A Filipino’s ultimate dream is to own a home. It gives you and your family a sense of security.
Securing a roof over your head is very important. But, you have to choose the right deal for you. You wouldn’t want your first house to be overpriced right?
Homebuying is a fun and exciting step in your life.
Assess yourself if you’re capable of it. Fulfill your lifetime dream.
Understand if you are ready for a real property purchase.
How to Get Ready for a Real Property Purchase?
Real property purchase requires much research. Plenty of trusted people’s help is handy. Plus, you have to reserve unending patience.
Above all, you must know if you’re ready for a real property purchase.
Here’s a rundown list we prepared for you.
Check your financial status.
Are my funds enough for a property down payment?
Am I going to build debts in the end?
my savings cover up other financial obligations?
Based on your answer, you can see if you are financially ready for a real property purchase.
Property Online Ph mentioned that “the key to securing a new house is money. But you need extra cash on the side.” You can use it for emergency expenses like potential repairs, taxes and other charges. Extra money is also needed for furnishing your home.
Aside from that, review if you have a good cash flow. Remember, you have monthly mortgage responsibility. Make sure that your current income is enough.
If you have a positive assessment result, then you’re financially ready for a real property purchase.
Healthy Credit Score
Next to funds is your credit score, which is a number significant in your life.
Through this, banks and other lending institutions determine how you handle your finances. How? They review your rental history, phone lines and monthly subscriptions, insurance, and more.
A good standing leads to a faster and smoother transaction. But if you have a bad score, loan approvals might be difficult.
Most importantly, make sure you have no debts or pending loans. If you have none means you are ready for a real property purchase.
A low-interest promo is the best time for a real property purchase.
Be a keen observant of the property interest rates. Although a house price affordable, the interest rate might be your financial sinkhole.
Be aware of how realtors discuss the rates. Remember, it is safer to get a house with a lower interest rate than a cheaper price home with a higher interest rate.
With this knowledge, you are ready for a real property purchase.
Observe the property market.
There are times that the number of properties for sale is high. Grab this opportunity.
You, as a homebuyer, have more options to check. The more options you have, the lower the price would be. All because of the high supply of properties.
The end result, you have additional savings.
Make yourself ready for a real property purchase. Review the current market.
Home That Fits You Best
Primarily, the best time to buy is when you found the perfect home.
It fits your budget. No need to take out a loan beyond your finances can manage.
Passed your house checklist. All that you’re looking for is present in your house choice.
Satisfied your family’s needs and demands. The ambiance and amenities are with reach.
If you’re sure of what you want and you have the means, buy it.
By then, you can finally say that you are ready for a real property purchase.
Check the items listed above. If you think you hit all the marks, pursue your dream house. It is important that you are financially, mentally and emotionally prepared for this. This life-changing decision takes time. So when the best time comes, be ready for a real property purchase.
Best Month for a Real Property Purchase
As discussed above, several factors can affect the purchase of real estate properties. Therefore, you must know when is the right time to do it.
But did you know that there is a right time to buy a house in the Philippines?
The best month for real property purchase is during the months of October to February. These months are known to be the cold season.
What happens during these months?
These moments have the greatest discounts. A humungous markdown occurs because of the law of supply and demand. Only a few are interested buyers compared to available sellers.
Be ready for a real property purchase during these months. Canvas all the available units you prefer.
More Sellers, Fewer Buyers
In preparation for the holiday season, sellers knew that buying a real estate property is not a priority. The majority spend their money for the night-long celebrations.
In return, they put real estate properties on sale to attract buyers. If money is not an issue for you, you can splurge on this.
Get your finances right as your preparation for the holiday real property purchase.
Months of October to February is not too hot nor too cold. The summer is gone and the rainy season is about to end.
This season is the best time to tour the properties. No fear of being drenched by sweat during the house inspection. Also, you won’t encounter any flooded areas.
Take note that big discounts are available during the “ber” months. Take this once a year opportunity. When this time comes, make sure you’re ready for a real property purchase.
Start saving your money now for your dream house. Prepare yourself and all the necessary documents needed. There’s nothing wrong with being one step ahead. It makes you ready for a real property purchase you’ve long for.