Wazzup Pilipinas!
MyProperty.ph lists ways on how you can save money when buying the home
of your dreams
One of the best things that can show how much one has
accomplished is by finally purchasing a home. Owning a home speaks volume on
one’s accomplishments, and in many ways it can be considered as a status
symbol. For many others, it is basking on the security of having a shelter paid
for with their hard-earned money. Whatever the reason, most people would
definitely want to acquire a home to call their own.
But before going window-shopping, it is absolutely necessary to
determine your financial capacity. As a home is probably one of your biggest
purchases, every peso saved is a big help. Online real estate marketplace
MyProperty.ph
has put together a list of ways one can save money during home-buying.
1. Get pre-approved for
a housing loan
Getting pre-approved for a housing loan offers plenty of
advantages. Once your loan for a new home has been pre-approved, you would know
just how much you can afford so you will not be wasting money, effort, and time
looking at houses that are not within your budget. Also, a pre-approved
mortgage gives you an edge when it comes to competing with other buyers for a
home as it gives the seller an assurance of your payment capacity.
2. Go online
To save budget while searching for a good bank, Andy Mañalac,
former chairman of the National Real Estate Association of the Philippines and
now chief advisor of ThinkInvest, suggests going online. “Not only do you save
on travel expenses, but [you] also enjoy the benefit of choosing the bank that
can give you the best loan rates and terms,” he said. You can easily
Compare Home Loans online from different providers.
Mañalac also advises to try house-hunting and initial selection
online; not only is it free, but it’s convenient and easy as well. “Now you can
do your initial selection through the different listing platforms, check out
the details, and have a bird’s eye view of the surroundings and even a street
view of the actual property. You can now also view the actual interiors of the
units with a controlled panning of the property photos and videos available,”
he stated.
3. Narrow down your
choices
Arming yourself with a budget and various information about the
available houses for sale will help you narrow down your choices. This means
you’re eliminating houses that are not within your budget and not up to your
standards, thus saving you from spending your resources on impossible choices.
4. Visit houses area by
area
Instead of jumping from one area to another then back to where
you’ve previously been, you’ll save money and time if you can concentrate on
the available houses in one location first. Getting a map and studying the area
helps you plan how you can go about the day. The quicker you get to the
destination, the more time you’ll have to inquire about and inspect the
property.
5. Schedule as many
property viewings as you can in a day
If possible, visit as many houses as you can in a day. This
does not mean you have to rush through every house and risk missing out on
details that could potentially make you regret settling for your chosen new
abode. However, the more houses you see, the closer you are to finding your
dream home.
6. Take note of the
payment period
It is important to consider how long you will be paying for
your mortgage. Depending on your finances, you may choose to pay for your
mortgage over a shorter period of time, say 5 years, but this means your
monthly mortgage payment will be higher. If you opt to choose a longer loan
duration, say 15 or 20 years, that is absolutely fine; you will be paying lower
monthly mortgage payments, although the overall cost of the loan will be higher
as well. What’s important here to choose a payment scheme that your monthly
income can comfortably accommodate.
7. Try to haggle
During the negotiation process, you may try to haggle the price
of the house, especially if you found some things that could lower its value,
such as outdated fixtures, leaking ceilings, and other elements that need
repair or replacement. Be careful not to overhaggle, though; going to extreme
lengths, such as fabricating a story, just to get the price down might force
the seller to give the house to another buyer who’s offering a higher price.
However, Mañalac warns buyers from being the first to make an
offer. Knowing the actual and listed price is important as it will help you
determine the lowest price the seller will accept. From there, buyers can start
making the counteroffer.
There are many more ways to save money when buying a home. It
just takes patience, skills in finding the right one, and knowledge to avoid
being a victim of overpricing. It’s also recommended to hire a professional,
such as a licensed real estate broker, to help you with buying a home.
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.
