1. Only Buy A House If You Intend To Stay For A Long Time
One of the main factors in considering whether you should actually buy a house of just rent is the number of years you intend to stay in the area. In times of fluctuating markets, buying a house might become a loss of money if you intend to sell in a few years, and it just so happens that the real estate market is down. On the other hand, if you’re committed to staying for the long term, such as 10 to 25 years, then you can avail of very low mortgages and good financing plans.
2. Make Sure You Stick Within your Budget
First be sure to analyze your monthly spending so you can be realistic about buying your first home. A good tip is to first list down all your expenses like food, transportation, savings, debts, and even detailed accounts of luxury items like restaurant bills. Whatever you have left after paying all those bills is what you have left to pay for your new home. This is the value that you need to use to narrow down your search for a new home.
3. Never Buy A Home Without Getting It Inspected First
Finding a good inspector can save you a lot of grief and regret in the long run. Don’t buy the house on your own, but seek professional help. There might be serious flaws hiding behind the walls, and structural defects which can only be detected by an expert. This will seriously affect your reselling price if ever you decide to sell, or worse, it might compromise your family’s safety. Look for an inspector you can trust, preferably someone part of an official association recognized by the government.
4. Find A Real Estate Agent You Can Trust
You might prefer to go solo on your purchase, but unless you’ve been regularly buying houses all your life, then chances are there are some considerations you won’t take into account. Having a good real estate agent by your side will enable you to properly appraise the true value of the house and lot, as well as the value of the neighborhood. He can help you with the documents you need to fill up, and also suggest other houses for sale in the local area which you can compare with. Again, it might seem like extra cost, but it’s better to be safe than sorry! Make your purchase a team effort.
5. The Neighborhood Is Just As Important
You might love the house and lot, but what about the surrounding environment? The surrounding neighborhood in the long run is just as important as the house itself. For one thing, if the neighboring homes cost much lower than yours then be wary, because this will have an impact on your home’s selling price if ever you decide to sell it later on. A good school in the neighborhood can potentially increase the resale value later on, and also benefit your children and your transport costs.
6. The Agreement Must Be Written
Don’t rely on oral agreements, such as when it comes to the actual price, the condition of the house, insurance, or any other details of the package. Remember that buying a home can potentially be the most long-term investment you’ll ever make. You need to have the right documents especially when unforeseen problems come up. Also, when signing the final contract, make sure that you understand what you’re signing. Again, the real estate agent plus a good lawyer will be very beneficial here.
There you have it! Our top six tips in buying your home. Keep this in mind an hopefully you’ll be one step closer in buying a home that can satisfy you and your family for years to come.
dropy by my personal real estate website, for a good house and lot for sale in the Philippines! Also, you can look at a different article by me here.
