Are You Ready to Own a House? Here’s Our Fool-proof Checklist for You to Find Out
You’re ready to tick off that milestone.
Buying your own home can be an overwhelming milestone for many reasons, but most especially due to the accompanying costs. After all, it is a life-changing decision you could ever make. Therefore, you may want to take into account all the considerations that go along with it. Stop fretting too much. Here is a checklist that could help you find out if you’re in a good place in your life to take on the responsibility of owning your first home.
You are planning on settling down
If you are thinking of building a family of your own in the foreseeable future, then owning a house may be a good investment for you.
It could be your family’s long-term residence, or, if your household has outgrown the space, you can have it rented out. Value appreciation for homes nowadays grow annually, and if you are thinking of selling it, you may unload the property for a profit.
You can afford the costs of buying your own home
Understandably, costs are the biggest worry of aspiring homeowners. The Consumer Expectations Survey Report done by Bangko Sentral ng Pilipinas (BSP) in Q4 2022 indicates that 56.6 percent of households plan on purchasing a house and lot with a price near P450,000, while 20 percent consider a P450,001 to P1,700,000 price range.
Meanwhile, the 2022 Construction Statistics of Approved Building Permits of the Philippine Statistics Authority (PSA) reports that the average construction cost of residential buildings is about P10,893 per square meter during the first quarter of 2022.
Start assessing your financial situation to determine your needs, preferences, and deal breakers. Since buying a home is a sizable investment, having a financing plan can help you establish your minimum and maximum budget and avoid overspending. You can also get ahead by preparing your set of requirements, or talking to a real estate agent for better guidance.
You have a steady flow of income and savings
Having multiple streams of income, achieving good credit standing, and building adequate emergency savings are great indicators of being financially ready to consistently pay off home ownership expenses. Note that fulfilling your monthly down payments coincide with a number of payables such as taxes, utilities, furnishings, and—not to mention—repairs, so saving up for a home really is a necessity. While settling payments for your new home may not be a walk in the park, keeping check of these responsibilities helps in it not becoming a financial burden in the long run.
You’ve learned how to pinpoint good investments
Many income-generating opportunities come with home ownership, which makes real estate in general a substantial addition to an investment portfolio. According to BSP, residential real estate prices from July to September 2022 increased by 6.5 percent year-on-year and 4.6 percent quarter-on-quarter. You can also consider renting it out, which you can charge for at least P10,465.10 per month for one-bedroom outside the city.
You know about great deals
Your preferred real estate developer can offer you a great deal along with your home purchase. Be on the lookout for exclusive deals and hassle-free move-in promotions from them! Once you do, grab the chance and make the most of homeownership by getting good value for your time and money.
If you’ve checked on all the items mentioned above, you’re most likely ready to buy your own residential property. Whether it’s a house and lot or a condominium property, choose an innovative real estate developer with proven expertise in the industry. Live your dream life with Camella residential properties, created with nature and world-class amenities in mind to enrich your lifestyle. For more information, visit www.camella.com.ph.
You have a regular income and savings
Let’s say you’ve managed to have a steady job, achieve good credit, and establish your emergency savings. This means that you are financially ready to consistently pay off or manage outstanding debt or other expenses, such as taxes, utilities, and furnishings while being able to allot funds for essential everyday expenses. Now, it’s time for a new goal, to go on your own and become a full-fledged independent adult, such as buying your own home.
You can afford the costs of buying your own home
Understandably, costs are the biggest worry of aspiring homeowners. According to the 4th Quarter Consumer Expectations Survey Report of the Banko Sentral ng Pilipinas, 56.6 percent of the households plan on purchasing a house and lot with a price range of ?450,000 and below while about 20 percent consider a ?450,001 to ?1,700,000 price range. Meanwhile, the Philippine Statistics Authority reports that the average construction cost of residential buildings was about PhP 10,893 per square meter during the quarter.
Start assessing your financial situation and determine your needs, preferences, and deal breakers. You can make it happen with a finance plan that establishes your minimum and maximum budget to fit your ideal home's criteria. You can also get ahead in preparing your set of requirements, or for better guidance, talk to a real estate agent.
You are capable of making a great investment
Many income-generating opportunities come with owning your home, making it a great addition to your portfolio. For one, real estate properties have great potential for appreciating value. According to Bangko Sentral ng Pilipinas (BSP), residential real estate prices from July to September 2022 increased by 6.5 percent year-on-year and 4.6 percent quarter-on-quarter. You can also consider renting it out, which you can charge for at least P10,465.10 per month for one-bedroom outside the city.
You plan on settling down
You may also be ready to take more responsibility and plan on long-term living. If you have no plans to move anywhere soon and want to create a family with your partner, then having your own home may be a good decision so you have a place for yourself and your family to grow. This can also be your investment; you’ll have a place to call your own.
You have great deals
There could also be great deals from your chosen real estate developers. Be on the lookout for exclusive offers, hassle-free move-in promotions by some real estate developers, and more! And once you do, grab the chance to make the most of homeownership to have good value for your time and money.
If you’ve checked on all the lists mentioned above, you’re most likely ready to make a wise and solid investment in buying your own residential property. Choose an innovative real estate developer with proven expertise in the industry, like the residential properties from Camella Homes. Take charge of your dream life with Camella Homes properties created with nature and world-class amenities in mind to enrich your lifestyle.
For more information on Camella Homes properties and lifestyle, visit www.camella.com.ph.