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MANILA, Philippines — Buying a home for the first time is a significant milestone, whether it is for a young professional, a newlywed couple or even an older family.
But where do you even begin? Merrill Edge Financial Solutions Advisor, Wesley Gunter, and real estate expert Michael Corbett suggest that it is best to first ask yourself, “What’s the purpose of the home?” Then you would be able to figure out what house size would be appropriate for your family as well as the type of loan to avail.
Deciding on that dream house will be shaped by several factors. Some of the major ones to consider are lifestyle, a set budget and family size.
Lifestyle check
Are you always on the go or do you like staying at home? The kind of lifestyle you have will not only determine the type of house that’s ideal for you, but it will also give you an idea on what parts of the house to spend more money on and allot more space for. For instance, homebodies would appreciate a larger living area while those who are often out during the weekend might want a more spacious bedroom instead.
Consider budget
A house is a major investment and financial experts recommend that purchasing one shouldn’t be at the expense of draining savings.
For first time buyers, nailing down a budget also has a practical purpose – you won’t be looking into houses that you can’t afford to begin with, and you’ll have a greater appreciation of a house that matches your expectations but is also within budget.
Setting a budget will also prepare you against “bill shock”. Be sure to include additional materials, transportation of materials to site and even emergencies in your computation.
In availing a home loan, be sure to consult with financial experts. This will provide you with a clearer estimate of how much you can afford for monthly amortization. Try to look for exsiting promos, read up on how to apply for a loan, or use online tools such as a loan calculator to be a step closer to owning your dream home.
Solo living or with family?
Family size is a very important factor. More than just buying a home, you want to make sure that you and everyone else in your family will be comfortable in that home. If you have young children, it’s vital to consider security and space.
Hold a family meeting, discuss what it is you all look for in a home, and consider everyone’s concerns when making your decision.
Once those three factors have been considered, deciding on the type of home should be easier. For first time homebuyers, these are prime considerations.
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