The most important principle you have to learn in buying a house is this: Don’t go for your dream home; pick the right one instead. As crucial as it is, a lot of homeowners tend to forget this, ending up in a really nice, big home, not being able to keep up with monthly mortgage payments later on. In home buying, you can’t let your heart rule over your head. Emotional decisions geared toward getting the dream home will only result in buyer’s remorse. Thus, when viewing homes, don’t look for the ideal; find the right one. Ask yourself these questions to know if a home is already the one:
Does this house check off all my essentials?
It’s important to have a list of your needs even before looking at properties. According to Filipino real estate agents, your needs list should include the size and type of the home, whether it’s a bungalow, a multi-story house, a townhouse, or a condo, with a certain number of bedrooms. It should also be clear which amenities you need in a home, such as a big kitchen, a full bath on the first floor, or an outdoor space. If the house you’re seeing checks off almost all your non-negotiables, then it’s worth considering it in your options. Be honest with how you draft your needs list. You might be justifying a nice-to-have as a must-have.
Does the neighborhood fit your lifestyle?
Remember that homes are situated in very particular communities. The kind of community where it belongs would affect how you live your life once you get settled in. It’s important then to look at the neighborhood and see if it can support your lifestyle. If you’re a single, young professional, then a house near the workplace or commercial establishments is what you need in widening your career opportunities and social networks. If you’re a family of four, then a house in a subdivision near schools is your priority. Consider checking out and buying an affordable house and lot in Cavite. These are family-friendly neighborhoods ideal for raising children.
Does the house meet your budget?
Again, there’s no use to having a big, expensive home, when you can’t keep up with your loan payments. The right home won’t let you break the bank. It fits right into your budget. If you haven’t determined your budget yet, start with listing down your monthly income and expenses to determine your disposable income. Your loan payments, as well as property taxes and insurance, must not be more than 28% of your take-home amount. From here, talk to mortgage experts to know which loan products fit your financial situation. There are some lending companies that offer mortgage calculators on their website, which you can also explore to know how much of a house you can buy.
Again, when buying a home, don’t look for the ideal one; instead, go for the right one. You will be able to save yourself from a lot of headaches and heartaches if you take on a realistic attitude. Therefore, don’t forget to ask yourself these questions as you see houses today.