Planning for Your Next Big Move – A Family Home
Ready to make one of your biggest investments? Here's what you need to know to make your ideal home a reality.
Heralded as true heroes, Overseas Filipino Workers seek greener pastures abroad and make the necessary sacrifices in order to provide a better life and future for their families here in the Philippines.
And for most OFWs, every penny earned is saved to ensure that it goes towards sending their kids to school, providing for their family’s everyday needs, and of course the ultimate goal of being able to buy their very own home.
Buying a home is one of the biggest financial decisions—and milestones—you will make in your life and it’s imperative that you plan it out well.
Here are some things to consider before making your first big move.
1. Condo or house and lot?
Each type of home has it perks and limitations when it comes to space, budget, amenities, and room to grow and decorate. List them down and weigh your priorities. These will help you stay focused, and it also serves as a great checklist when looking for a new home.
2. Where’s the location?
As they say, location is everything. Is it more convenient for you to live in the city or in a suburb? Is finding a home near a school, hospital, or mall in a prime location one of your non-negotiables? The value of each property varies depending on the location, that’s why it’s good to do your research and keep an eye out for up-and-coming prime properties.
3. What fits your lifestyle?
While you should keep in mind your current way of living, you also need to consider your long-term plans. Will the home you will purchase be for retirement? Are you planning to build a family or live with your extended family soon?
Keep in mind that when exploring options, don’t settle for a home that you can’t imagine yourself living in for the next 5 to 10 years.
4. Need assistance?
Don’t be afraid to ask for help from the professionals. A real estate broker can guide you through the entire buying process, helping you to see the bigger picture. Plus, they can take care of negotiating prices, ensuring that the paper work is done, and double checking all the other small details that need overseeing.
5. How much can you afford?
One of the most, if not the most, important question to ask is how flexible is your budget? Research about payment options and identify which one is best for you. You can also check home loan calculators online to get an estimate of the downpayment you need to set aside, how much you can borrow, and your monthly payments.
When purchasing a home, it’s best if you have a financial partner to guide you every step of the way.
With BDO Home Loan, you can get customized financing packages with low interest rate and flexible payment terms to help you reach your goal of owning your very own home.
For more details about BDO Home Loan, click here.