Tips for First Time Buyers


Buying a property takes preparation and research particularly if you are a first time homebuyer.

This quick guide will help you get through this exciting stage in your life.


 Getting pre-qualified to buy

One major factor to consider before buying a property is your finances. You might ask yourself these questions:

* How much monthly amortization can I afford per month without compromising my life's essentials?
* Am I a member of Pag-Ibig or Home Development Mutual Fund?
* Am I qualified to apply for the Pag-Ibig or HDMF home loan program?
* Will I be allowed to make a bigger loanable amount if it is a joint home loan?
* Do I have good credit standing with my banks?
* What are my other sources of income?

Getting pre-qualified by a knowledgeable real estate agent is probably the first step in buying a property. Our real estate agent will help you determine the amount you are qualified to make a home loan with your net disposable income. Understanding factors like loanable amount of the property, your net disposable income and the monthly amortization will help you determine what property to buy that is within your means.

Location vs. Practicality

It is all about location, location, location.

Finding the perfect location to live and grow your family can be difficult for first time buyers. There might be homes that are near commercial areas in the community but does not meet the needs of your family. There are also communities that meets your physical home requirement but are also far from your workplace, schools, groceries or hospitals.

Our real estate agents will give you a shortlist of properties in the specific areas you are considering to buy your first home. We will recommend the real estate agent who is focused on that particular area and who is an expert in that community.

Answering these questions might also help:
* Am I looking for a property within a gated community?
* What are the amenities that I am looking for in a subdivision?
* What are the nearby establishments that are important to me and my family?
* Am I an end-user or is there a probability of getting a new house in the near future?

Getting into the house details

When you have chosen a location for your property, it is now time to get down to the details of the home you are buying. These basic questions might help you decide:

* What type of house are you looking for? Single-detached, attached, duplex, townhouse, rowhouse?
* Do you prefer a bare unit over a furnished or finished unit?
* What is your desired lot area?
* What is your ideal living space?
* How many bedrooms do you need?
* How many toilet and baths?
* Do you need a carport?
* Do you want a garden?
* Do you need a servant's quarter?

It is important to talk to your real estate agent at first hand, the features of the property that you want to buy. He or she will give you an advice if your property specification is on the market at your target price range and location.