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How to Prepare Financially Before Buying a House

December 4, 2020
Article

Today we’ll discuss how to manage our savings before buying a home. Many of us want to buy a house early in our lives to earn profit from it or to enjoy the appreciation over time. Hence, the earlier we manage our expenses, the earlier we can enjoy the fruits of investing in Real Estate. For more reasons about why you should invest in real estate, check out our article on the 5 Reasons Why Real Estate is the Best Investment. So how do we prepare financially before buying a house? 

 

Decide on What and Where

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Decide on what and where you want to buy. Knowing your goal based on the balance between what you can afford and what your ideal home is could help you estimate if you are finally ready to take the leap. Questions like how many rooms, how large in area, condominium or house and lot, can help you with your Wh questions. While knowing where to buy, it may be helpful to consider accessibility to work, transportation, or the nearest shopping mall for instance.

Have a Separate Savings Account

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Once you have set a goal in mind, it is time to focus on your savings. Our COO, Michael Kingsu, a known simple yet goal-oriented man, advised us to have a separate savings account and never ever bring it with us when going out with friends or on a daily basis. This type of thinking made him where he is right now, the co-owner of one of the fastest-growing real estate consultancy firm in Bonifacio Global Center.

Research on your Housing Benefits

Home Loan Application

Pag-IBIG, bank loans, or the company you are working for might have programs fit for you that could assist in paying for your dream home. Research on the qualification of each to enjoy the benefits. For instance, if you are a member of Pag-IBIG, being a member for at least 24 months will qualify you for a housing loan. Click here for more information on the requirements for a Pag-IBIG housing loan.

Find a Professional Realtor

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So you’ve saved up, found your ideal location, and heard that you are qualified for a housing loan, now it’s time to find someone to help you with the process. That’s when the Professional Realtor comes in. They are knowledgeable about property prices and the whole process of having your name on the Land Title. In our article Why Should a Client Hire a Professional Realtor we explain the top 3 reasons why it is vital to seek a Professional Realtor.

Need a professional realtor today? Click here and get the best real estate deals in the Philippines.

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