something that should warrant a long and deep assessment of what suits your needs and capacity, and what things do you need to know and accomplish before entering this commitment. Getting a grasp early on of whether you tick the boxes in the checklist helps you decide whether to finally push through with this process, or figure out what you lack before being actually be able to purchase your new home. It is a long, complex process, but we hope this guide will help make homebuying or investing in real estate easier for you. Here are questions you should ask yourself and experts before deciding to buy a property:

Do I really need to buy a property?

You may be wondering: you are reading this article and we are making you ask yourself whether you really need (or even want) to buy a house or a condo. While many people believe it is ‘ideal’ to have their own home, it is not always accurate. There are a lot of considerations to be taken before determining whether you should settle in one place: can you afford it? Will you be required to move from one workplace to another over a certain period of time? Will your child, if any, have to study somewhere else? Before deciding to buy a property, consider first whether it is a viable choice for your condition. Don’t forget, renting is always an option if you need flexibility.

Can my income (from work and / or business) pay for it?

Just like any investment, real estate. Requires. Money. Even when your salary can cover for the estimated monthly amortization for the property you are looking to buy, you have to consider you have other expenses - regular and unanticipated, if we may add. In determining whether you can afford buying a property, you definitely must not be empty-handed after paying for your amortization. Other costs also include downpayment for the property, reservation fee - if applicable, real property taxes and extra expenses such as insurance. If you are uncertain about the benchmark of whether one can afford buying a property, it is always best to consult with the experts. It is always advisable to get pre-approval from a lender, such as banks, to determine how much you can shell out and how much they will let you borrow to pay for your new home. Doing so also helps you narrow down the list of your prospects in the future.

Which type suits my needs and wants?

Are you buying a property for yourself? For your family? Or are you investing on a rental property for solo professionals? For families? Choosing one between a house and a condominium unit is not an eenie-meenie process. Every type of property suits different kinds of needs, so think carefully what you are using it for to help yourself decide what kind of property you should invest your hard-earned money on.

Where should I start looking for my home?

Ah, yes. Perhaps the toughest part of purchasing a property is starting the process itself. But with reputable developers such as Ayala Land available at your disposal, you may start looking at possible options wherever in the Philippines by visiting https://www.atayala.com/. You may also seek the aid of real estate agents who will help you guide through the process and find the right one for you, in the perfect location based on what you are looking for.