Cost saving tips for your first home purchase

MANILA, Philippines — School teaches us that the family is the basic unit of society, but for most Filipinos, it can simply be said that family is everything. The family plays a crucial role in how we come into our own as individuals, or how we view and relate to other people.

In the same manner, having a home is important for a family to thrive and feel anchored.

But purchasing a house is no walk in the park. Apart from the lot prices, there are construction materials, labor, interiors, and maintenance to take into consideration when budgeting. It could take decades to secure that dream home, and it’s best to grab any sort of savings you can get.

While researching locations and designs for that future home, look for home loan promotions from banks where you can optimize cost and savings. You’d be surprised at the savings you can make from availing of a loan that is just right for your family.

Not only will you get your money’s worth, but with that extra budget, you will also be able to spend a little bit more on crucial things that would make your life easier, but you would scrimp on otherwise. We’ve listed some of those things below. See if you agree.

High quality appliances

Kitchens are notorious for being the most expensive part of the house to build, but after all, it is where food is kept and prepared. But going beyond the basics, investing in a fully functional kitchen that is also easy on the eyes just brings out the inner Martha Stewart in everyone.

Invest in high quality appliances because they’re usually more energy efficient. With the money you’ll save you can invest on a high quality refrigerator like the 21 cu. ft. double-door by Whirlpool (P69, 998)*. It has a tempered glass shelf, LED lighting, and will last for a good number of years. That means you can buy it when your daughter is in first grade and would still be serving the family well until she’s in her college years.

A bathroom with all the trimmings

Another part of the house that will cost you more than the average is the bathroom. Apart from it being the first room you will most likely enter after waking up in the morning, a cozy and organized bathroom will make you linger in it longer than you need to.

Splurging on it a little isn’t a bad idea at all. With your savings, you can get a beautifully tiled 10 sq m bathroom complete with a water closet (Pozzi, P15,800)**, lavatory with pedestal (American Standard, P8,299)**, and a shower enclosure (Pozzi, P11,000)** for your Grohe shower system (P14,317)** which includes both a rain and telephone shower. Known for its quality and sleek design, add a little bit of luxury with a Kohler tub for P20,920** and match it with a minimalist bath spout with diverter by Grohe (P3,642)**. All these will set you back P100,000 – a hefty sum, but it’s worth investing on high quality fixtures that are easy to maintain and will last for years to come.

Leave room for your interests

The living room is the heart of your home. That’s where you spend time with your family, enjoy the weekend, and entertain your friends. If you’re a movie buff, upgrade your telly to the Sony BRAVIA 48 inch Internet LED TV (P44,999)*. Complete the experience with a home theater system like LG’s 5.1ch Blu-ray Home Theater (P26,990)* and transform your small screen to a silver screen.

A head start on everyday expenses

You can also opt to save the money and use it for everyday expenses. According to the Philippine Statistics Authority, the average Filipino family in 2012 spent around P325, 000 every year. If your expenses are close to this, you can use the 200,000 peso savings for approximately seven months.

Even those who will opt to apply for lower loans (Let’s say 4 million pesos, which will get you 40,000 pesos in savings) will still get a sizable amount, which can be used instead, for miscellaneous household expenses.

Building a house and creating a home

Buying a house can be quite an ordeal. The challenge is to define your priorities from the get-go and nail down your financial options. Don’t forget, more than just purchasing a house you are creating a home. — Rappler.com

 *All appliance prices from Abenson as of this writing

**All bathroom fixture prices from Wilcon Builder’s Depot as of this writing

Sources: 

http://nso-ncr.ph/special%20release/fies/2012%20Fies.pdf