Buying a house? Know the right time for you

Saab Lariosa

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Buying a house? Know the right time for you
Buying a house is not an easy decision. From market fluctuations to personal circumstances, timing plays a pivotal role in the success of your investment.

Buying a house is not an easy decision. From market fluctuations to personal circumstances, timing plays a pivotal role in the success of your investment.

Young adults who are looking to build their independence by buying or building their own house must take a lot of things into account. From the additional costs you’ll incur, other investments you’ll make, to the life you are trying to build – buying a home is not just a transaction. It’s a life-changing decision.

So how do you know if you’re ready to become a homeowner?

With so many things to consider, deciding to buy or build your house can be a scary process. Here are some questions you need to answer, so you can assess your own readiness and make your goal of being a homeowner come true.

Is now a good time to buy a house?

When you’re buying a house, it’s crucial to know what’s happening in the real estate market. Picking the right time to buy can save you a lot of money in the long haul.

According to the Bangko Sentral ng Pilipinas (BSP), residential property prices in the National Capital Region (NCR) spiked by 4.3% in the third quarter of 2023. This was mainly driven by the growth in the prices of single-detached/attached houses and townhouses. Yep, house prices are soaring and might continue to do so.

Data gathering site, Statista, meanwhile, reported that the Filipinos’ purchasing and investing power in real estate had been increasing in recent years, generating around P536 billion pesos in 2022 alone. 

With residential prices expected to soar higher in the years to come, and more people investing in their forever homes, the best time to buy a home may be now.  But that’s where the next question comes in…

Are you ready to buy a home?

We have established that buying a house is a long-term commitment – both in terms of energy and resources. Market factors may say that now is the best time to buy, but you also need to assess if your personal situation is ready for this long-term responsibility.

Some of the essential questions you can ask yourself are:

  • Are you financially stable to take on the responsibilities attached to homeownership like monthly amortizations, mortgage, homeowner’s insurance, taxes, and other fees?
  • Have you built enough savings to account for emergencies so that when rainy days come, your capacity to pay for your home will not be affected? 
  • Are you ready to set aside costs for house maintenance and other utilities? 
  • Are you prepared to give up certain expenses in order to make room for the expenses of owning a house? 
  •  Are you committed to staying in a certain location for the years to come? 

Like with any major “adulting” decision, you need to check if being a homeowner now is sustainable and will be beneficial to you in the long run. Once you have assessed your personal situation and you have come to the conclusion that you are more than ready to take the next step in this journey, you need to ask yourself the next question.

Are you aware of the options available to you?

Since buying or building a house is a huge financial responsibility, it’s important for you to understand the options to consider that will help make the expenses become manageable.

An important step is to understand the various home loan options available. You could compare home loan rates and assess which ones fit your budget and your long-term goals. It is also best to seek advice from industry experts like financial advisors or mortgage brokers to gain valuable insights into the market. Finally, it is wise to take advantage of promotional offers and incentives to further sweeten the deal when buying a home.

Metrobank’s Goals Made Real promo is back to help you manifest and live in your dream home. With waived fees, low interest rates, and a credit card to boot, this is an adulting deal you definitely want to take advantage of.

Qualified Goals Made Real applicants can enjoy the following benefits:
  • Waived fees of up to P50,000
  • Low-interest rate of 6.88%* p.a. fixed for 5 years
  • Pre-qualification to a Metrobank credit card (Metrobank Rewards Plus Visa, Metrobank Cashback Visa, or Metrobank Platinum Mastercard)
To be eligible for the promo, make sure you tick all these items:
  • The loan amount should be at least P1,000,000.
  • The loan term should be at least 5 years.
  • The interest rate-fixing period should be 5 years.
  • The mode of payment should be via Automatic Debit Arrangement (ADA). You should have or must open a savings or current account at any Metrobank Branch.

The Goals Made Real promo is exclusively available to Metrobank Home Loan applicants who send their complete applications from March 15 to June 15, 2024.

Check out more details about the promo by visiting the Metrobank website here. You can also apply for a loan online or to a Metrobank representative today in any of its branches nationwide to discuss how Goals Made Real can help you achieve your forever home. – Rappler.com

*1% shall be added for Personal Consumption Loan

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Metropolitan Bank & Trust Co. (Metrobank)

Metrobank is the country's second largest private universal bank. The Bank believes that its robust capital position and balance sheet strength will provide ample support as it navigates through these uncertain times. Capital ratios are among the highest in the industry, with total CAR at 17.2% and Common Equity Tier 1 (CET1) ratio at 16.3%. Consolidated assets stood at P2.7 trillion at the end of September 2022, making it one of the strongest and well-capitalized banks in the country.