Wazzup Pilipinas!
Just got married? Buying a home is the next big step for newlywed couples
Planning to get hitched this June? Buying a home together is the next big step for newlywed couples. While this is a major commitment and requires careful considerations, it is still an exciting experience knowing that you are looking for place to start your family.
Whether it is a house in the suburbs, a townhouse midtown, or a condo close to the business district, nothing beats a buying strategy and a good dose of fun when buying your first home together. Global real estate website Lamudi Philippines has put together a list of 10 tips to keep in mind for this major life milestone.
1. Assess Your Financial
Situation
Before even stepping out of the door, it makes sense to look at
your overall money situation. Sit down with your spouse and make an honest
assessment of your individual and joint financial pictures and create a budget
to know all your expenses. The plan will allow you to build your budget
immediately and determine the type of house you can afford.
2. Set a Realistic Goal
Manage your expectations and set realistic goals. Understand
what you want individually and as a couple. Determine how much money you have
put aside for down-payment to know how much more you need to save up. As a rule
of thumb, have enough cash equivalent to 20 percent of a property’s selling
price for deposit. If you have less than this, some banks may not be willing to
give you a housing loan.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
