A home purchase is one of the most critical investments one can ever think of. It’s even more overwhelming when you need to finance it using a mortgage. You must know that for any mistake that you make here, however small they can be, you will have to live with them for the whole repayment period.
Learn some of the things to assess before buying a residential property.
1. Am I financially ready?
Sometimes, it’s not all about whether you can afford or not. Instead, you also need to consider your spending habits and financial patterns. If you are an investor who doesn’t work with a budget, you will definitely need one for an investment of such nature. If you look forward to funding your home purchase using a mortgage, you also need to ensure that it’s approved before your engagements with the home seller.
2. Do I know my mortgage options?
Unfortunately, most people who are looking for a house or condo for sale in Quezon City or other major cities in the Philippines only consider mortgage options with the lowest rates. The truth is there are many mortgage products and a little mistake would land you in a considerable debt situation down the line. Therefore, you need to get some education about mortgage products. Working closely with a mortgage broker can also be a great option. They will help you not just qualify for more, but also advise on the package that is much affordable.
3. Has the house passed the inspections?
Before you close any deal, make sure your prospective property is inspected. If any damages require repairs and replacements, make sure you mention them to the seller for consideration in the pricing. A thorough house inspection doesn’t just mean you make an informed buying decision. It also saves you from unpleasant surprises in the future.
Having adequate finances ready isn’t enough for a home purchase. You will need to plan, have a budget in place, and above all, have the right people around you; from real estate agents to lawyers and mortgage brokers.