Factors to Consider when Buying your Dream Home

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Buying your dream house is one of the major decisions that you will make in your life. It will be your abode and so, having the decision to buy such property needs careful planning and utmost research.

There are a lot of factors that you need to consider when buying your dream home.  They are as follows:

1.  Budget.  It is the first thing to consider when you are considering to purchase your future abode.  You have to examine your financial capability to avoid having financial problems in the future.

If you are able to save enough and you are capable to pay your house and lot purchase in cash, then good for you because you will be able to save a considerable amount of  money from discounts that a lot of developers offer for this type of payment scheme.  However, for those who cannot afford to pay in cash, you have other financial options to finance your dream home.   You may opt for pag-ibig financing if you are a pag-ibig member.  You may also choose bank financing. A number of banks offer competitive interest rates for property loans.   Some property developers offer in-house financing but I personally do not recommend this type of payment scheme simply because of the high interest rates that property developers charge for this payment option.

When financing your property purchase, the rule of the thumb is that the monthly amortization that you need to pay for your housing loan must not exceed forty percent (40%) of your net disposable income so as to give room for your other needs such as food, transportation and others.

Being able to examine yourself financially lets you decide what kind of property you will purchase.  Will it be a  low-cost house, middle class house or high-end house.  It will give you clear picture on what property to look for knowing that your budget can allow you to have it, consequently saving you time and energy in your house hunting.

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2.  Location.  This is very important because you need to consider the travel time you need to incur when going to your work.  You also need to look into the proximity of your home to vital establishments that you need as you live in your house like market, schools, churches, malls and many others.

Another thing that you consider is if the location of your house is free from noise, or far from farms like piggeries, poultry farm that brings bad odor denying you of being able to enjoy fresh air.

3. Flood-free.  This could have been included in #2 but to emphasize this, I’m putting it to #3 factor. Before deciding to buy a property, make a thorough research if it is flood-free. It is a fact that flooding nowadays is really a problem and so, you don’t want to live in a property that gets flooded when heavy rains pour, making your life miserable, right?

Examine the place and ask people around when you do site tripping.  Better yet, avoid properties that are near to rivers that has potential to overflow and get your property flooded.  Do your research, read the news to be aware of places that gets submerged with water and flooded during rainy season.

4.  Accessibility.  It is important to check on the availability of transportation when deciding to purchase your dream home.  It is a fact that there are times that you will be going back home late for some inevitable circumstances such as emergencies, work overtime, parties.  Check if there is available 24/7 transportation that allows you to get out or go home late in the night.

5.  Availability of potable water, access roads and electricity supply. Water and electricity are basic needs of humans so you need to check if there is a stable supply of good and potable water in the area.  Electricity is also very necessary so you have to consider checking if there are no power problems in the area where you are considering on purchasing your dream home.

Access roads are usually provided in subdivisions, but if you are purchasing a property that are sold individually, you have to consider this.

That’s all for now folks, happy house hunting!

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