4 Things to Consider Before Buying a Home
Already found your ideal home? The next step is to ask yourself these questions.
After spending months looking at properties, you've finally found "The One": a home that ticks all the boxes on your wish list. Before you whip out your checkbook, though, ask yourself these questions first to verify whether the house you're eyeing truly is your ideal home:
1. Is it future-proof?
A two-bedroom house might seem roomy now, but if you're a young couple looking to expand your brood, it might soon feel cramped. As such, get a house that can accommodate both your current and future needs. Also, check if the lot itself is big enough to fit expansions—you never know when you might need an extra room or a larger garage.
2. Is it in a good location?
It's said that location is everything. Make sure your prospective home is in close proximity to schools, hospitals, commercial centers, workplaces, places of worship, and transportation terminals. Accessibility helps you save time and money for the things that truly matter, such as bonding with your family. Also, location plays a huge role in determining the market value of your home.
3. Has it been inspected?
Never buy a house without having it inspected first. Even if a home looks perfectly fine on the outside, it might be harboring defects that aren't readily visible to the naked eye. Some of the problems a home inspection might uncover include faults in the home's foundation, damage to the roof, and faulty electrical wiring. Ask for help from a friend who's a civil engineer or an architect; invite him or her to come along when you visit a house or a condo.
4. Can I afford it?
Last but definitely not the least, make sure the home is within your budget. To find out the maximum home price you can comfortably afford, add up all your monthly living expenses and estimated home loan amortization vis-a-vis your salary. Make sure you still have remaining funds for savings, and don't zero out your entire paycheck.
Go for it!
Did you answer "yes" to all four questions? Then congratulations, you've truly found your ideal home!
Of course, ideal homes will have a lot of interested buyers, and the one who wins it is the one who places an offer first. Luckily, if you have all requirements on hand, you can get a home loan from BDO in as little as five days, so you can finally seal the deal and move in soon.
BDO also helps make owning a home easier and more affordable. BDO Home Loan offers the Interest Only Payment, where you can opt to pay only the interest for the first six months of the loan. Monthly amortization covering principal and interest will start on the seventh month, giving you more time to save up!
To know more about BDO Home Loan, go here.
References:
http://freshome.com/2014/07/28/the-10-most-important-factors-for-buying-your-dream-home/
http://www.cbsnews.com/news/7-tips-for-landing-your-dream-home/
http://money.cnn.com/pf/money-essentials-home-buying/
https://www.bdo.com.ph/mobile/personal/loans/home-loan