A Guide for the First-time Homebuyer
Buying a home is probably the most important investment that the average family will make in their lifetime, and for first-time buyers, the process can get overwhelming. Read on for some tips to help you make informed decisions on your way to homeownership.
Consider your lifestyle.
Sit down with your spouse or with the family to discuss your needs. Do you require a big space for raising children, or is living close to work more important to you right now? Knowing your priorities will help you narrow down your search for that dream home, whether that’s a house in a quiet subdivision or a condominium that is a short drive from business districts.
Be prepared to pay for more than the price of your home.
In addition to the price of a house or condo unit, legal fees, taxes, housing loan interests and other costs will add up. A good way to determine your budget is through how much you can borrow. Monthly amortization, or installment payments of principal and interest, should be less than half your take-home pay at most.
Get a help of a real estate professional.
Considering the amount of paperwork and steps involved in purchasing a property, hiring a licensed real estate agent will save you time and assist you with requirements. An agent can even show you options that you did not know about but might suit your needs.
Pictured is Primeworld Land’s Mactan condominium development, Primeworld District.
Look for a reputable developer.
Do they have a good track record or a sizeable portfolio? Primeworld Land Holdings, Inc., for instance, has projects in Luzon, Visayas, and Mindanao, demonstrating the company’s capability and trustworthiness.
These are simply the basics of buying a residential property, and the process will require plenty of due diligence and research on your part. With the help of a real estate professional and by considering a home that is built by a developer with a satisfactory portfolio such as Primeworld Land, you just might be that much closer to acquiring your dream home.