“The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.” –Maya Angelou
Buying your first home is one of life’s most significant milestones. It is a true mark of freedom and financial independence.
Although this might be all true and buying your own home might mark your debut in an independent lifestyle, it is also one of the biggest and most crucial decisions in your life that you will ever make.
With this in consideration, it is paramount for one to be well-informed and thorough when it comes to reaching a decision—especially since buying a home is also one of the most vital financial investments you will make. Before buying your first home, it is imperative that you educate yourself about the logistics and the essentials there is to adequately prepare yourself—financially as well as in other aspects.
Knowing as much as you can about homeownership and having an awareness of what you are getting into before buying any property would place you in an advantageous position for a smoother and more pleasant transaction. It would also make your first home-buying experience less of a hassle and more of a momentous event. So, whether you are planning to buy your first flat in Alveo Land Bacolod or anywhere else, here are some tips that will assist you in that endeavor.
1.) Decide whether the purchase of a home is actually worth it
Although the purchase of a home would make a lot of sense for most individuals, the same can be said for renting. Weigh your options, and decide whether now is the best time to buy a home. It might just be a matter of cents and pesos, but buying a home is significantly more economical than renting, but this is not always the case. If you do not see yourself settling in one city for too long, then perhaps buying a home is not the best tack for you. Each option—buying and renting—come with their own respective pros and cons, and it is up to you to consider them yourself.
2.) Beware of Fixer-Uppers
Fixer-Uppers are great alternatives to buying homes in expensive neighborhoods. True enough, a fixer-upper home provides an avenue for you to live in a swanky community sans the hefty price tag. However, consider that even with the affordable price tag, you would still approximately be spending the same amount for a regular home in that neighborhood once all the renovations are over. If you are bent on buying one, however, consider hiring a good inspector and do some inspection after it rains.
3.) Do not juggle difficult buying situations
In some cases, this might not be your first house purchase. In most cases, you might want to sell your first home before buying another one. This is an ideal situation. However, it is hardly possible if you want to expedite the entire process. But while selling your home and buying another one at the same time might seem like a plausible and workable process, it is hardly manageable. Moreover, it can be incredibly stressful. Focus on one thing first: whether you want to sell first or buy first. And before proceeding with either, make sure you have your paperwork in order.
4.) Look out for deal breakers
Before buying a home, it is recommended that potential homebuyers should have a list of their must-haves and wants in a home. This checklist will serve as their basis for criteria in deciding whether a home passes their standards or not. However, it should not stop there. Your list should also include your deal breakers as if you do not, you would inevitably have to deal with this once you have taken up residence in your new home. Whether it is a bad community, cracks in the foundation, or a minor infestation, make sure to list down every possible deal-breaker you have. This saves you from regrets once you have already purchased and moved into your new home.