The ultimate first-time home buyers guide: Tips for Filipinos looking to buy their first house

Buying a home for the first time can feel exciting and intimidating at the same time. It’s a milestone we all dream to achieve. But risks and responsibilities, tasks, and requirements for first-time home buyers can get quite scary. 

Preparation is key to make the home buying experience less stressful and even enjoyable. We are here to help you out. Check out these tips to help first-time home buyers make the right choice.

Map out a budget

The first step in the process of buying a house is to assess your financial capability of buying a home. Get started by listing down your household income, expenses, savings, and credit history to figure out how much you can afford right now. 

The idea is to maintain an ideal savings amount, and have a budget plan to keep up with monthly expenses while having funds set aside for the down payment and monthly mortgage for a home. 

If you fall short on any aspect, it may not be the right time to make such a huge decision. 

Explore property options

Knowing how much you can afford is one thing, but you also need to benchmark your budget against the type of home you want to live in. Whether it’s a house and lot, a condo, or an apartment,  you need to figure out what type of residence is right for you and your lifestyle. 

You should also consider the location of the property. Find yourself a neighborhood that is friendly, safe, accessible, and close to key establishments. Accessibility and security should be your top choice. Keep your commute options, distance from your workplace, hospital, fire station, police post, and other crucial aspects in check. 

Another important aspect to consider is development. Find areas that have growth potential as it would assure you a proper return on investment, i.e. value appreciation or lifestyle upgrade. 

Do a background check on developers & agents

The prime objective of running a background check on developers & agents is to ensure the quality of the home you’re getting.

Scout for a genuine agent and legally compliant developer, backed with a good track record and recommendations from buyers that are similar to your background, budget, and needs. This will help you narrow down your choices and give you options that will not disappoint you in the long run, preventing unnecessary headaches in the future.

Check documentation requirements

Securing a home means there will be a lot of paper work. Make sure you have all the documents needed such as government IDs, information on your income, credit score, bank statements, and more depending on the developer’s requirements. Your information should be updated to the latest record and IDs, certificates, and other documents must not be expired. 

Find suitable financing option

When you’re ready to purchase a home, find a reliable partner to help meet the financing needs of the purchase. 

Search for loan providers and compare their offers to find the right one that suits you. Choose the loan provider that matches your budget and has the most reasonable offer. It’s best to stick with formal lending institutions to protect yourself and your would-be home. Nowadays, banks are not the only option for getting loans. Research about other safe and credible options to get the financing you need, with payment terms that will not add unnecessary stress.

Financial solution providers like SAVii offer a reliable way of getting funds for different types of needs. Offering 360-degree financial solutions geared towards holistic wellness, SAVii can help first-time home buyers secure funds to make home buying much easier. 

Need funds for a big purchase? Apply for a loan with SAVii now. 

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