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Buying Your First Home

January 29th, 2021 | Share via:

Purchasing major items is always something we look forward to with excitement, may it be a mobile phone, a luxury bag, or a vehicle but more so when you buy your home for the first time. However, as much as people anticipate this, worries and anxiety may also come with it - worries on whether one would pick the right house and if he or she can stay committed to paying its full price (whether in cash or monthly mortgage), among many other considerations.

To avoid this and to fully enjoy the momentous event, here are some pointers you should consider before making that move.

What to Consider

Photo by Lea Böhm on Unsplash

1. Location

Location, location, location. One of the basic things you need to look out for when buying a property is its location. Is it flood-free? Is it near to the city or accessible from it? What are the development plans in the area? If the reason for buying is to make it a permanent residence, it is recommended that you get one near your workplace or easily accessible from it. If the purpose of the purchase is to have it leased out for a long period, choose a location where there is a high concentration of workers. This way, you will already have a market to tap. If you wanted it rented out only for short-time stays, choose a project near tourism spots. A lot of travelers nowadays choose to rent out residential units than staying in expensive hotels. May this be for a permanent residence or business, you should always pick a good location. This is not only to give you the convenience and comfort you should have but also provides you the opportunity for a higher value as time goes by. Remember that a great location can highly affect the appreciation of a property.

2. Amenities and Community Offerings

Aside from the structure itself, what else is offered in the project? A quality house and lot is more than just what it’s made of. Your private dwelling should provide you and your family safety and peace of mind. You should always feel secure knowing that you are in your own space. That being said, a community providing security measures such as perimeter fences, roving guards, and CCTVs would make a huge difference to communities that don’t.

Another factor that you need to check, especially if it’s for a permanent home, is the amenities. Having a recreational area and a breathing space outside but not far away from your place would definitely prove to be beneficial once you move-in. For one, being able to stroll in open and lush green spaces can relax one’s mind and promote physical health A play area and a basketball court will be an extended in-house park for children to play at but with the much-needed safety, as only the residents alike would be able to get access to these amenities. Swimming is an ideal way to stay physically fit and bond with your family. Having an available pool in your area will save you the hassle of traveling when you want a quick dip. As it is also only for homeowners, there is less chance that it will be overcrowded. A clubhouse is also essential for the regular meetings of the homeowners and occasional functions that promote community spirit. You can also hold family events and gatherings here instead of renting out a more expensive events place.

Photo taken at Lessandra Bulakan

3. The Right Size

In getting the right size, you should consider more than your current needs. If you would live solo in your new place, you might as well have an extra room for guests or in case you build a family in the future.  You might be surprised that there are two-storey two-bedroom houses as reasonably-priced as a single room or bachelor’s pad. The same is the case for a newly-wed couple. Get an abode that have an adequate area for your future youngsters. Having a front lawn, backyard, or extra outside space would also be ideal even if you’re currently single as these may be used for future activities you might want to engage in, like gardening, etc. Consider your future needs. After all, this is an asset that could last a lifetime.

4. Buy What You Can Afford

This is one of the basics that should not be left out. Buy what you can afford. What is your budget, and how do you plan to pay for it? Quality does not necessarily mean expensive. There are many quality and affordable house and lots you can avail which offer the other considerations mentioned above, like a Lessandra home. Lessandra is available nationwide so you will have plenty of options to choose from when it comes to location.

Check your financing options, too. You may apply for a housing loan through a government-owned corporation, like Pag-IBIG fund, or you may also opt for loans offered by commercial banks. Choose what suits you the best. Do not forget that a real estate investment is a commitment and not something you can neglect any time you want.

5. Developer

Check on the reputation of the developer. Even if you have a limited budget, you should still go for trusted housing brands. This way, you are assured that you will get your money’s worth and will not be shortchanged. In the Philippines, the leading and most trusted developer is Vista Land. Vista Land has housing brands that cater to different market segments. If you want a quality yet affordable residence, head over to the offerings of Lessandra. All Lessandra projects provide the security and necessities that cater to the well-being of the homeowners.

In addition to the pointers discussed, there are also items that you have to avoid making errors in your homebuying journey.

What to Avoid

Photo by Tima Miroshnichenko from Pexels

1. Not Doing Research

As this will entail commitment and a serious sum of money, it is only necessary that you do your research. Know more of the options available to you, what’s in the locality, what are the developments and conveniences, who will you be dealing with, and what are the services and amenities they have? Get as much information as possible as this concerns your future and your family’s.

2. Making an Emotional Decision

There is a saying “Do not promise when you’re happy. Don’t reply when you are angry. Don’t decide when you are sad”. This applies when you are acquiring real estate, too. Do not decide when you are high in emotions. Make a rational and intellectual decision on your purchase. Understand your needs and motivation first. Assess if you have already gathered enough information before reserving or paying the down payment.

3. Not Saving Enough Money

Affordable does not mean no cost. Evaluate your financial status. Do you have enough savings to pursue this venture? Again, go through your payment and financing options. It is important that even if a house and lot is indeed an asset and a necessity, you do not exhaust all your savings and emergency fund.

In all major aspects in life, planning is always the key. Make most out of your first home investment. Preparation makes a difference in the outcome of your choices especially on large expenditures. To quote Benjamin Franklin, by failing to prepare, you are preparing to fail.