Is any one of you planning to purchase a new house? We all know that buying a house is always exciting. New houses always suggest exciting open floor tactics, luxury domestic devices and other amenities. One can come across many questions while buying a new house.
Everyone wants to get hold of a house that is comfortable. New homes are always easier to live in because they are suitable and have contemporary floor plans with modern amenities. While purchasing a house one can make it easier by getting prepared from before hand. There are always some pros and cons while buying a new house. Here are few tips towards
1. Know Your Wants and Needs
Your new dream home will be the single biggest investment that you’ll make in your lifetime. Before embarking on your journey of house hunting, know what you really want and need. List all the features you care most about.
2. Cost & Financing
Set your budget for monthly downpayment and amortization. Find out how much you can afford and what loan financing are available. Understand the pros and cons of each type of financing.
Get sample computation and study. Ideally, mortgage payments should be not be higher than 36% of our total monthly income. This way, you can comfortably pay your mortgage and care for other household expenses.
3. Location & Neighborhood
Location is a very important consideration when buying a property. It’s an important indicator of value. It should be accessible by public transportation in going to your place of work, near schools, mall or shopping center, supermarket, hospitals, church and airport.
Look for ongoing/future road development near the housing project as this will shorten travel time to your place of work and will also add to resale value of your property.
Do you like Cavite, or Laguna, or Las Pinas or Paranaque or Bulacan? Is the neighborhood safe and secure. And most important of all, is it flood free?
4. House Type
Do you want a 2-storey townhouse, or single detached house, or a house with private park?
Are you looking for ready for occupancy (RFO) houses? Or pre-selling houses?
5. Space to Grow
How many bedrooms, bathrooms, car garage, and how much square meters of extra lot are you going to need? Look further into the future than just today. If you aren’t finished expanding your family and plan to someday have children, or more children, you will want your new home to be large enough to accomodate that growth.
6. Investment Potential
Most homebuyers, especially first-timers, will eventually decide to sell and relocate to another home at some point. That is why it’s important to consider how well the home will hold its value over time. If an area is gaining popularity, it only implies that the road network is due for improvement and the property value is expected to increase in the future.